Penthouse Publisher Files for Bankruptcy

Reuters (via Yahoo) ^ | 08/12/03

[Drew68]

Penthouse Publisher Files for Bankruptcy

August 12, 2003

LOS ANGELES (Reuters) - General Media Inc., a subsidiary of Penthouse International Inc. (OTC BB:PHSL.OB) and the publisher of the racy adult magazine Penthouse, on Tuesday said it has filed for Chapter 11 bankruptcy protection so it can restructure its operations and debt.

General Media said it made the filing in U.S. Bankruptcy Court in New York. It has closed on a $5 million debtor-in-possession line of credit from some of its secured bondholders.

The parent company, Penthouse International, was not included in the filing.

General Media said it still plans to publish the August issue of the Penthouse magazine.

General Media also said it has hired T. Scott Avila as its chief restructuring officer. Avila is a partner in corporate turnaround firm Corporate Revitalization Partners LLC.

Penthouse shares closed unchanged at 85 cents on the Over-the-Counter Bulletin Board. Penthouse began trading on the bulletin board last November after taking over a listed company called American Pulp Exchange.

The company's auditor quit in May in a dispute over its financial statements, and in mid-June the U.S. Securities and Exchange Commission launched an inquiry into its 2002 and early 2003 financial results.

[Drew68]

Those fake nudes of Anna Kournikova probably didn't help matters much.

[Constitutionalist Conservative]

The publisher of a bankrupt magazine wishes to be governor of a bankrupt state. Kinda fitting.

[woofie]

As I always said "if you've seen one naked woman you've seen 'em all"

[Timesink]

General Media Inc

Ever notice how the sleaziest companies have the most generic, boring names?

[Timesink]

The publisher of a bankrupt magazine wishes to be governor of a bankrupt state. Kinda fitting.

No, that's Larry Flint of Hustler.

[Tijeras_Slim]

As I always said "if you've seen one naked woman you've seen 'em all"

Turn 'em upside down and they all like a look...

Or is that look alike?

[Richard Kimball]

Flynt publishes Hustler and is running for governor. Bob Guccione (spelling?) publishes Penthouse, and is filing for bankruptcy.

[FlJoePa]

This will sound made up, but I remember the night vividly.

I was a young executive working late in the publisher's office at Penthouse one night when I thought I heard a noise.

I turned around to see Twin French Maids pushing a cleaning cart towards me. Imagine my surprise when they...

[Drew68]

The publisher of a bankrupt magazine wishes to be governor of a bankrupt state. Kinda fitting.

Bob Guccione publishes "Penthouse". I haven't heard from him in a while. You're thinking of Larry Flynt, "Hustler" publisher.

Jeez dude! Learn your pornographers! ;-P

[Timesink]

General Media said it still plans to publish the August issue of the Penthouse magazine.

That's interesting, since another story posted on FR a few weeks ago said that newsstands are still waiting for the May, June and July issues to show up.

[Junior]

Evidently, he lost his shirt ...

[fish hawk]

I believe you are getting Bob Guccione's (sp.)" Penthouse " mixed up with Larry Flynt's "Hustler" rag.

[Junior]

Imagine my surprise when they...

...served me with papers.

[Natural Law]

In American history this marks the 2nd collapse of the beaver industry.

[Drew68]

I turned around to see Twin French Maids pushing a cleaning cart towards me. Imagine my surprise when they...

LOL!

I haven't seen an issue of "Penthouse" in probably ten years, but I remember hitting puberty and finding my dad's stash of "PH" and "Playboy" from the late 1970s.

Those letters were hilarious. So was the column "Ask Xaviera". (I think that was the title. It was written by Xaviera Hollander --the "Happy Hooker".)

And I remember the pictorials where two women dressed as vikings, astronauts, kung-fu masters, clowns and what not would be going at it with each other.

For a thirteen year-old boy, finding these magazines was like striking gold.

[Veggie Todd]

Were the nekkid pics of Vanessa Williams in Penthouse?
When was that? '81? '82?

[DeFault User]

...unchanged at 85 cents on the Over-the-Counter Bulletin Board.

Their pink slip is showing...

[Drew68]

Were the nekkid pics of Vanessa Williams in Penthouse?
When was that? '81? '82?

Yep, but don't try to find a copy. Possession of that particular issue is illegal.

The September 1984 issue of Penthouse ran a pictorial of Miss America Vanessa Williams, which prompted her to resign the title. That same issue included a centerfold of then 15-year-old pornstar Traci Lords.

[TheBattman]

The publisher of a bankrupt magazine wishes to be governor of a bankrupt state. Kinda fitting.

You left part out - here it is again, a bit more "complete":

The publisher of a financially and morally bankrupt magazine wishes to be governor of a financially and morally bankrupt state. Kinda fitting.

[Moose4]

Ah yes, the Penthouse Forum. One night my sophomore year in college, I came back from the library to find my roomie and five of his friends, all stoned senseless, around my TRS-80 computer (this was 1984 so not that many guys in college *had* computers) trying to compose a letter to the Penthouse Forum.

I flipped out on them for smoking weed in my room, opened the windows to air the place out...then sat down and helped them with the letter.

Bastiges never printed it. I thought it was good, personally.

}:-)4