opwmark
Active-iDate-User
Joined: 07 Jun 2006
Posts: 189
Location: New York
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 Posted: Wed Jan 07, 2009 8:57 pm Post subject: Going Bust, Again |
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NY TIMES -- Jan 7 -- Friendfinder Networks (formerly Penthouse Media Group) is trying to go public in this market and plans to list on NYSE if it does find buyers. Penthouse went bankrupt in 2003. It was taken over by Pet Capital Partners, which gained control by buying up Penthouse bonds that received stock in the reorganization. If investors will not put up enough money, Bankruptcy No. 2 looms again. The big investment banks seem to be shying away from the deal, even though at $460m it would generate badly needed fees. The only underwriter is a Cyprus-based subsidiary of a Russian bank.
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Mark Brooks
Editor, Online Personals Watch
mark@onlinepersonalswatch.com
USA: 212-444-1636, UK: 020 8133 1835 |
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