![]() ![]() ![]() So the net proceeds of the sale, after the cost of the sale itself, will be distributed first to the secured creditors. “In the Gawker case, there are some secured creditors and there lots of unsecured creditors,” Bregman said. ![]() Moreover, Hogan would be regarded as an unsecured creditor - which would put him well behind those who supplied lines of credit and secured debt to Gawker Media. (If the company is sold for $100 million, a prorated share would be well short of $140 million.) “Bankruptcy provides a very helpful way to maximize the value of the assets.”īregman says there are a few steps that need to occur before Hogan sees any money from Gawker.įirst, he would have to win the appeal that Gawker has filed - where the size of the judgment could well be reduced even if the verdict is upheld.īut then the wrestler, whose real name is Terry Bollea, would join what is likely a long list of Gawker’s creditors “entitled to his prorated share of the net proceed from the sale,” Bergman said. “You can’t simply buy a company and take all of its assets without taking its liabilities - unless it’s in bankruptcy,” Bregman said. That means the buyer purchases the assets and none of the obligations and liabilities associated with those assets travel to the buyer - like that whopping $140 million legal judgment. In a case like this, Gawker will be sold under section 363 of the bankruptcy code - which allows assets to be sold “free and clear of any and all claims and interests,” Bregman said. “The whole point of Chapter 11 is to keep viable business assets going,” Bregman said. Consider supporting her work by subscribing to the Reno Gazette Journal.For a company like Denton’s facing a huge potential liability in that $140 million legal judgment, bankruptcy may be the best means to keep the company from shutting down altogether. Siobhan McAndrew tells stories about the people of Northern Nevada and covers education in Washoe County. "If law enforcement or judges are in trouble they went to Dave." "You could talk to any attorney and they would say Dave was one of the most outstanding legal minds," Lyons said. Lyon said he and others are trying to get a handle on what happens to Houston’s current cases. “For many years, Dave and I were fierce competitors in the courtroom but we were friends outside of it," Hicks said. "He was an incredible advocate for his clients with a sound understanding and presentation of the law. Higgs was found guilty in 2007 of first degree murder for killing his wife, former state controller Kathy Augustine. Washoe County District Attorney Chris Hicks has been on opposing sides of the courtroom from Houston, including on the murder trial of Chaz Higgs. Why wouldn’t anybody? I can’t think of a better place to live and raise a family. "And to those who argue this is a First Amendment issue regardless, this doesn’t jeopardize the First Amendment," he said. "It carves out a very clear rule, and the rule is you do not publish a sex video that was taken without the knowledge and or consent of the participants and disseminate it without their approval. How does a bright-line rule like that impact or affect the First Amendment?"Īs for why he decided to settle in the Reno area: "Because I love Lake Tahoe. In a 2016 interview with the Reno Gazette Journal, Houston pushed back against arguments that the settlement against Gawker was a threat to the First Amendment. The case started after the website published one of Bollea's sex tapes against his will. In perhaps his most notable case, Houston represented Terry Bollea, professionally known as the wrestler Hulk Hogan, in a successful jury settlement of more than $100 million against Gawker Media in 2016. He was the attorney for Richie West, a Jones West Ford businessman who pled guilty for his involvement in an opioid pill mill case in 2016. He also represented people who lost their homes in the Little Valley Fire against the Nevada Division of Forestry. Houston, who practiced law for more than 30 years in Reno, was well known for representing defendants in the headlines. "I think it would be appropriate to say he has touched the lives of the people of the community," Lyon said when reached on Monday. "He was a force in a legal community. Lyon said Houston's family has not announced plans for a service. Houston died on Saturday following complications from a surgery he had around Thanksgiving, according to his friend and law partner Ken Lyon. Reno criminal defense attorney David Houston, who represented high profile defendants in Reno and nationally, including professional wrestler Hulk Hogan, is dead. This is a breaking news story and will be updated. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |