Hulk Hogan helped bring down Gawker Media and now he’s throwing a wrench into the personal bankruptcy proceedings of company founder Nick Denton, Bloomberg News reported yesterday. Denton’s plan to rent his $4.25 million condominium at 76 Crosby Street in lower Manhattan for $12,500 per month shouldn’t be allowed to go forward, because it won’t come close to covering the property’s monthly costs, and will make it more difficult to sell, Hogan’s lawyers said in court papers filed yesterday. The property is Denton’s “only salable investment asset,” and depending on what happens in Denton’s personal chapter 11 case, could “prove to be nearly his entire estate,” lawyers for Hogan wrote. The math doesn’t work out, Hogan said, noting monthly carrying costs are $20,590.08. The rent wouldn’t even cover Denton’s $14,985 in monthly mortgage payments, never mind condo association fees of $3,410.57, real estate taxes, homeowner insurance and upkeep expenses, Hogan said, estimating the lease agreement would result in an annual loss of $100,000. Denton filed for personal bankruptcy Aug. 1 after he was unable to win a legal shield from the $140 million damages awarded in pro wrestler Hogan’s lawsuit that drove Gawker into bankruptcy June 10. Denton and the company are jointly liable.
