Felix Salmon, writing at Fusion, making the case that Peter Thiel revealed his role in the Hogan-Gawker case as a strategic move:
But then the Thiel bombshell dropped. The Hogan case, it turned
out, wasn’t a war in which Gawker could emerge victorious;
instead, it was merely a battle in a much larger fight against an
opponent with effectively unlimited resources.
Gawker could continue to fight the Hogan case; it could even win
that case outright, on appeal. But even if Hogan went away, Thiel
would not. Thiel’s lawsuits would not end, and Thiel’s pockets are
deeper than Denton’s. Gawker’s future is indeed grim: it can’t
afford to fight an indefinite number of lawsuits, since fighting
even frivolous suits is an expensive game.
The result is that investing in Gawker right now is a very
unattractive proposition, since any investor knows that they will
be fighting a years-long battle with a single-minded billionaire
who doesn’t care about how much money he spends on the fight. And
if Gawker can’t raise any new money to continue to fight the Hogan
case, then its corporate end might be closer than anybody thinks.