– Company linked to Alex Jones raises Infowars purchase offer to over $7M. – First United American Companies submitted the increased bid. – Bankruptcy judge voided previous auction due to flaws. – Proceeds from sale will help compensate Sandy Hook families. – New offer from The Onion’s parent company expected soon.
A company associated with Alex Jones has substantially increased its offer to acquire the Infowars platforms to over $7 million. This amount is more than double its initial proposal that was outbid by The Onion during a bankruptcy auction, later invalidated by a court. Joshua Wolfshohl, an attorney for the bankruptcy trustee, disclosed this update during a short court hearing in Houston despite the absence of a formal solicitation for new bids.
First United American Companies, which operates a website selling nutritional products under Jones’ name, has made this revised offer. The trustee overseeing the bankruptcy has also indicated that a new bid from Global Tetrahedron, the parent company of The Onion, is anticipated shortly. This process is part of Alex Jones’ personal bankruptcy proceedings, following his substantial defamation judgment of nearly $1.5 billion related to the Sandy Hook shooting allegations.
Most proceeds from the Infowars sale will be allocated to the Sandy Hook victim’s families to fulfill the defamation claims, with remaining funds directed to Jones’ other creditors. The future of Infowars, located in Austin, Texas, remains uncertain after the auction collapse, and the trustee, Christopher Murray, will assess the new offers to determine the next steps.
Wolfshohl stated that it is unclear how the sales process will unfold but suggested the possibility of revisiting the court with a structured proposal for an auction. Representations from both The Onion and First United American Companies have yet to respond to inquiries regarding their positions in this matter.
In December, U.S. Bankruptcy Judge Christopher Lopez annulled the auction process, criticizing it for lack of transparency and insufficient financial benefit to creditors. Judge Lopez highlighted confusion surrounding The Onion’s bid as a factor in his decision. This auction had only two bidders: Global Tetrahedron, which offered $1.75 million with intentions to revamp Infowars, and First United American’s $3.5 million bid that would allow Jones to stay with the platform.
Since the auction, an agreement has been reached between the Sandy Hook families who received over $1.4 billion from lawsuits. Under the deal, families involved in the Texas lawsuit will receive a minimum of $4 million, while those in the Connecticut lawsuit will secure at least $12 million. Should the Connecticut families’ share exceed $12 million, the Texas families will receive 25% of any additional funds.
The evolving situation surrounding Infowars highlights the complexities of bankruptcy and asset sales following high-profile defamation cases. As First United American Companies increases its offer, the future of Infowars remains in flux, with the aim of ensuring compensation for the Sandy Hook families. The court’s involvement will be crucial in determining the legality and logistics of the sale process moving forward.
Original Source: abc7.com
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