Alex Jones offers to pay Sandy Hook families just $55 million and 70 percent of profits from the sale of his personal property to settle $1.5 BILLION defamation bill after claiming school massacre was fake

Conspiracy theorist Alex Jones has offered to pay the families of Sandy Hook victims $55 million over 10 years - a fraction of the $1.5 billion awarded for falsely claiming that the school shooting was staged.

Jones, 49, and his Austin-based company, Free Speech Systems, both filed for bankruptcy last year as the families were awarded more than $1.4 billion in a Connecticut lawsuit and another $50 million in a Texas lawsuit.

A third trial is pending in Texas in a similar lawsuit over Jones' hoax conspiracy filed by the parents of another child killed in the school shooting.

The families are now focused on getting Jones to pay up.

In November, they said he could either liquidate his estate and giving the proceeds to the families, or pay at least $8.5 million per year, plus 50 percent of any income over $9 million per year for 10 years.

Jones on Friday responded in a filing made in U.S. Bankruptcy Court in Houston.

The deal will be debated and challenged over the next two months, with hearings scheduled for February that will result in a final order saying how much Jones will have to pay out.

Christopher Mattei, a Connecticut attorney for the Sandy Hook families, said Jones' proposal 'falls woefully short' of providing everything the families are entitled to under bankruptcy laws.

'The families' plan is the only feasible path for ensuring that Jones' assets are quickly distributed to those he has harassed for more than a decade,' said Mattei, in a statement on Saturday.

Jones' new proposal to settle with the families for at least $5.5 million a year for 10 years doesn't appear to offer much more than what Free Speech Systems offered them in its bankruptcy case last month.

Free Speech Systems, the parent company of Jones' Infowars show, proposed to pay creditors about $4 million a year, down from an estimate earlier this year of $7 million to $10 million annually.

The company said it expected to make about $19.2 million next year from selling the dietary supplements, clothing and other merchandise Jones promotes on his shows, while operating expenses including salaries would total about $14.3 million.

Personally, Jones listed about $13 million in total assets in recent financial statements filed with the bankruptcy court, including about $856,000 in various bank accounts.

A judge recently gave Jones approval to sell some of his assets, including guns, vehicles and jewelry to raise money for creditors.

The families' plan would set up a trust that would liquidate nearly all of Jones' assets, except his primary home and other holdings considered exempt from sale under bankruptcy laws.

The trust would have sweeping powers, including authority to recoup money that Jones has paid and given others if those transfers were not allowed by law.

The families have been complaining about Jones' personal spending, which topped $90,000 a month this year.

They also have another pending lawsuit claiming Jones hid millions of dollars in an attempt to protect his wealth. One of Jones' lawyers has called the allegations 'ridiculous.'

Jones is appealing the $1.5 billion in lawsuit awards to the families and has insisted his comments about the shooting were protected by free speech rights.