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Update On Hulk Hogan's Settlement With Gawker

The NY Post has reported that a Manhattan Federal Court has approved a bankruptcy plan for Gawker that includes a $31 million payout for Hulk Hogan.

Hogan has forced the website into bankruptcy when trying to collect a $140 million award issued by a judge in Florida in June. The whole saga of course, began when the site posted footage of Hogan having sex with the wife of his former friend Bubba The Love Sponge.

Gawker's lawyer Gregg Galardi called the $31 million settlement "very favorable" because it's only a fraction of the original $140 million that was awarded. Hogan is expected to receive the money by the end of this year.

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