InfoWars host Alex Jones is set to liquidate his personal assets in order to pay the families of Sandy Hook victims the $1.5 billion in damages in relation to the 2012 school massacre.
The move will mean Jones will no longer own Infowars, a media empire he built in the 1990s that became one of the leading alternative media outlets in the world.
Jones had previously resisted converting his personal bankruptcy into a Chapter 7 liquidation as legal pressure mounted.
However, he reversed course this week.
Jone claimed on air that the liquidation was imminent, and that the courts were coming to change the locks on his studios.
“At the end of the day, we’re going to beat these people,” Jones said during his Saturday broadcast.
“I’m not trying to be dramatic here, but it’s been a hard fight. These people hate our children.”
Myfox8 reported that a judge rejected Sandy Hook families’ request to immediately liquidate Jones’s assets, allowing Jones to continue operating until his next hearing on Friday, June 14.
Now that Jones has agreed to convert his bankruptcy, this hearing will determine just what happens to his assets, including Infowars, going forward, setting the stage for the court to appoint a trustee to begin the liquidation process.
Liquidation would mean that Jones would have to sell most of what he owns, including his company and its assets.
He would be able to keep personal belongings and his home, but all other assets would be sold off to pay his judgment and debts.
The Associated Press reported:
“The most recent financial statements filed in the bankruptcy court stated that Jones personally has about $9 million in assets, including his $2.6 million Austin-area home and other real estate.
He also listed his living expenses at about $69,000 for April alone, including about $16,500 for expenses on his home, including maintenance, housekeeping, and insurance.”
The parent company of Infowars, Free Speech Systems, which employs 44 people, had nearly $4 million in cash on hand at the end of April.
In April, the business made nearly $3.2 million, including selling the dietary supplements, clothing, and other items that Jones promotes on his show while listing $1.9 million in expenses.”
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