The Onion purchases InfoWars (pending)

[Reggie Dunlop]

Spinning this into its own thread... future shenanigans warrant it.

The satirical news publication The Onion won the bidding for Alex Jones's Infowars at a bankruptcy auction, backed by families of Sandy Hook Elementary School shooting victims whom Jones owes more than $1 billion US in defamation judgments for calling the massacre a hoax, the families announced Thursday.

Interesting financial backers.



https://www.cbc.ca/news/world/infowa...nion-1.7383080

https://theonion.com/heres-why-i-dec...-buy-infowars/

[Wastedyouth]

Too funny.

[FlamesAddiction]

I'll be curious to know how much it went for.

I did a Google search which shows The Onion company is only worth $1.7 million.

[Coach]

I'm wondering if the families were able to get funding against the money they're owed by Jones himself.

[DownInFlames]

Originally Posted by Coach

I'm wondering if the families were able to get funding against the money they're owed by Jones himself.

I would hope so. They approved the sale and if I were them I’d take $1 just to screw with Jones.

[Reggie Dunlop]

Roger Stone allegedly had put together a group to bid.

[puffnstuff]

Originally Posted by Reggie Dunlop

Roger Stone allegedly had put together a group to bid.

And thinks that he didnt win the bid because of the 'deep state' and Dems. Also will want the new AG(gaetz lol) to investigate it

[photon]

Looks like the purchase is on hold, The Onion wasn't the highest bidder supposedly so a judge wants to examine things to appeal to MAGA make sure things were done properly.

https://apnews.com/article/alex-jone...628686c8b8dd4a

[Locke]

Originally Posted by photon

Looks like the purchase is on hold, The Onion wasn't the highest bidder supposedly so a judge wants to examine things to appeal to MAGA make sure things were done properly.

https://apnews.com/article/alex-jone...628686c8b8dd4a

The fact that the complaining alternate bidder is a company that sells Jones' snake-oil should fundamentally disqualify them.

[calgarygeologist]

Originally Posted by photon

Looks like the purchase is on hold, The Onion wasn't the highest bidder supposedly so a judge wants to examine things to appeal to MAGA make sure things were done properly.

https://apnews.com/article/alex-jone...628686c8b8dd4a

It seems like common sense, and non partisan, that the sale should be awarded to the highest bidder unless that party can't put up the cash for the sale or it is some sort of asset that can't be sold to certain parties.

[FlamesAddiction]

Originally Posted by calgarygeologist

It seems like common sense, and non partisan, that the sale should be awarded to the highest bidder unless that party can't put up the cash for the sale or it is some sort of asset that can't be sold to certain parties.

That's not always how it works in corporate bankruptcies though.

In some auctions, the first party to reach a minimum amount set by the debtor wins the auction. I believe the term is "stalking horse bid". I would not be shocked if the debtor, in this case Alex Jones, set the minimum winning bid low expecting one of his buddies to reach there first only to have The Onion come in and ruin his plan.

The debtor can typically decline the stalking horse bid winner if higher bids come in, but I think those rules have to be set before the bankruptcy auction starts and a judge has the authority to overrule. I am not completely sure though. The bidder would also need to show that they have the money to support the bid (like you can't win the bid, then go looking for the money later even if you know you could scrape it together).

[PsYcNeT]

[PuckSlap]

Originally Posted by FlamesAddiction

That's not always how it works in corporate bankruptcies though.

In some auctions, the first party to reach a minimum amount set by the debtor wins the auction. I believe the term is "stalking horse bid". I would not be shocked if the debtor, in this case Alex Jones, set the minimum winning bid low expecting one of his buddies to reach there first only to have The Onion come in and ruin his plan.

The debtor can typically decline the stalking horse bid winner if higher bids come in, but I think those rules have to be set before the bankruptcy auction starts and a judge has the authority to overrule. I am not completely sure though. The bidder would also need to show that they have the money to support the bid (like you can't win the bid, then go looking for the money later even if you know you could scrape it together).

Problem with this argument is, it was turned into a private secret sale, disguised as an auction. They went about it the illegal way. They ignored the higher bidder on a cash auction and has to be approved by the judge and now the judge is not happy.

[photon]

According to the article the the judge gave the trustee broad authority to choose the winning bid and reject any bid for any reason that was contrary to the best interests of the parties including the creditors.

It says The Onion's bid included an agreement by the Sandy Hook families to allow more of the sale proceeds to go to the creditors. So while the one bid may be more cash, the chosen bid will end up with the creditors getting more money.

Which seems reasonable.

[Locke]

[Fuzz]

Rebel would be more equivalent to InfoWars. Now if we could just get a big enough lawsuit to stick to those chuds...

[GioforPM]

Originally Posted by FlamesAddiction

That's not always how it works in corporate bankruptcies though.

In some auctions, the first party to reach a minimum amount set by the debtor wins the auction. I believe the term is "stalking horse bid". I would not be shocked if the debtor, in this case Alex Jones, set the minimum winning bid low expecting one of his buddies to reach there first only to have The Onion come in and ruin his plan.

The debtor can typically decline the stalking horse bid winner if higher bids come in, but I think those rules have to be set before the bankruptcy auction starts and a judge has the authority to overrule. I am not completely sure though. The bidder would also need to show that they have the money to support the bid (like you can't win the bid, then go looking for the money later even if you know you could scrape it together).

This is close but not quite accurate. A stalking horse is a guaranteed buyer who sets a minimum price. Then there is a bidding process with rules set by the court, usually providing that if higher bids come in there will be an auction process. The highest offer often doesn't win because sometimes it comes with unreasonable conditions or (as you say) there is a lack of confidence in the buyer's ability to close the deal. Or for other factors, which may include people associated with Jones.

[Locke]

I dont know all the rules surrounding auctions, but the fact that the competing bidder was an associated company that was shilling Jones' crap should disqualify them.

[Reggie Dunlop]

Attorneys for X Corp., the firm established by Elon Musk to take over Twitter, filed a notice of appearance on Thursday in the bankruptcy case of Alex Jones and his Infowars platform.

https://www.nbcnews.com/business/bus...ars-rcna180487

[GGG]

Originally Posted by Locke

I dont know all the rules surrounding auctions, but the fact that the competing bidder was an associated company that was shilling Jones' crap should disqualify them.

Why, if it results in the most money going to the victims of jones slanders that’s a win.