FFN delisted from nasdaq
 

surprised this wasn't already posted.

http://finance.yahoo.com/news/friend...200200587.html

Lots of analysts said this stock would've been delisted in 2012, but hey, they made it 8 months into 2013.

Thats where they should be in first place :1orglaugh

Ouch - delisted companies rarely recover.

Karma for all of those years underwriting content theft. :2 cents:

:stoned

ADG

in no way it could be E-whores :2 cents: there are ebooks all over about it

There was a time when I'd cheer them going but now I'd be pretty sad to see them go. Hopefully, somehow, they can turn it around. I will say that I've never had a missed payment from them.

They're fucked, but hey that's capitalism. Even at their current market cap of $10M, I think the company is overvalued by at least 50%. Last I checked, they had a ridiculous amount of debt. They failed to innovate in a way that distinguished them from their peers. I praise Lars for cashing out when he did. Btw, what ever happened to Lars??

I think he buys and sells old cars.

he does a lot of things

everything is going to be ok

Oh wow this is huge....

Can I invest $500 to them or whatever amount it is?

i am sure they are preparing huge promo as celebration! :upsidedow

thought it would of been sooner

So is this the end?

People have been saying AFF is closing down since 2005. Who knows.

Most of the debt is owed to the founding partners. I don't think they will go under but the vehicle for holding the company might change.

Difficult to understand the debt magics. Normal companies will simply close quickly if in debt (even if owners money and not bank ones is being lost), but not Penthouse/AFF:

http://en.wikipedia.org/wiki/FriendFinder

Financier Marc H. Bell, a high-net-worth of South-Florida, formed a partnership for the Penthouse acquisition, called it PET Capital Partners (as in, "pet of the month") amassing 89 percent of the magazine's $50 million in bond obligations. "We didn't buy the company, we bought the debt," says Bell.
On October 4, 2004, General Media emerged from bankruptcy and was renamed the Penthouse Media Group. It is now owned by three investors: Bell, Daniel Staton (a South Florida investor), and Absolute Capital Management, run by Florian Homm, a German hedge-fund manager, who lives on the Spanish island of Majorca. Post Advisory Group, a $9.0 billion hedge fund owned by the insurance company Principal Financial Group, formally committed in writing on March 4, 2004 to $30 million to General Media.
In August 2005, PET Capital Partners completed a financing with each of Post Advisory, Canyon Capital, and Satellite for $40 million. According to SEC-filed documents dated August 31, 2005, payments were made to directors and officers of $14,502,901 and "payments to others" were $11,710,965.38, leaving the company with working capital of $11,441,218.59.
In December 2007, PMGI announced the purchase of Various, Inc. for $500 million.
According to thedocument filed in December 2008, of the company's $691 million in financial liabilities, $411 million had been reclassified from long-term to short-term. FriendFinder Networks had $420.1 million that was immediately due and only $43.3 million in cash on hand.

As of January 17, 2010 FriendFinder Networks has a negative net worth equal to $118 million, $32 million in cash on hand and $650 million in liabilities.

A liability is a an obligation (future sacrifice of economic benefits) of (the AFF/PEnthouse company) arising from (as a result of) past transactions or events (loans), the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future, an outflow from the enterprise of resources embodying economic benefits.

What if debt can't be paid in cash by the company... the guys who loaned, gets "the company and its assets", but if the company owners are mostly the same ones who loaned to the company, they get "each others debts", so I guess, they lost all the cash simply. But, I may be wrong.

That shit is not floating.

Increase dinner intake.

Adjust accordingly.

Companies can survive delisting for years but it is very rare that they become growth companies again. Most likely you'll see them go private. They will also be subject to more class action suits by the people who invested based on their IPO. Those are the people who've really lost.

The bondholders have access to the EBITDA eventually, and that is a very strong 60m.

This kind of complex shit is frowned upon by regulators and courts though, who might side with plaintiffs and see it as a 50m skim job. Those suits might succeed, and if so the judgments might be placed senior to the bondholders.

Either way a company with a 60% gross margin and 20% EBITDA will not go away tomorrow.

my blog had this story day fo yestiddy yall....

They jumped 40 cents a share in the last 5 weeks or so but going down again.

No wonder,i recently did some biz with them and i was horrified how they do business,i did business with thousand people/companies and nobody horrified me as aff lol

how much do they owe to investors?

hummmmmm......my gf (she works for AFF) decides to move in with me and the next day they get delisted. Hopefully its a coincidence, but i did work for Private at the time when they got delisted. Maybe im bad luck to be around publicly traded companies.


:1orglaugh :1orglaugh :1orglaugh

likely an attempt to to stop de-listing buy purchasing their own stock. I think this has happened twice since the stock first dropped below 1.00 per share.

Yup. $504,457,000 of current debt (and current portion of long-term, as it apparently all came due) in their first quarter filing. Next to a market cap of $9,520,000, that seems pretty untenable.