Bankruptcy Lawyer Bryan W. Stone answers the question: “What is a small business bankruptcy ?”
The founder of the online media empire Gawker, Nick Denton, just filed for Chapter 11 bankruptcy protection. Denton joins a former editor of Gawker and the company itself in bankruptcy, a chain reaction that started when Gawker lost its fight against Hulk Hogan. The case brought by the former professional wrestler resulted in a massive $140 million judgment against Gawker and Denton. Though the company has said it intends to appeal the verdict, judges so far have refused to stay the decision meaning the money is owed and Hogan is free to begin seizing assets, not only of the company, but of Denton.