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-   -   Penthouse Publisher Bankruptcy: FriendFinder Networks Files For Chapter 11 (https://gfy.com/showthread.php?t=1121362)

Tjeezers 09-18-2013 06:21 AM
Surfs up for Lars

adultmobile 09-18-2013 06:32 AM
Quote:
Originally Posted by AdultKing (Post 19802500)
This is the most obvious outcome since obvious outcomes were invented.
This is the most quoted statement since quoted statements were invented.

AsianDivaGirlsWebDude 09-18-2013 09:01 AM
http://shark-tank.net/wp-content/upl.../Marc-Bell.jpg

BusinessWeek: Bell Gets the Boot

Quote:
When Sex Doesn't Sell: FriendFinder Networks Files for Bankruptcy

Sometimes the sex business is rough and leaves an investor really sore?or wiped out, as in the Chapter 11 case of FriendFinder Networks (FFNTQ), which owns Penthouse magazine and a string of adult entertainment websites.

The company is best known for AdultFriendFinder.com, which enables people to arrange meetings for sex. The more than 40 sites in the brand network include BigChurch.com, a site for Christian singles; Amigos.com, a site for Latinos; and LesbianPersonals.com.

The company blames its debt?more than $544 million, most of it assumed from its $400 million purchase of Various, a network of dating sites, in 2007?for the financial woes. After buying Various, it merged its online properties with its Penthouse Media Group holdings to form FriendFinder Networks which, all told, had about 750,000 subscribers at the end of 2012.

But the company?s biggest problem may be just the obvious one: Who needs to pay $30 or more per month to scout for sex when the Internet is rife with free options, from Craigslist to various mobile apps?

FriendFinder lost $10.3 million in its last quarter, while new members and revenue per user both declined for its adult websites from the same period of 2012. It was delisted last month from the Nasdaq.

FriendFinder says some of the decline is a result of focusing its efforts on flagship brands and developing a more reliable, long-term customer base that won?t ?churn? as much. For the people still looking for quick and easy NSA hookups, the site is rapidly moving to a mobile platform, with roughly 80 percent of its traffic migrating from the desktop.

The company?s reorganization plan, filed on Sept. 17, envisions eliminating $300 million of debt, and returning control of most of FriendFinder?s business to Various co-founders Andrew Conru and Lars Mapstead, who sold the online assets to the Penthouse owners.

?It can?t live with the capital structure the way it is and it has to be fixed,? Chief Executive Officer Anthony Previte says of FriendFinder. ?This leaves a very bright future for the company.?

The company went public in 2011, expecting to collect nearly $500 million because of the healthy revenues it was reporting from online subscriptions, video content sales, and various Penthouse licensing deals. The initial public offering raised less than $50 million, which Previte attributes to a prudish caution on the part of investors. ?There?s incredible headline risk in this industry,? Previte says, citing both public opinion and the threat of regulatory intervention.

As for Penthouse, the storied magazine built in the 1970s and ?80s by Bob Guccione, the brand has developed a video business and expanded into European broadcasting. It also remains available as a print magazine, but it?s not entirely clear why, given the brutal economics of printing and distribution. ?Why?? Previte said. ?That?s a really good question.?

The magazine is likely to morph into ?a marketing tool not built for the masses? but rather printed only as part of Penthouse licensing deals for nightclubs and other properties, he predicted. None of those plans are immediate: Penthouse on paper will stick around, for now.
http://www.mypenthousepast.com/MPP/H...e-front-NV.jpg

An insider rumor - Jeremy Frommer may be interested in purchasing the Penthouse brand:

Quote:
Penthouse magazine may have a new sugar daddy waiting in the wings.
The fate of the 48-year-old smut rag is in question after parent FriendFinder Networks filed for Chapter 11 yesterday, sources told The Post.

As the reorganized FriendFinder scrambles for profits with a portfolio of social-networking sites, it?s doubtful whether creditors who are taking control of the company are committed to keeping the iconic porn publication alive, insiders said.

?Like all magazines, it?s struggling,? said one source briefed on the situation.
But the glossy girlie mag founded by Bob Guccione, whose monthly circulation has sagged to less than 200,000 from 5 million at its peak, is being circled by New Jersey-born entrepreneur Jeremy Frommer, according to insiders.

Last year, Frommer acquired a trove of memorabilia owned by the late Guchacione that included nude photos of Madonna and a picture of former California Gov. Arnold Schwarzenegger engaged in a sex act.

Reached Tuesday, Frommer declined to comment. A spokesman for FriendFinder also declined to comment.

Sources said Frommer, a former Wall Street trader whose investments include New York night clubs and film projects, ?doesn?t want to see them close the magazine,? said a source close to the situation.

That?s despite the fact that Penthouse has been losing money for years as its male readers have been lured away in droves by free Internet porn sites.

The Penthouse brand as a whole, acquired out of a previous stint in bankruptcy court a decade ago by tech entrepreneur Marc Bell, is ?very profitable,? fueled in particular by TV broadcasts of dirty videos in Europe, according to a source close to FriendFinder.

