Gawker Media itself was hit with a $15m judgment, while its owner, Nick Denton, was personally ordered to pay $10m in damages.
Gawker (whatever the holding company is called) will have insurance coverage of some sort. This may well go beyond the max of that but still: it’s a limited company. Denton however, there might be some insurance coverage for him as an officer of the company but again, it’s possible that this award goes over whatever the limits were. And that’s gonna hurt, personal cash going. And of course the company can’t pay it if the award stands, can it? And similarly his stake in the company is worth nothing if the award stands.
He did well out of First Tuesday but I wonder how much person dosh he actually has?
Turkel said Gawker Media’s gross revenues in 2015 were $48.7m and that founder Nick Denton has a total of $121m, including a $3.6m Manhattan condo. Gawker Media is worth $83m, the lawyers said.
That $121 million presumably includes his stake (majority?) in Gawker.