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Porn doesn't pay as Penthouse owner files for bankruptcy

A

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Administrator. Graeme
Staff member
THE owner of Penthouse magazine has filed for Chapter 11 bankruptcy protection. FriendFinder Networks Inc. said that bankruptcy protection is the most efficient way for it to improve its balance sheet.
The Sunnyvale, California, company has been struggling for some time with lower revenue and reported a loss of $US49.4 million ($53 million) in its last fiscal year.
The company also runs a bevy of online dating and webcam sites such as Friendfinder.com, Seniorfriendfinder.com and Getiton.com.
FriendFinder said that it plans to refinance some of its debt through an agreement with certain noteholders that would ultimately return control of the company to the FriendFinder Networks founders.
It shares, which trade on the Over-the-Counter market, plunged 78 per cent by midmorning to just over 7 US cents, which trading more than 10 times normal.
 
Who would still buy Penthouse/Playboy etc etc, when you have all the porn you could ever look at on the internet for free??:confused:
 
Whats Penthouse?

















t2_sticker-trollface.jpg
 
yeah, perhaps sad times for owner (assuming there from the start), but boy he probably enjoyed the ride and the ups and downs.
 
I got my first taste of penthouse at age 12, finding a soggy stash of them down at the local shopping centre public toilet. I bundled it home and cut out all the pics. I cut them out real good, I did.
 
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