Indeed, Penthouse filed for bankruptcy in 2002 mainly because of debts racked up by the late Guccione, as he pursued non-smut-related business ventures including small fusion reactors and a failed casino project in Atlantic City.

Bell, who tried unsuccessfully in 2010 to buy Playboy for $210 million, is surrendering control of FriendFinder in a prepackaged bankruptcy deal.
With Bob Guccione dead (died in 2010 at 79), and Hugh Hefner showing his advanced age at 87, it's amazing that Larry Flynt is the porn kingpin from the golden age that is still standing (rolling), at age 70.

http://blogs.riverfronttimes.com/dai...ry-flynt-1.jpg

Well, one positive note is that porn kingpins apparently seem to live for a long time... :)

:stoned

ADG

fogfever 09-18-2013 09:51 AM
With Bob Guccione dead (died in 2010 at 79), and Hugh Hefner showing his advanced age at 87, it's amazing that Larry Flynt is the porn kingpin from the golden age that is still standing (rolling), at age 70.

http://blogs.riverfronttimes.com/dai...ry-flynt-1.jpg

Well, one positive note is that porn kingpins apparently seem to live for a long time... :)

:stoned

ADG[/QUOTE]

I wonder how much that wheelchair costs... looks like it is made out of gold.

fuzebox 09-18-2013 10:21 AM
Quote:
Originally Posted by MaDalton (Post 19804043)
the question is: can Lars be motivated to start working again? ;)
Lars is the hardest working retired guy there is :2 cents: Everyone else should take note.

Hazlewood 09-18-2013 10:44 AM
Quote:
Originally Posted by Slappin Fish (Post 19802561)
This is pretty good news for affiliates believe it or not.

Penthouse took on too much debt acquiring Various Inc.

Business creators/ owners like Andrew Conru don't usually sell the company they created when the deal is financed by so much debt as it can kill the company, at best it completely starves it of funds that should go towards development, staff, affiliates. But this was pre-2008, he probably thought Penthouse could pull it off.

Now that the original founders are back in control of the company the bond payments will be mostly off the books and AFF profitable again.

Oh and before people like Will76 laugh they should look at the conditions of those notes that were issued. The founders received massive payoffs for the past 6 years and now get AFF back.

well said...This is a positive step for them and a necessary one

bigevback 09-18-2013 02:22 PM
hey aff and my friend sean,
chapter 11 is a great strategic move. you guys will be much stronger once you get through this hiccup. its really great to see how wonderfully loyal your affiliates are man. hammerall and i are rooting for you bro! one love.

AsianDivaGirlsWebDude 09-18-2013 02:48 PM
Quote:
Originally Posted by fogfever (Post 19804337)

Quote:
With Bob Guccione dead (died in 2010 at 79), and Hugh Hefner showing his advanced age at 87, it's amazing that Larry Flynt is the porn kingpin from the golden age that is still standing (rolling), at age 70.

http://blogs.riverfronttimes.com/dai...ry-flynt-1.jpg

Well, one positive note is that porn kingpins apparently seem to live for a long time... :)

:stoned

ADG
I wonder how much that wheelchair costs... looks like it is made out of gold.
From Celebrity Net Worth:

Quote:
Larry Flynt, born November 1, 1942 is the owner of Larry Flynt Publications, producing adult videos and magazines, most notably Hustler. Flynt has a net worth of $400 million. LFP has an annual profit of $300 million.

Larry Flynt began his career as an entrepreneur in 1965 when he took a $1,800 from his savings and bought his mother's Dayton, OH bar, Keewee. He soon started making $1000 per week, and used the profits to buy two other bars. In 1968 he opened his first Hustler Club, featuring naked hostesses who danced. He then opened Hustler Clubs in other major Ohio cities, and each soon grossed between $260,000 and $520,000 per year.

In 1972 Flynt created the first Hustler newsletter to promote his clubs, increasing it from four to sixteen pages in less than a year. With the 1973 oil crisis Flynt had to decide on refinancing his clubs or declaring bankruptcy. Instead, he decided to turn Hustler Newsletter into an adult magazine, paying the start-up costs by deferring payment of sales taxes on his clubs.

In July 1974, the first issue of Hustler was published. By August of 1975 the magazine was selling more than 1 million copies per month. In 1978, white supremacist Joseph Paul Franklin attempted to assassinate Larry Flynt over an interracial photo shoot in Hustler.

