One of the most infamous names in contemporary media, Alex Jones, has officially filed for Chapter 11 bankruptcy. Substantial lawsuits against Jones, and his media platform Free Speech, drove the filings that were made public today.
The legal action taken against Jones equated to a $1 billion verdict, placing an emphasis on his seeking bankruptcy protection. Moreover, the news comes just a month after Jones’ Attorney stated that the personality, “wasn’t contemplating any personal bankruptcy.
Alex Jones Seeks Bankruptcy Protection
There are few names as divisive as Alex Jones. A conservative media voice that is known for his controversial opinions, and relentless exposition of them. Yet, it was that radical thinking that led to massive lawsuits against the personality.
Earlier this month, a Jury verdict came to a decision regarding legal action taken by the families of victims of the Sandy Hook shooting on December 12th, 2012. The defamation lawsuit follows damning accusations from Jones on the legitimacy of the tragedy.
Ultimately, the Jury ruled in favor of the families, in the amount of $965 million. Furthermore, the lack of assets has led Jone’s company, Free Speech Systems, to seek bankruptcy mediation. That has now extended to Alex Jones himself now filing for chapter 11 bankruptcy.
Chapter 11 Bankruptcy is known as a “reorganization” bankruptcy. Although often filed by businesses, it is able to be enacted by individuals who meet certain criteria. Additionally, Chapter 11 is a form of bankruptcy that allows the continued operation of the filing entity. As well as maintaining the potential for the filer to borrow new money.