Famous for being a failed savior, a financial hound of Hades has come to the aid of Gawker Media and its many online publications.
Cerberus Capital Management L.P., the infamous private equity firm that produced headline gold — and not much else — after its ill-fated 2007 purchase of Chrysler, is now offering cash to another bankrupt company. The firm announced it will hand Gawker $22 million to keep the lights on while the media giant completes its bankruptcy proceedings and sell-off.
Reuters is reporting that Gawker Media, parent company of automotive website Jalopnik, has filed for Chapter 11 bankruptcy.
A judge recently ordered the company to pay $140 million in damages after it aired a 2007 sex tape featuring former wrestler Hulk Hogan, who then sued Gawker for invasion of privacy. The company had requested a stay, but was denied based on the terms they laid out.
The New York Times reports that Gawker Media will now put itself up for sale, according to a source close to the matter. The source claims the company is starting a yet-to-be announced auction, and that digital media company ZiffDavis already submitted a starting bid of $90 million to $100 million.
Delphi’s salaried retirees lost their shirts after the Delphi bankruptcy and the GM bailout. Now they lost their main voice in congress. Rep. Christopher Lee resigned last week after Gawker showed a picture of a bare-chested congressman.
Last week, Professor David W. Gilbert testified at a house hearing and said he had replicated the unintended sudden acceleration in Toyota’s vehicles. Toyota, and their testing lab Exponent tried Gilberts method and said he was right. “But Toyota said it also created the same response in vehicles made by competitors, which it said rendered Mr. Gilbert’s findings misleading,” writes the Washington Post.
In a statement, Toyota says: “The analysis of Professor’s Gilbert’s demonstration establishes that he has reengineered and rewired the signals from the accelerator pedal. This rewired circuit is highly unlikely to occur naturally and can only be contrived in a laboratory. There is no evidence to suggest that this highly unlikely scenario has ever occurred in the real world. As shown in the Exponent and Toyota evaluations, with such artificial modifications, similar results can be obtained in other vehicles. “ When Exponent applied Gilbert’s test to five models, including a Honda Accord and a BMW 325i, all five vehicles reacted similarly.
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- Ollicat I have a Spyder. The belt will last for many years or 60,000-80,000 miles. Not really a worry.
- Redapple2 Cadillac and racing. Boy those 2 go together dont they? What a joke. Up there with opening a coffee shop in NYC. EvilGM be clowning. Again.
- Jbltg Rear bench seat does not match the front buckets. What's up?
- Theflyersfan The two Louisville truck plants are still operating, but not sure for how much longer. I have a couple of friends who work at a manufacturing company in town that makes cooling systems for the trucks built here. And they are on pins and needles wondering if or when they get the call to not go back to work because there are no trucks being made. That's what drives me up the wall with these strikes. The auto workers still get a minimum amount of pay even while striking, but the massive support staff that builds components, staffs temp workers, runs the logistics, etc, ends up with nothing except the bare hope that the state's crippled unemployment system can help them keep afloat. In a city where shipping (UPS central hub and they almost went on strike on August 1) and heavy manufacturing (GE Appliance Park and the Ford plants) keeps tens of thousands of people employed, plus the support companies, any prolonged shutdown is a total disaster for the city as well. UAW members - you're not getting a 38% raise right away. That just doesn't happen. Start a little lower and end this. And then you can fight the good fight against the corner office staff who make millions for being in meetings all day.
- Dusterdude The "fire them all" is looking a little less unreasonable the longer the union sticks to the totally ridiculous demands ( or maybe the members should fire theit leadership ! )