Flynt is now paralyzed from the waist down and uses an $80,000 gold-plated wheelchair. In 2000, Flynt opened the Hustler Casino in Los Angeles, and Hustler Video film studio bought VCA Pictures in 2003.
Rolling in style... :pimp

Word is that Lady Gaga did not spend nearly as much on her gold-plated wheelchair:

http://starcasm.net/wp-content/uploa...ne-490x734.jpg

http://abcnews.go.com/images/Enterta...0314_wmain.jpg

Handicap chic... :helpme

:stoned

ADG

bigevback 09-18-2013 03:14 PM
i know my boy seanchristian will pull it out and be even stronger moving forward. and do i even need to say how brilliant andrewconru is? no i think not. they'll be fine, dont count them out and dont change your links both andrew and seanc are solid dudes as solid as you can get.
one love.

pornmasta 09-18-2013 03:35 PM
Quote:
Originally Posted by AdultKing (Post 19802500)
This is the most obvious outcome since obvious outcomes were invented.
- manwin is gonna buy them back
- affiliates will be shaved
- money is in motion

philguy 09-18-2013 03:41 PM
let me break this down for the $50 jockey queens of GFY; Conru, Lars, and maybe a silent partner here and there were the primary noteholders-translation, this wasn't a cash buyout. Penthouse agreed to pay for the company over time.

What's happened is that 300 million in debt they say the company has restructured, is what's owed to Conru and Lars and isn't being paid. They want to be paid...ergo-pursuant to the original acquisition agreement, they're taking the company back in recompense for the 300 million they aren't getting. That's the restructuring of the debt. It's called chapter 11 at this point because it's publicly traded and there are secondary interests that have to be removed. Conru and Lars win. End of story.

That's all this is.

Moral...don't bet what you don't have with lawyers and the SEC involved.

Scat in the Hat 09-18-2013 07:57 PM
Quote:
Originally Posted by KlenTelaris (Post 19803872)
I dont see manwin buying them beacause -
1.Value of ff plus their debts are toobig
2.Manwin tried dating before with aff whitelabel sexincity and they failed
Not to mention they already have Fling under their belt after acquiring RK

nwm 09-21-2013 08:06 AM
I trust these guys. Next payment is what it's all about.

Mutt 09-21-2013 08:33 AM
Quote:
Originally Posted by philguy (Post 19804888)
let me break this down for the $50 jockey queens of GFY; Conru, Lars, and maybe a silent partner here and there were the primary noteholders-translation, this wasn't a cash buyout. Penthouse agreed to pay for the company over time.

What's happened is that 300 million in debt they say the company has restructured, is what's owed to Conru and Lars and isn't being paid. They want to be paid...ergo-pursuant to the original acquisition agreement, they're taking the company back in recompense for the 300 million they aren't getting. That's the restructuring of the debt. It's called chapter 11 at this point because it's publicly traded and there are secondary interests that have to be removed. Conru and Lars win. End of story.

That's all this is.

Moral...don't bet what you don't have with lawyers and the SEC involved.
They win financially but most people who sell a company are glad they got out and move on to other things, they'd much rather have had Penthouse sending them their fat checks until the payments were paid in full. Now they are forced to manage a big operation again. For all we know they were happily collecting seashells on a beach or getting their PhD's in astrophysics.

HAPPYPEEKERS 09-21-2013 09:44 AM
I spoke with Andrew and Lars yesterday.. Andrew is going to get things set back up the way he wants it and then start running it again.. which is excellent because conversions ROCKED when they ran it.. and Lars will be consulting while he drives his kick ass cars and surfs, surfs, surfs :-)

My payment was early this week as well. After 12 or so years I have never missed a payment. I think Lars and Andrew will Rock it Again with so many new ideas!

I can not wait!

Beyond Legendary! :thumbsup:thumbsup:thumbsup

HAPPYPEEKERS 09-21-2013 09:49 AM
Quote:
Originally Posted by Phoenix (Post 19803980)
Looks like the original crew did well. Will now get to turn a profit again.
I agree.. I wish Kathleen, Andrea and a few others were back there. Smart people with rocking ideas. I miss the money making ideas they always threw our way!
:winkwink:

adultmobile 09-21-2013 09:54 AM
Quote:
Originally Posted by philguy (Post 19804888)
Conru, Lars, were the primary noteholders [] 300 million in debt [] is what's owed to Conru and Lars and isn't being paid. [] they're taking the company back in recompense for the 300 million they aren't getting.
= Conru+Lars+few others wished to get $300 million cash in exchange of the AFF/CAMS company, with the help of random guys who invested in IPO stock. But it did not worked, so they will get the AFF/CAMS company back, instead of the $300 million. This needs Chapter 11, then AFF/CAMS will have no debt and continue to operate. Still Conru+Lars+few others may continue to wish to get $$ in exchange of the company, i.e. to sell it, but I guess for less than $300 million this time.

AsianDivaGirlsWebDude 09-21-2013 12:44 PM
Quote:
Originally Posted by philguy (Post 19804888)

Conru, Lars, and maybe a silent partner here and there were the primary noteholders - translation, this wasn't a cash buyout. Penthouse agreed to pay for the company over time.

What's happened is that 300 million in debt they say the company has restructured, is what's owed to Conru and Lars and isn't being paid. They want to be paid...ergo - pursuant to the original acquisition agreement, they're taking the company back in recompense for the 300 million they aren't getting.

That's the restructuring of the debt. It's called chapter 11 at this point because it's publicly traded and there are secondary interests that have to be removed.
http://2.bp.blogspot.com/-rvQmVDt2bo...me_back_in.gif

:stoned

ADG


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