Gawker founder files for bankruptcy

Gawker’s founder and managing editor, Nick Denton, filed for bankruptcy on Monday after a Florida appeals court refused to grant an emergency order that would prevent ex-wrestler Hulk Hogan from collecting a $140 million jury award. 

The District Court of Appeal in Lakeland, Fla., ruled Hogan could start collecting from Denton immediately.

The British-born Denton’s decision to declare bankruptcy will provide protection from Hogan, whose legal name is Terry Bollea, and other debt collectors.

In the Chapter 11 filing, Denton claims assets of $10 million to $50 million and liabilities of $100 million to $500 million. The debts listed in the filing include the $125 million owed to Hogan, a $50,000 loan he took from his 401(k) retirement plan at Gawker, and a New York City Time Warner Cable bill for $120.88.

Denton took to Twitter to confirm the news. 

And yes, this is happening today: https://t.co/x8hEKiKqOl

— Nick Denton (@nicknotned) August 1, 2016

Hogan sued Denton and Gawker four years ago after the gossip site published an excerpt from a private sex tape featuring Hogan.

Billionaire Peter Thiel — a technology venture capitalist — funded Hogan’s lawsuit against Gawker and Denton.