Conspiracy theorist Alex Jones has filed a motion to convert his personal bankruptcy reorganization to liquidation. The move would require him to sell a large portion of his assets to pay part of the $1.5 billion that is being awarded to relatives of the Sandy Hook Elementary School shooting victims. Jones’ media company, Free Speech Systems, also filed for bankruptcy reorganization after the families won a lawsuit against him. He repeatedly claimed that the 2012 shooting that killed 20 first-grade students and six teachers in Newtown, Connecticut, was a hoax on his InfoWars programs.
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From bankruptcy reorganization to liquidation
Jones and the Sandy Hook family have not agreed on how to resolve matters. As a result, Jones filed a motion in U.S. Bankruptcy Court in Houston to convert his personal case from Chapter 11 reorganization to Chapter 7 liquidation. The motion states that there is no reasonable likelihood of a successful reorganization. Remaining in Chapter 11 would not benefit Jones’ estate and would incur additional administrative expenses.
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Jones’ bankruptcy attorneys have not commented on the motion. “Alex Jones has hurt a lot of people. Connecticut families have fought for years to hold him accountable,” said Christopher Mattei, an attorney for the families. The Sandy Hook families are also asking the judge to turn Free Speech Systems’ case into a liquidation.
court hearing scheduled
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Judge Christopher Lopez has scheduled a hearing in Houston for June 14 to decide on a resolution of the cases. Jones’ lawyers have indicated that the company’s case is also moving toward liquidation. Alternatively, the case could be withdrawn. Liquidation could mean that Jones would have to sell most of his assets, including his company. He could keep his home and other personal belongings exempt from bankruptcy liquidation. The proceeds would go to his creditors, including Sandy Hook families.
If the case is tossed out, Free Speech Systems would return to its previous status following the $1.5 billion award in lawsuits. That would send efforts to recover damages back to state courts in Texas and Connecticut. Jones has already decided to sell some of his personal assets to pay creditors, including his Texas ranch worth about $2.8 million.
Financial Statements
The liquidation of Jones and his company’s assets would yield Sandy Hook families only a fraction of the amount they were paid. Jones personally owns about $9 million in assets, including his $2.6 million Austin-area home. His living expenses in April alone were about $69,000, including $16,500 for home expenses.
Free Speech Systems, which employs 44 people, had about $4 million in cash at the end of April. The business earned about $3.2 million in April from sales of dietary supplements, clothing and other items promoted by Jones on his show. The company listed expenses of $1.9 million.
Jones’ public statements
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Last weekend Jones warned on his show that his company was at risk of being shut down due to a conspiracy by the government and Democrats. He urged his supporters to form a human chain around his Austin studio to prevent a takeover. He claimed he was sleeping in the studio to avoid being shut down, but that didn’t happen.
Judge Lopez ruled that Jones can continue to work until June 14, when a decision on a possible liquidation is expected. Jones has said on his show that even if Free Speech Systems and InfoWars are sold, he could resume his broadcast in some other way.
Settlement proposals
Jones had offered a bankruptcy reorganization plan that allowed him to continue operating Free Speech Systems and InfoWars, while paying the Sandy Hook families a minimum of $55 million over ten years. The families had offered to settle their debts for a minimum of $85 million. Several families of Sandy Hook victims sued Jones and won cases in Connecticut and Texas.
Relatives testified during the hearing about being harassed and threatened by Jones’ followers. They said they were shocked by Jones’ comments and the actions of his followers. Some followers told grieving families that the shootings never happened and that their children never existed.
Source: https://th-xuyenmoc.edu.vn
Category: Net worth