early 2015, Denton stated that he planned to raise $15 million in debt from various banks so as not to dilute his equity stake in the company by accepting investments from venture capital firms. In June 2016, Gawker Media revealed its corporate finances in a motion for a stay of judgment pending appeal and accompanying affidavits filed in the Bollea v. Gawker case in Florida state court. In the filings, the company stated that it could not afford to pay the $140.1 million judgment or the $50 million appeal bond. The company's balance sheet at the time reflected total assets of $33.8 million ($5.3 million cash, $11.9 million accounts receivable, $12.5 million fixed assets), total current liabilities of $27.7 million; and total long-term liabilities of $22.8 million. A bond broker stated in an affidavit that the company's book value was $10 million. In June 2016, at the time of the company's filing for bankruptcy, Denton had a 29.52% stake in the Gawker Media Group, and his family had another stake through a trust. History Gawker Media was incorporated in Budapest, Hungary in 2002, where a small company facility is still maintained. The company was headquartered early on at Nick Denton's personal residence in the New York City neighborhood of SoHo, and it remained there until 2008. That year, he created a new base of operations in Nolita in Manhattan. On April 14, 2008, Gawker.com announced that Gawker Media had sold three sites: Idolator, Gridskipper, and Wonkette. In a fall 2008 memo, Denton announced the layoff of "19 of our 133 editorial positions" at Valleywag, Consumerist, Fleshbot, and other sites, and the hiring of 10 new employees for the most commercially successful sites—Gizmodo, Kotaku, Lifehacker, and Gawker—and others which were deemed to promise similar commercial success (Jezebel, io9, Deadspin, and Jalopnik). Denton also announced the suspension of a bonus payment scheme based on pageviews, by which Gawker had paid $50,000 a month on the average to its staff, citing a need to generate advertising revenue as opposed to increasing traffic. He explained these decisions by referring to the 2008 credit crisis, but stated that the company was still profitable. In September 2008, Gawker reported 274 million pageviews. On November 12, 2008, Gawker announced that Valleywag would fold into Gawker.com. Consumerist was sold to Consumers Union, which took over the site on January 1, 2009. On February 22, 2009, Gawker announced that