Bankruptcy judge rejects sale of Infowars to The Onion
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Re: Bankruptcy judge rejects sale of Infowars to The Onion
#2Re: Bankruptcy judge rejects sale of Infowars to The Onion
#3https://archive.is/hPq1e
It only archived part of the article. They want a logged-in user to avoid the paywall.
Re: Bankruptcy judge rejects sale of Infowars to The Onion
#4Statement from The Onion (via CEO Ben Collins): https://bsky.app/profile/bencollins.bsky.social/post/3lcyypa...
Re: Bankruptcy judge rejects sale of Infowars to The Onion
#5Re: Bankruptcy judge rejects sale of Infowars to The Onion
#6This is probably the correct decision. Alex Jones's vitamin company offered 2x more cash, and in the case of a bankruptcy, cash completely trumps any notion of "giving up debt." Especially when the debt being settled is astronomically large and you are giving up a very small portion of it ($7 million out of $1.5 billion). The other creditors are far better off getting more cash, and those $7 million of claims are worth way less than one cent per dollar.
Additionally, the auction here was run farcically, and basically seemed designed to create an outcome where the onion gets to buy this website for no money.
Re: Bankruptcy judge rejects sale of Infowars to The Onion
#7https://archive.is/hPq1e
In case that one still cuts off halfway through, another snapshot is at https://archive.is/8q8m8
Re: Bankruptcy judge rejects sale of Infowars to The Onion
#8https://archive.is/hPq1e
It only archived part of the article. They want a logged-in user to avoid the paywall.
From Bluesky's Gift Link feed: [0]
https://www.nytimes.com/2024/12/10/business/media/the-onion-...
[0] https://bsky.app/profile/davidsacerdote.bsky.social/feed/aaa...
Re: Bankruptcy judge rejects sale of Infowars to The Onion
#9Statement from The Onion (via CEO Ben Collins): https://bsky.app/profile/bencollins.bsky.social/post/3lcyypa...
I appreciate that the tweet actually had context about what happens next:
"…continue to seek a path towards purchasing…"
"…back to the drawing board…"
The article could have used those details.
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[edit] They've updated the article.
Re: Bankruptcy judge rejects sale of Infowars to The Onion
#10This is probably the correct decision. Alex Jones's vitamin company offered 2x more cash, and in the case of a bankruptcy, cash completely trumps any notion of "giving up debt." Especially when the debt being settled is astronomically large and you are giving up a very small portion of it ($7 million out of $1.5 billion). The other creditors are far better off getting more cash, and those $7 million of claims are wor…
Isn't it a little strange, though, that the system notionally decided that the families are owed an enormous amount of economic power as compensation for the nasty behavior of Alex Jones' media company, but at the same time it's obliging them not to use that economic power to prevent the sale of the media company to a "new owner" still affiliated with an unrepentant Alex Jones, who will undoubtedly continue the nasty behavior? Just in order to get cash to compensate them at pennies on the dollar for his previous round of nasty behavior?
I have to say, just as a matter of gut instinct, it sure feels like when the court finds that Alex Jones damaged people—at a value orders of magnitude beyond that of his company—those people should be allowed to decide that, to them, there's value in snuffing out his ill-behaving company altogether.
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...