BREAKING: Judge rejects bid by The Onion to buy Alex Jones’ Infowars

After a two-day hearing, US Bankruptcy Judge Christopher Lopez ruled Tuesday that Global Tetrahedron did not present the strongest bid for the media assets. He also found that the company was improperly declared the auction winner by a trustee overseeing the process last month, per NBC News.

"Judge Christopher Lopez took issue with what he called the lack of transparency in the process, the uneven playing field, and the failure to maximize value for the people to whom Jones owes money." NPR reported.

“I don’t think it’s enough money,” Lopez said in his ruling from a Houston court, late on Tuesday.

It remains uncertain whether a new auction will be held, giving The Onion another opportunity to bid on Jones’ assets.

Judge Lopez cited a "great lack of clarity" in the original ruling.

“I think you’ve got to go out and try to get every dollar,” Lopez said.

The Onion CEO Ben Collins released a late-night statement that read: "We are deeply disappointed in today's decision, but The Onion will continue to seek a resolution that helps the Sandy Hook families receive a positive outcome for the horror they endured.

"We will also continue to seek a path towards purchasing InfoWars in the coming weeks. It is part of our larger mission to make a better, funnier internet, regardless of the outcome of this case.

"We appreciate that the court repeatedly recognized The Onion acted in good faith, but are disappointed that everyone was sent back to the drawing board with no winner, and no clear path forward for any bidder.

"And for all of those as upset about this as we are, please know we will continue to seek moments of hope. We are undeterred in our mission to make a funnier world."

This is a breaking story and will be updated.