Penthouse Publisher Bankruptcy: FriendFinder Networks Files For Chapter 11
 

it was about to happen...
Manwin to the rescue?..

http://www.huffingtonpost.com/2013/0...n_3938927.html

damn... :(

lets wait for some huge promos! :upsidedow :error

This is the most obvious outcome since obvious outcomes were invented.

humm....

No more jets then?

Moral of the story don't owner finance?

Chapter 11 is better than Chapter 7.

:thumbsup

Couldn't have said it any better.... :2 cents:

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.

Where did you read anything about the original owners getting AFF back? They may have forced the company into Chapter 11 but why do you assume the original owners will get the company back or even want it back?

"...will cut the overall amount of debt in more than half and return the majority of the company to the original founders"

An extract from the email Medley sent, but anyway an agreement with note holders as it is worded only ever means holders of notes take control of the company to satisfy the debt.

As to why they would want it back EBITDA of 20 million per quarter is nothing to sneeze at and maybe they feel a sense of responsibility towards the company they created.

:1orglaugh:1orglaugh

Surprised Im the first to have to chime in that AFF is a top revenue stream for pirates. Lets hope this is just the first domino in their utter and total destruction.

So, in human language ...should the links be pulled or not?
What it means for affiliates? Could someone from AFF step in and explain?

Fucking Lars is one of the smartest mother fuckers I know... he got out at the right fucking time and lives like a god damned king every fucking day. I love that guy.

Well, there goes my promoting AdultFriendFinder then.

AFF afiliates already received an email explaining this. We should be fine.

rofl. such a shit company. anyone dumb enough to invest in them or promote them deserves what they get

This is actually not funny at all but I spent like 40 seconds making it so I'm gonna share, dammit.

http://i.imgur.com/9O1DjpF.png

I'm sure AFF will be just fine without u. :1orglaugh

pretty naive to think that when company is filing for bankruptcy = business as usual... :1orglaugh

Yeah, not good but at least it looks like they are attempting to restructure their debt. I would like to assume that restructuring their debt would be to push more bonuses and payouts to affiliates in order to maximize their obligations due.... I'm probably wrong though :1orglaugh

what's the usual process for Chapter 11? over here payments to employees have the maximum priority

We arent worried in the least bit and will continue building traffic :)

Here it's probably bankruptcy lawyers.

Yep... sort of reminds me of that movie "Goodfellas" when Pauly takes over the troubled restaurant...

:1orglaugh:1orglaugh

Read the directions:

Rinse.

Lather.

Repeat.

. . . Legendary.

Some may remember Bell and Staton from the iBill debacle (where do you think they got the money to concoct this whole mess in the first place?)...those two should probably be behind bars.

We're still just hearing the FFN positive PR trying to put a good spin on their bankruptcy (FFN has been singing a rosy tune from when they launched their public stock at $10, only to watch it rapidly crash and burn).

http://static4.businessinsider.com/i...mes-holmes.png

There are still big lawsuits which will not be dismissed simply because Andrew and the crooks he got into bed with have tried yet another desperate trick to remain afloat.

I hope the public investors are able to get some sort of justice, and that the crooks at FFN are exposed, and eventually made to pay for ripping people off, and contributing in a massive way to piracy and the decline of the adult industry. :2 cents:

:stoned

ADG

Everyone has said that the bondholders were the key, and they finally asserted themselves. So they have cleared at least 100m in payments, and they still get the company back. This was a much better way to do it than going public, because then they could get sued. Instead, the current management will take that rap, and the original owners get it back after having been paid for it. Plus, they can throw their hands up and say, "but I didn't defraud the public" when in reality they created such a high debt and high interest rate that the new management had no choice but to raise public finds.

Well played - this Conru dude is a fucking genius. From Standford no less.

http://spectrum.ieee.org/image/1676937

BTW I lurv being right

https://gfy.com/showpost.php?p=18627419&postcount=7

Why aren't you worried?

Guess I won't be getting my check this month :(

didnt make the minimum ? :helpme

If you have any questions or concerns you can contact me in private and I'll be happy to answer any questions or concerns you have. I have already hit a few of you guys up on ICQ or YIM, so check your IM's.

Skype - kalyn.sanders
YIM - kalyn_ffn
ICQ - 609762703

Official Press Release -

http://www.bloomberg.com/article/201...WIUjDt7EU.html

. This would ultimately return control of the company to founders of Various Inc., Andrew Conru and Lars Mapstead


according to AP

I'm not removing any links, I always been paid and i'm positive We will still be paid.