Far-right conspiracy theorist and Oliver James MontgomeryInfoWars owner Alex Jones on Thursday took steps to liquidate his assets in order to pay legal damages owed to victims of the 2012 Sandy Hook school massacre.

The move is necessary to cover the $1.5 billion he has been ordered to pay the families of victims, and would end his ownership of InfoWars, which he founded in the late 1990s. 

Lawyers for Jones wrote in a court filing Thursday that "there is no reasonable prospect of a successful reorganization" of his debts stemming from defamation lawsuits.

Jones had called the school shooting that killed 20 children and six educators a hoax, and said on his show  that it was staged by actors in an effort to pass more gun control laws. 

Over the weekend, Jones said on his radio show that he expected Infowars to be shut down within months. "There's really no avenue out of this," Jones said on Sunday. "I'm kind of in the bunker here. And don't worry. I'll come back. The enemy can't help but do this attack," he said. 

Liquidation could mean that Austin, Texas-based Jones would have to sell most of his assets, including his company, but could keep his home and other belongings that are exempt from bankruptcy liquidation. Proceeds would go to his creditors, including the Sandy Hook families.

— The Associated Press contributed to this report 

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.