Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Alex Jones is trying to swing a bankruptcy plan where he still gets paid $520,000 a year

Alex Jones is trying to swing a bankruptcy plan where he still gets paid $520,000 a year

Jones owes close to $1.5 billion to the relatives of the Sandy Hook shooting victims, who sued him after he called the 2012 massacre a hoax.
Alex Jones' media company has proposed a bankruptcy plan that would still allow him to be paid $520,000 per year.

This plan would also see the far-right conspiracy theorist and podcaster paying less than 4% of what he owes the families of the Sandy Hook victims, over the next five years.

Jones owes around $1.5 billion to the relatives of the Sandy Hook shooting victims. They sued him after he called the 2012 massacre a hoax and said the families of 20 murdered children were crisis actors.

Jones and his company, Free Speech Systems — which he fully owns — filed for bankruptcy separately in December and July, respectively.

As part of the bankruptcy proceedings, Free Speech Systems filed a reorganization proposal on Tuesday. In the proposal, the company said it expects to make around $30 million annually from selling nutrition supplements like vitamin gummies and fish oil.

But only around $7 million to $10 million of that money would go to creditors each year, per the plan filed in the Texas Southern Bankruptcy Court, seen by Insider.

The rest of the money will be used for the cost of goods and operations expenses, as well as paying $520,000 each to Jones and a potential new chief operating officer.

Another $560,000 would be reserved for "executive incentive" bonuses. The plan states that these bonuses can be increased to a $1.26 million per year payout, by 2027.

Jones' pay and bonus would be part of a total of $3 million to $3.5 million spent on staff salaries per year. Free Speech Systems will spend another $839,000 on contract employees, $780,000 on hourly wages and overtime pay, and $352,000 on employee bonuses in 2023, per the company's proposal.

The firm had 45 employees as of December 31, its filing said.

Jones's InfoWars online store sells products such as turmeric toothpaste for $14.95, "Super Concentrated Beet Extract Essence" for $39.95, and t-shirts and accessories.

It sources some of its products from a company called PQPR Holdings, to which Free Speech Systems owes $54 million. PQPR Holdings is partially owned by Jones and managed by his father. Lawyers for the Sandy Hook families say the $54 million debt is just a tactic by Jones to stash away his fortune and prevent it from going to pay off the damages Jones now owes, per The New York Times.

Jones claimed on his InfoWars show in December that he was "officially out of money, personally."

"It's all going to be filed. It's all going to be public. And you will see that Alex Jones has almost no cash," he said on his show, per CBS News.

However, a forensic economist testified in August that Jones and Free Speech Systems have a combined net worth of up to $270 million.

In December, Jones asked a judge to restore his annual salary to $1.3 million — what he used to make before Free Speech Systems went bankrupt.

Jones also recently gave more than $1.3 million to his wife and parents, according to a February 14 bankruptcy filing.

Meanwhile, the right-wing conspiracy theorist accused authorities of trying to seize his cat in bankruptcy proceedings and claimed it was harassment. He estimated that the cat, Mushu, is worth around $2,000.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
×