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Funny thing is Gawker gave secret $200K Loan to Nick Denton before bankruptcy.
by Ping938 10y ago
Funny thing is Gawker gave secret $200K Loan to Nick Denton before bankruptcy.
- FireBeyond 10y agoSecret? Gawker is private. My private employer doesn't disclose employee loans, why should any other?
- Ping938 10y agoSecret in a way that they had to disclose this to Florida courts, because it was couple days before bankruptcy. >“During the week ending June 10, 2016, at the same time that it was negotiating a DIP loan that has an effective interest rate near 30%, either Debtor or one of its affiliates made a payment of $200,000 in the form of a loan to the CEO for purposes of paying for personal bankruptcy counsel … The sole disclosure we found of this ‘loan’ was buried in a bullet point to an exhibit to Debtors’ motion for DIP financing. This loan was concealed from the Florida Court” http://www.businessinsider.com/hulk-hogan-gawker-made-secret-loan-to-denton-before-bankruptcy-2016-7 http://www.businessinsider.com/hulk-hogan-gawker-made-secret...
- FireBeyond 10y agoFurther replying since the sibling is dead: "First, Gawker has indemnified Denton, meaning that it has agreed to pay his legal tab. So theoretically, a judgment against Denton becomes Gawker's liability. But Hogan says that this indemnification agreement specifically precludes anything Denton does that constitutes misconduct or gross negligence. Hogan asserts that what the jury in the sex-tape case concluded qualifies as such and means Denton isn't indemnified. And even if otherwise, Hogan still doesn't believe this merits an injunction." It's definitely not proven problematic. Of course Hogan's lawyers are complaining about it, but it's not contentious that Gawker had indemnification in place.