Thu. Jul 11th, 2024

Alex Jones wants to liquidate his bankruptcy.

By nr39r Jun8,2024
News

Following the victory in their legal battles against him, the relatives of the Sandy Hook victims filed for bankruptcy on behalf of both Alex Jones and his media company, Free Speech Systems.

In order to help pay down some of the $1.5 billion he owed, conspiracy theorist Alex Jones is requesting authorization from the court to turn his personal bankruptcy reorganization into liquidation. This would include selling a sizable amount of his assets. He is indebted to the families of the Sandy Hook Elementary School shooting victims.

Following the victory of the Sandy Hook kid families’ lawsuits against him, Mr. Jones and his media company, Free Speech Systems, both declared bankruptcy. On his Infowars broadcasts, he has dubbed the 2012 Newtown, Connecticut shooting, which claimed the lives of 20 first graders and six teachers, a fake on multiple occasions.

However, after failing to reach a consensus with the families of the Sandy Hook victims, Mr. Jones filed a petition in U.S. Bankruptcy Court in Houston on Wednesday, requesting that a judge convert his personal case—which was initially scheduled to be a reorganization under Chapter 11 of the American bankruptcy law—to a liquidation under Chapter 7.

“The Debtor does not anticipate that a resolution can be reached with other parties having sufficient interest to confirm a plan of reorganization under Chapter 11,” according to the petition. Because there is no realistic chance of a successful reorganization, the debtor’s estate would not gain by continuing in Chapter 11; rather, it would incur further administrative costs.

Messages seeking comment on Friday were not immediately answered by Mr. Jones’ bankruptcy attorneys.

“Alex Jones hurt so many people,” stated in a statement from Christopher Mattei, the families’ lawyer.

For their part, the Sandy Hook families are requesting that the same judge change the proceedings from restructuring to liquidation.

To decide how to handle the cases, Judge Christopher Lopez has set a hearing for June 14 in Houston.

The lawsuit also seemed to be headed toward liquidation, according to Mr. Jones’s attorneys, or it might be dismissed.

In between reorganization and liquidation

In the event of liquidation, Mr. Jones might be required to sell the majority of his possessions, including his company and assets, but he might be able to keep his house and other personal items free from liquidation in the event of bankruptcy. All of its creditors, including the relatives of the Sandy Hook victims, would receive their money back.

Should Free Speech Systems’ claim prove unsuccessful, the business would revert to its pre-$1.5 billion award in the litigation and take its damages claims back to the state courts in Connecticut and Texas, where the verdicts were rendered.

In order to settle his debts, Mr. Jones has already made the decision to sell a few of his personal belongings, including his about $2.8 million Texas ranch.

However, the money Mr. Jones and his business would receive from the sale of their assets would not even come close to covering his debt to the relatives of the Sandy Hook victims.

In his $2.6 million Austin, Texas, home and other real estate are among Mr. Jones’s about $9 million in assets, according to the most current financial records he filed with the bankruptcy court. He said that just in April, his living expenses came to almost $69,000, of which about $16,500 went toward costs associated with his house, such as upkeep, cleaning, and insurance.

At the end of April, Infowars’ parent business, Free Speech Systems, with 44 employees, had about $4 million in cash on hand. With sales of apparel, nutritional supplements, and other products that Mr. Jones endorses on his show, the company made about $3.2 million in April, but it also reported spending $1.9 million.

On his show this weekend, Mr. Jones issued a dire warning, claiming that his company was going to close soon because of what he described as a Democratic and government plot connected to his bankruptcy filings. He said he was sleeping in the studio to protect against a shutdown, which did not occur, and he urged his followers to create a human chain around his Austin studio to prevent a takeover.

Judge Christopher Lopez made the ruling on Monday, allowing Mr. Jones to carry on with his work until June 14, when decisions regarding potential liquidations are anticipated.

Mr. Jones stated on his show that he might continue broadcasting in a different capacity even if Infowars and Free Speech Systems were sold.

In order to keep running Infowars and Free Speech Systems, Mr. Jones had suggested a bankruptcy restructuring plan that would have paid the families of the Sandy Hook victims at least $55 million over a ten-year period. The families had requested that he give them at least 85 million dollars prior to this proposal.

Not all Sandy Hook victims’ relatives filed lawsuits against Jones, but they did, and they prevailed in both Connecticut and Texas.

Family members claimed that Mr. Jones’ remarks and his followers‘ deeds had scarred them. During their testimony in court, they said that Mr. Jones’s followers had intimidated and harassed them, and that some of them had personally approached bereaved families to deny the existence of their children that the shootings never took place.

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