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Originally Posted by scoreman
Penthouse.com is GMCI Internet Operations, Inc, a 100% owned subsidiary of Penthouse Media Group Inc. For those who don't know, Penthouse Media Group is 39% owned by IBD (iBill). If you are suing iBill, then you are suing yourselves.
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Sounds funny, but that is what is happening.
1) Penthouse Media Group is the new post-bankruptcy Penthouse
2) IBD (owners of iBill) controlled Penthouse during bankruptcy for about three months
3) Marc Bell our current owner, wanted to own penthouse and get it out of bankruptcy and away from IBD.
4) IBD refused and kept staling. They really wanted to say they owned a piece of Penthouse.
5) In order to appease the IBD dudes, Marc Bell gave them 39.4% of the common stock of Penthouse Media Group. But this stock has no control, no voting, and is non-transferable. For all intends and purposes they own nothing.
*edited to add this phrase "they really wanted to say they owned a piece of Penthouse."