Gawker Founder Nick Denton Files for Bankruptcy

Rough.

Gawker founder Nick Denton has succumbed to an unfortunate truth: He will have to file for bankruptcy in order to stop Terry “Hulk Hogan” Bollea from seizing his assets.

“Gawker Media Group’s resilient brands and people will thrive under new ownership, when the sale closes in the next few weeks,” wrote Denton, in two tweets. “On this bitter day for me, I am consoled by the fact that my colleagues will soon be freed from this tech billionaire’s vendetta.”

As you likely know, Denton was referring to PayPal founder Peter Thiel, who bankrolled Bollea’s lawsuit against Gawker in a twisted, movie villain-like plot for revenge.

In his bankruptcy filing, Denton listed $10 million to $50 million in assets, along with $100 million to $500 million in debts.