Official announcement: Penthouse files for bankruptcy, gets $5m in financing

Penthouse became...American Motors of porn industry
;-)))

It's very interesting how companies consider bankrupcty as a way to just get rid of that "pesky" debt, but in fact, business is just booming.

After all, why be responsible for your business when you can just wipe the slate clean every couple of years and start with a competitive advantage?

I don't see how this discussion is throwing hurdles in their way, hell they already have 50 story walls they need to scale. I added my comments on this since I do possess some knowledge of the seriousness of their predicament and was calling Mike out on some of his puffery. If the negative comments on this spin Mike is trying to make on PH's bankruptcy are not on target, why has Mike chosen to only respond to those glad handing him?

Im not down on PH, Im down on them coming to the board spinning their BK as if its all for the better. Try telling that to the folks who are owed money and wont get paid. Things definitely are not better for them.

I've said it already on the other PH thread on this board but I'll say it again, PH's brand is worth tons, it will survive any financial upheaval and will continue to be marketable worldwide.

Tons of large companies have, and will, file for bankruptcy protection. Continental is certainly not the only airline to file... America West filed once, USAir and United are currently in the bucket and AA was within days of filing recently.

When I was in furniture, companies filed quite frequently, and sometimes it was among the biggest that did so -- Chapter 11 does not always mean that a company is trying to get out of paying its debts, it sometimes means that the cash flow situation is such that there is no other choice.

And debtors do not always collect 10 cents on the dollar -- one of the most common things in furniture for instance, was for creditors to extend new lines of credit while placing the old into a holding pattern -- however, the cost of new goods shipped by the creditor was significantly more than the old cost, and the debt holders hoped (and often did) recoup a substantial portion of what they were owed using this method.

Bankruptcy of a company is nowhere near the same as bankruptcy of an individual, especially not with the changes in personal bankruptcy laws that I've heard mentioned...

In either case, PH is a very noticeable brand name in adult, and while they certainly have some issues with parts of their company it appears, that brand name is still a valuable asset, especially with surfer recognition, IF things are structured correctly.

CNBC says it were RB's, Playboy, GFYers, etc who put them on their kneez

http://www.oprano.com/msgboard/index...=ST&f=1&t=5044

Mike ,

If there is anyway we can help you out please let me know.

I may have a few ideas.

Feel free to contact me anytime.

Mike

yeah, you do that...
they couldn't pre-pay the clicks in 1998,
BEFORE the bancrupcy
;-)

PHMike,
GFY is your place for help!
;_)))

uh-uh-uh!

Well said Scoreman ... I think that mismanagement of any company can take it to the point of breaking...or restructuring...

IT always comes down to the operators, and the solution to any problem is in the SALE!

PHmike:

It is clear PH was in a downward spiral for decades - this is not new.

$5m is of little value if the current "baggage" remains.

Part of the problem may well be "overseas" viability - there are a few countries where this just is not economically viable. The idea of new publications at a time when the company is literally bust sounds like grasping at straws. To claim to outsell Playboy - that is not an "achievement".

No one is impressed by a Chapter 11 and spin about the "success" of this. As opposed to spin, PH needs sorting - until that time there is nothing to say - "words" mean nothing.

It has taken around 20 years to reach this "status". Perhaps now there may be some awareness at PH to actually doing something to restoring economic control. Looks like you got six months to do this or else the next stage to oblivion.

PHmike,

I would like to speak to you about some excellent processing options we can provide you. Can I reach you by phone, email, or ICQ?

Please send your contact info to [email protected].

Thank you, Mitch Farber