Last month, Gawker Media filed for bankruptcy protection and announced that it was selling itself, in order to avoid paying a $140 million court verdict to Hulk Hogan or his backer, Peter Thiel.
Today, Gawker founder and CEO Nick Denton said that he is considering the same. Denton may file for personal bankruptcy, after a judge denied him legal protection until the appeals process for the Hogan lawsuit is resolved. The verdict is generally expected to be overturned, and Denton is said to be weighing whether to appeal the judge's new ruling.
Billionaire investor Thiel is the one bankrolling Hogan’s lawsuit, in addition to others, with the intention of destroying Gawker Media. In a statement emailed to Recode, Denton condemned Thiel’s "vendetta" and affirmed his belief that the company will win on on appeal. You can read his full statement below.
Next month, Gawker Media will be put up on the auction block, and the buyer will have to top publisher Ziff-Davis’ initial offer of around $100 million.
On Twitter, around the time CNBC reported that Denton was near filing for bankruptcy, he reiterated his bullishness about Gawker’s business prospects:
Gawker Media revenues coming in about 8% ahead in Q2. Audience up 18% since April. Now that's resilience. https://t.co/Hqr6BK2B5x— Nick Denton (@nicknotned) July 19, 2016
Here’s Denton’s full statement:
As I've said, Peter Thiel's vendetta against my company may well require me as well as the company to file for bankruptcy protection until the Florida appeals court can rule on the extraordinary $140 million judgment. I'm focused now on the sale process which will conclude in a month, and maintaining the value of the business. This story will conclude with Gawker Media's popular brands sheltered under new ownership and the importance of a free and critical press reaffirmed by the courts. In the end, the Facebook board member will have nothing to show for his petty grudge other than legal expenses and a reputation for thin skin.
Correction: This post originally and incorrectly said Denton had filed for personal bankruptcy protection. The post and headline have since been updated with additional context from Gawker Media.
Nick Denton discusses the Hulk Hogan sex tape in June
This article originally appeared on Recode.net.