He says the auction process lacked transparency and the buyout needs to be higher.
Federal Bankruptcy Judge Christopher Lopez denied the proposed sale of the platform Infowars to satirical outlet The Onion this week, saying that there was a lack of transparency in the platform’s complex auction process.
“I don’t think anyone acted in bad faith here,” Judge Lopez said at the conclusion of the two-day hearing. “I think everyone was trying to buy an asset and put their best foot forward and play by the rules.”
Infowars was auctioned off to pay damages to the survivors of the 2012 Sandy Hook school shooting, an event that Infowars host Alex Jones had repeatedly claimed was staged by paid actors. The survivors were awarded $1.5 billion in damages for his pervasive messaging, but the trustee overseeing the sale of Infowars had approved The Onions’ proposed purchase of $1.75 million in cash.
Judge Lopez ruled that the trustee “did not maximize value in any way, based on the record before me,” requiring the trustee to seek a bid that more thoroughly repays the required damages.
As the Lord Leads, Pray with Us…
- For federal judges to be discerning as they hear various cases regarding fair valuations.
- For God’s guidance for all the justices and judges in the federal judiciary.
Sources: The Hill, Newsweek
