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Peter Thiel has agreed not to bid on the assets of bankrupt Gawker Media in exchange for the web publisher's promise to end an investigation into the tech billionaire.

The accord between Thiel and Gawker's estate clears an obstacle to the company selling its assets in bankruptcy, according to court papers filed Wednesday in U.S. Bankruptcy Court in New York. Thiel had expressed interest in buying the company's remaining assets as a way to shut down the investigation, and his involvement could have discouraged other potential bidders, an administrator for the estate said in court papers.

The defunct website was looking into Thiel's role, as well as his lawyer's, in funding the lawsuit that led to its demise. Under bankruptcy law, creditors can look into possible litigation that may gain more money for creditors.

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