TGP Communications, LLC, ahem "publisher" of The Gateway Pundit, filed for Chapter 11 bankruptcy on April 24, 2024 claiming an onslaught of defamation lawsuits from various parties including election workers in Georgia and an employee of Dominion Voting Systems in Colorado requires a re-organization to protect its ongoing operations. It's no surprise but the actual facts don't seem to support that claim. What little information has been filed with the bankruptcy court showed only between $100k-500k in liabilities but between $500k and $1M in assets. That's not normally something that would require bankruptcy. Unless of course the firm anticipates being bled dry by its lawyers defending the civil suits against it and eventual payouts.
As another unsurprising revelation about the truth behind this outlet claiming to represent a "midwest" sensibility on national politics, the firm's bankruptcy paperwork was filed in US Bankruptcy Court in the Southern District of Florida and lists a PO box in Jensen Beach, Florida as its business address. The outlet may have been started by a pair of brothers in a St. Louis suburb but perhaps they've moved to warmer climes. Details of the filing can be seen here:
https://www.documentcloud.org/documents/24604234-tgp-communications-bankruptcy-filingThese numbers are enlightening though. To the average reader in their target demographic, having $1 million in assets at first might sound impressive. In reality, that's NOT a lot of money for a going business concern that's been operating for two decades. In fact, it's laughable. If you claim to be a "media company" or even a "news organization" reporting on national affairs, you'd think a typical reporter capable of writing coherently about such topics would earn at least $80-100k in salary, maybe $120k with benefits. That means the accumulated free cash of this "organization" couldn't afford to keep more than 8 people employed for a year. That's not a lot of people to do research, fact checking and editing.
Of course it's not a lot of money to pay for research, fact checking and editing because NONE OF THAT has ever been a part of its operating model. Outlets like The Gateway Pundit are the inevitable result of applying the near-zero cost of web publishing to the proven supermarket aisle tabloid journalism model perfected by The National Enquirer now being exposed by David Pecker on the stand in a criminal trial.
WTH
