Alex Jones' Infowars files for bankruptcy following Sandy Hook lawsuits

[LetMyPeopleVote]

Source: NBC News

Infowars on Sunday filed for voluntary Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas in the face of multiple defamation lawsuits.

Chapter 11 bankruptcy procedures put a hold on all civil litigation matters and allow companies to prepare turnaround plans while remaining operational.

Alex Jones, founder of Infowars, was found liable for damages in a trio of lawsuits last year filed after he falsely claimed that the 2012 Sandy Hook school massacre was a hoax.

Jones claimed the shooting, in which 20 children and six school employees were shot dead at the school in Newtown, Connecticut, was fabricated by gun-control advocates and mainstream media.

Read more: https://www.nbcnews.com/news/us-news/alex-jones-infowars-files-bankruptcy-sandy-hook-lawsuits-rcna24768?msclkid=a162a3a1bf0511ecabc3eb850e4f8fc0

[Kath2]

1. Glad to see.

There is a price to pay for spreading lies and hate.

[LetMyPeopleVote]

2. One of the Texas cases was scheduled to go to trial in Texas on April 25

Juanita Jean's son, Mark Bankston, was getting ready for trial.

[inthewind21]

18. What price?

He'll file chapter 11 bankruptcy and keep his shit while the Sandy Hook people get put on hold.

[bucolic_frolic]

3. Bankruptcy was meant to give a fresh start to honest businessmen who had financial problems

But lies are a form of fraud in the purest sense. Should bankruptcy protect the financial fallout of criminal activity?

Just askin'.

[OldBaldy1701E]

6. No, but since when has our legal system made sense? (n/t)

[ancianita]

13. He's filing in order to avoid the daily fines he's having to pay before his court date in August

although Sunseeker says that punitive damages awards are not dischargeable in bankruptcy.

In the end he won't be getting away with hiding money; he'll just have to pay up or face jail for causing even more loss, harm or damage beyond the defamation.

[LetMyPeopleVote]

4. The Sandy Hook parents in the Texas case file lawsuit on Jones making fraudulent transfers

The parents in the Texas Sandy Hook case filed last week a lawsuit to appoint trustee nd seek to void fraudulent transfers by Jones. Jones made millions in supplement sales but is only reporting $500,000 in ssets.

Link to tweet

[Bernardo de La Paz]

5. It's a scam. He's got millions that he's moved into shell companies in advance. . . nt

[Ford_Prefect]

12. Close to 50 million was alleged to have been transferred out.

It's been rumored he has more hidden in Grand Cayman, Cyprus, or other off-shore places like South Dakota. As yet no one has quoted a total value but 100 million seems to be a likely neighborhood given how long and how large his scams have been running. The transfers where from his visible enterprises.

[2naSalit]

7. Perhaps the judge with deny it.

He, obviously, is trying to get away with yet another fraud scheme.

[cos dem]

8. Guaranteed they're doing this to protect their money

Chapter 11 is not out of business, it’s reorganization. Execs use it all the time to squeeze a company dry before it truly goes belly up (chapter 7). Chapter 11 should be revised to require court-appointed execs.

[Wednesdays]

9. Small point, but they filed on Sunday?

Wouldn't the offices be closed for Easter?

[Rebl2]

10. No one

should be allowed to do this when it’s known they have the money and it’s stashed away somewhere.

[Javaman]

11. the more you know...Chapter 11 bankruptcy...

https://www.investopedia.com/terms/c/chapter11.asp

What Is Chapter 11?
Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor’s business affairs, debts, and assets, and for that reason is known as "reorganization" bankruptcy.


KEY TAKEAWAYS
-Chapter 11 is the most complex form of bankruptcy proceeding. A Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations.
-If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors.
-If the debtor does not suggest a program, the creditors may propose one instead.
-Many major corporations, including General Motors and K-Mart, have used Chapter 11 bankruptcies as an opportunity to restructure their debts while continuing to do business.

Understanding Chapter 11
Named after the U.S. bankruptcy code 11, corporations generally file Chapter 11 if they require time to restructure their debts. This version of bankruptcy gives the debtor a fresh start. However, the terms are subject to the debtor’s fulfillment of its obligations under the plan of reorganization.

