Sandy Hook families offer conspiracy theorist Alex Jones cut-price deal to settle $1.5 billion debt for just 6% of what he owes them as he hides behind bankruptcies: 'His time is up'

Sandy Hook families have offered Alex Jones a deal to settle his $1.5 billion debt after saying 'his time is up' for hiding behind his bankruptcy case.

The offer, filed in Jones's personal bankruptcy case in a Houston court on November 22, gives the conspiracy theorist options to pay the families about six percent of what he owes them.

The InfoWars founder can chose from liquidating his estate and giving the proceeds to the families or he can pay at least $8.5 million per year, plus 50 percent of any income over $9 million per year for 10 years.

The families called out Jones for continuing to live a lavish lifestyle despite filing for bankruptcy and said he has failed to come up with a plan to pay the damages.

'In short, Jones has failed in every way to serve as the fiduciary mandated by the Bankruptcy Code in exchange for the breathing spell he has enjoyed for almost a year. His time is up,' attorneys for the Sandy Hook families said in the filing.

The offer comes over a year after Jones was ordered to pay the families $965million in compensation and an additional $473 million in punitive damages. 

He was ruled to have defamed the families after he promoted a conspiracy theory that the massacre of 26 women and children at Sandy Hook Elementary School in Newtown, Connecticut, in 2012, never took place.

Relatives of the victims testified at the trials about being harassed and threatened by Jones´ believers, who sent threats and even confronted the grieving families in person, accusing them of being 'crisis actors' whose children never existed. 

Sandy Hook families won nearly the $1.5 billion in judgments against Jones last year in lawsuits over repeated promotion of the false theory.

Erica Lafferty, the daughter of killed Sandy Hook principal Dawn Hochsprung, called the verdict a moment 'years in the making.'

'In this big moment, like in every big moment, since the shooting, I wish I could just call my mom and tell her about it,' she said. 'I would tell her about the horror of watching Alex Jones hold court with the press outside, right here...The heartbreak of reliving the shooting as so many families shared stories of their slain loved ones.'

Several of the families of the Sandy Hook shooting victims got emotional as the amounts of compensatory damages were read out in court.

David Wheeler, the father of Ben, 6, who was killed, was visibly shaking as the amounts were read out while Robert Parker, father of Emilie, 6, was crying with his head in his hands.

But the families are yet to see a penny of the money that juries awarded them.

Just months after the court decision, Jones and Free Speech Systems - the parent company of InfoWars - filed for bankruptcy.

In October, Texas Judge Christopher Lopez issued a decision and ruled that Jones can't use his bankruptcy as protection. 

 At court hearing on Monday, Jones’ personal bankruptcy lawyer, Vickie Driver, said the settlement offer was unrealistic.

'There are no financials that will ever show that Mr. Jones ever made that in 10 years,' she said.

In last week's filing, attorneys for the families disputed Jones's claims that he cannot afford the settlement.

'Jones's estate simply cannot fund an indefinite bankruptcy,' it said. 

'Indeed, the estate is not only bearing the costs of Jones's professionals, but also hemorrhaging approximately $65,000 to $90,000 a month (excluding legal and professional fees) to bankroll Jones's lifestyle,' the filing said. 

'Nor has he done much of anything to preserve, let alone maximize, the value of his estate for the benefit of his creditors—predominantly the victims of Jones's relentless campaign to defame the families of children and others murdered at Sandy Hook Elementary School.

'He has refused to adhere to a reasonable budget or engage with the Committee on ways to limit spending.

'And he has resisted commencing meritorious avoidance actions against insiders.'

'There can be little doubt that the Chapter 11 Cases must resolve soon.' 

Meanwhile, Jones' personal spending topped $93,000 in July alone, including thousands of dollars on meals and entertainment, according to his monthly financial reports in the bankruptcy case.

Court documents seen by DailyMail.com also revealed he blew through $2.2 million in just eight months.

The money has been spent on lavish purchases including four cars worth $219,690 and two boats worth $114,300. 

He racked up a massive bill of $26,884 on meals and entertainment between December and July.

The podcast host also lists his other assets as his $2.6million Austin home, despite transferring the deed into his wife's name in February, and a $1.7million lake house property around 20 miles from his home.

He also owns a $2.1million ranch property and a $505k rental property, according to filings in Houston's bankruptcy court.   

The amount of money Jones owes Sandy Hook families could grow even larger.

Another lawsuit is pending in Texas, brought by the parents of 6-year-old Noah Pozner, one of the children slain in the attack. A trial date has not yet been set.