Hulk Hogan Claims Nick Denton is Declaring a Very Low Estimate of His Manhattan Condominium

by San Antonio Attorney

Hulk Hogan’s invasion of privacy lawsuit cause Gawker Media to file for bankruptcy.  Now the former pro-wrestler is sabotaging the personal bankruptcy case of Nick Denton.

The founder of Gawker wants to rent his condominium located in lower Manhattan for $12,500 a month, but Hogan’s lawyers argued that it is unreasonable because that amount is not enough to cover the monthly cost of the property, and will make it harder to sell.  The condominium is worth $4.25 million and the only marketable investment asset of Denton.  The property could be the sole asset in the Chapter 11 bankruptcy estate, according to Hogan’s lawyers.

On Aug.  1, Denton filed for bankruptcy after he was denied of a legal protection from the $140 million damages that Hogan was awarded from a lawsuit that caused Gawker to declare bankruptcy in June.  Both the company and Denton are liable for the damages.

Hogan filed a lawsuit against Gawker after the latter posted some parts of his sex tape.

The majority of Gawker’s assets were acquired by Univision, an American-Spanish broadcasting company, for $135 million.  The personal bankruptcy case of Denton declared assets between $10 million and $50 million and debts of about $100 million, which includes Hogan’s damages and other lawsuits.

There are two other entities who have filed a similar case to Denton and Gawker, and they also opposed to the rental deal for the same reasons.  In court papers filed by the two parties, they said that Denton basically wants to lend money from creditors to cover his condominium expenses.

In addition, Hogan nitpicked that there are no specifics on Denton’s intention to rent an apartment at a lower rate within the same building of his property, which includes the monthly rental.  Denton’s monthly salary at Gawker is $41,666.88, and it will be included in the sale agreement, Hogan said, and he will just get $16,666 every month within 2 years as stated in a non-compete arrangement with Univision.

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