Important: On Sept. 1, 2021, U.S. Bankruptcy Court Judge Robert Drain approved a $4.3 billion settlement of the Chapter 11 bankruptcy of OxyContin manufacturer Purdue Pharma LP. The settlement dissolves Purdue Pharma and creates a new public benefit company charged with funding opioid addiction treatment and prevention. It shields the former owners, the Sackler family—who will pay $4.5 billion, over nine years, including federal settlement fees—from legal claims related to the opioid epidemic. Purdue also agreed to release 30 million documents related to the case.2

more at link..

[BumRushDaShow]

14. Should be a Chapter 7 liquidation

to put him and his ilk out of business and sell off whatever crap they have.

[nitpicker]

15. I wish I could unrec this

Like two thumbs down??

[LetMyPeopleVote]

16. Right-wing conspiracy outlet Infowars files for bankruptcy protection as founder Alex Jones faces de

Link to tweet

https://www.cnn.com/2022/04/18/media/infowars-alex-jones-bankruptcy/index.html?utm_medium=social&utm_source=twCNN&utm_content=2022-04-18T17%3A30%3A42&utm_term=link

The documents filed on Sunday in the US Bankruptcy Court for the Southern District of Texas sought bankruptcy protection for Infowars and Prison Planet, another one of Jones' right-wing outlets. Jones also sought bankruptcy protection for Infowars Health, the store from which Jones has hawked nutritional supplements and other products. The type of bankruptcy filing the company made is one that could allow it to stay in business. Many companies have used bankruptcy to continue to operate while shedding debt and other liabilities they can't afford, including legal judgments in some cases.

The Infowars store has been particularly lucrative. In a 2019 deposition, Jones' father, who operated much of the business, estimated "something like 80 percent" of revenue was "probably" from Infowars store sales. Citing court documents, the Huffington Post reported in 2022 that over a three year period from 2015 to 2018, the Infowars store did $165 million in sales.....

Late last month, Jones was held in contempt by the Connecticut court for failing to comply with multiple orders to sit for a deposition against him. Jones paid $75,000 in fines over the matter, but later had the money returned to him when he finally did comply with the order.

Mark Bangston, an attorney representing the parents of two Sandy Hook children in a Texas lawsuit, told CNN in an email, "None of the Mr. Jones' ridiculous tricks have worked in the past, and this one will fare no better."

It is Mark Bankston and not Bangston. Mark is Juanita Jean's son

[The Jungle 1]

17. What a filthy maggot of a person.

A moving mass of puke

[LetMyPeopleVote]

19. Alex Jones Hit With $1 Million In Court Fees Over Sandy Hook, Parkland Lawsuits

This is the Texas cases where Juanita Jean's son, Mark Bankston, is the lead attorney.Susan sent me the link to one of the hearings and the judge was pissed at Jones. At that hearing, Jones brought in his 9th lawyer who promised the judge she was up to speed. The judge set a deposition for the corporate representative for the entities and gave Jones' attorney 8 issues that the expert had to have knowledge concerning and could testify. The corporate representative did not answer any the question and told the attorney that she may be held in contempt and jailed. That attorney resigned during the hearing and two criminal defense attorneys stepped in. This will be fun to watch

Link to tweet

https://www.huffpost.com/entry/alex-jones-1-million-sandy-hook-parkland-lawsuits_n_625da270e4b0be72bff8f125?kum

Alex Jones was ordered to pay more than $1 million for his continued disregard of court proceedings related to multiple defamation lawsuits against him.

In a court filing released Friday, Judge Maya Guerra Gamble ordered that Jones and his company Free Speech Systems, LLC, pay a total of $1,078,653 to several people suing Jones for lies he spread about them on his conspiracy platform Infowars. He has 30 days to pay the more than $1 million sum to the different parties, according to the filing......

Gamble eviscerated Infowars and Jones’ LLC in a previous filing announcing the sanctions earlier this month.

“The Court finds that Defendants have intentionally thwarted the legitimate discover process in these cases,” Gamble’s ruling read. “The egregious and repetitiveness of Defendants’ obstruction exhibits a disregard for and disrespect of the integrity of this Court and our judicial system. Plaintiff’s discovery of facts necessary to properly present their claim for damages has been irreparably prejudiced in virtually all respects. Absent severe action from this Court, Defendants will ultimately profit from this sabotage of the discovery process.”

In 2020, Jones was hit with a similar sanction for failing to provide discovery documents related to the Sandy Hook lawsuit and had to pay $100,000.