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There was no public auction of InfoWars. That alone is a stain on the whole process. The objective of a bankruptcy court is not to institute some arbitrary meta

There was no public auction of InfoWars. That alone is a stain on the whole process. The objective of a bankruptcy court is not to institute some arbitrary meta-ethical standard. It is to deliver maximum cash to the creditors in a fair manner. >Is the issue that there are other creditors who are unhappy with this, who would get paid before the aggrieved families' damages would? The lawyers seem to be fine with it, as they're the ones advocating for this plan... Based on discussions I've heard on this subject, a subset of the families was pledging money they didn't have in the non-competitive bidding. This is highly questionable. They may never receive the money they claim for the purchase. So by buying a real asset on the promise of money they aren't going to get, it is taking money away from other people who are rightfully owed money. If they wanted to do it the right way they could try to borrow the money from someone, but nobody in their right mind thinks Alex Jones has this money or ever did. The size of the judgement was calculated to lead to exactly this conclusion. As you said, the judgement was orders of magnitude more than the value of his company. So you should be satisfied with that. It is not necessary for the funniest possible outcome to manifest in order for justice to be served. Alex Jones will not go away because he has rights just like anyone else, and the legal process must conclude eventually.

avs733 2y ago
> There was no public auction of InfoWars. That alone is a stain on the whole process. The objective of a bankruptcy court is not to institute some arbitrary meta-ethical standard. It is to deliver maximum cash to the creditors in a fair manner. Again, maximimum value not cash.
- wakawaka28 2y ago
  I say cash loosely speaking. You at least cannot pledge income from debt that is presently being negotiated down or cancelled. That kind of thing isn't "value" because it's imaginary.
  - avs733 2y ago
    but you can pledge the debt itself.
  - freejazz 2y ago
    > I say cash loosely speaking Is this a legal term or something? Not to be rude, but who cares what you mean by it? It's totally besides the point
    - wakawaka28 2y ago
      If you're talking to me or reading my comment then you should care what I mean. Otherwise you're wasting your time. Obviously "loosely speaking" is not a legal term but I'm sure there is one that means the same. I mean you need real money to buy things, not bad paper. Bankruptcy does not exist to deliver good feels to people, it exists to settle financial matters as objectively as possible.
      - freejazz 2y ago
        Right. The debt owed to the creditors...
        wakawaka28 2y ago
        One reason to have an actual auction is because the liquidation might more than cover the debt and leave the bankrupt person with excess cash. But that only happens if real cash is generated in a competitive liquidation process. The reasons why this backroom dealing stinks are plentiful...
        freejazz 2y ago
        The actual cash is orders of magnitude less than what the creditors are entitled to... did you read the article?
  - shkkmo 2y ago
    This is completely false. Debt can absolutely be sold for whatever it is worth. In this case, the Jones' debt owned by the Sandy Hook families is fairly valuable to Jones' other debtors because it means they get a bigger slice of the bankruptcy estate. Thus the Sandy Hook families can offer enough of their Jones' debt in the sale to make it more valuable. (Edit: more complicated than how I explained it because both sets of debtors include Sandy Hook families) This isn't any more "imaginary" than money itself.
cthalupa 2y ago
> There was no public auction of InfoWars. That alone is a stain on the whole process. Sealed bid auctions are not some absurd rarity in this sort of situation and I have no idea why you believe they are.
cogman10 2y ago
> There was no public auction of InfoWars The auction was indeed very public. The bids were not. The only requirement to participate was you had to show the Trustee that you were serious and had the means to participate. Only 2 parties did that. The auction dates were published in newspapers and various news outlets announced that it was going to happen.

avs733 2y ago

> There was no public auction of InfoWars. That alone is a stain on the whole process. The objective of a bankruptcy court is not to institute some arbitrary meta-ethical standard. It is to deliver maximum cash to the creditors in a fair manner. Again, maximimum value not cash.

wakawaka28 2y ago
I say cash loosely speaking. You at least cannot pledge income from debt that is presently being negotiated down or cancelled. That kind of thing isn't "value" because it's imaginary.
- avs733 2y ago
  but you can pledge the debt itself.
- freejazz 2y ago
  > I say cash loosely speaking Is this a legal term or something? Not to be rude, but who cares what you mean by it? It's totally besides the point
  - wakawaka28 2y ago
    If you're talking to me or reading my comment then you should care what I mean. Otherwise you're wasting your time. Obviously "loosely speaking" is not a legal term but I'm sure there is one that means the same. I mean you need real money to buy things, not bad paper. Bankruptcy does not exist to deliver good feels to people, it exists to settle financial matters as objectively as possible.
    - freejazz 2y ago
      Right. The debt owed to the creditors...
      - wakawaka28 2y ago
        One reason to have an actual auction is because the liquidation might more than cover the debt and leave the bankrupt person with excess cash. But that only happens if real cash is generated in a competitive liquidation process. The reasons why this backroom dealing stinks are plentiful...
        freejazz 2y ago
        The actual cash is orders of magnitude less than what the creditors are entitled to... did you read the article?
- shkkmo 2y ago
  This is completely false. Debt can absolutely be sold for whatever it is worth. In this case, the Jones' debt owned by the Sandy Hook families is fairly valuable to Jones' other debtors because it means they get a bigger slice of the bankruptcy estate. Thus the Sandy Hook families can offer enough of their Jones' debt in the sale to make it more valuable. (Edit: more complicated than how I explained it because both sets of debtors include Sandy Hook families) This isn't any more "imaginary" than money itself.

cthalupa 2y ago

> There was no public auction of InfoWars. That alone is a stain on the whole process. Sealed bid auctions are not some absurd rarity in this sort of situation and I have no idea why you believe they are.

cogman10 2y ago

> There was no public auction of InfoWars The auction was indeed very public. The bids were not. The only requirement to participate was you had to show the Trustee that you were serious and had the means to participate. Only 2 parties did that. The auction dates were published in newspapers and various news outlets announced that it was going to happen.