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cautioned that, unless it can repay or restructure its obligation, it will face “a material deficiency in our short term liquidity.” With these shortfalls in mind, the company again announced an intention to make an initial public offering of stock, representing a 49% stake in the company, with plans to use the proceeds to pay down its debt and become listed on the New York Stock
Exchange. The contemplated public offering, scheduled to reach the market on January 27, 2010 was delayed by FFN. On February 5, 2010, FFN announced its intention to indefinitely delay its contemplated IPO until market conditions improve.
206:
As of
January 17, 2010, FriendFinder Networks had a negative net worth equal to $ 118 million, $ 32 million in cash on hand and $ 650 million in liabilities. The company had also indicated that it lacked existing cash or cash from operations to repay a $ 44.5 million debt that was due July 31. It has
237:
FriendFinder had not turned a net profit since at least 2008. Ezra
Shashoua, the company's chief financial officer, blamed the lower revenue on a drop in membership and increased advertising costs for affiliates, according to court documents. Shashoua also said credit card companies had refused to
260:
and leaked from several FriendFinder
Networks websites. The breach included account data from Adult FriendFinder (which constituted over 339 million accounts), Cams.com, and Penthouse, including accounts that had supposedly been deleted. The passwords were either stored as plain text or encrypted
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as a spin-off, followed later by other spin-offs dealing with different regions and niches. Much of the company's growth without investment capital has been attributed to its affiliate program, with more than 500,000 affiliates to date.
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In
December 2013, FriendFinder Networks' reorganization plan won court approval by the U.S. Bankruptcy Court in Delaware. Founder Andrew Conru, was named as the reorganized company's chairman and CEO.
161:, and other dating services targeting various territories and niche categories, such as the South America-focused Amigos.com, and Christian dating website BigChurch), as well as niche websites for
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In 2008, the company filed for a $ 460 million initial public offering. Most of the money generated was to pay down $ 420.1 million in short-term debt and other obligations.
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process transactions for the company's
Internet businesses. The company stated it had negotiated a deal with noteholders that would reduce its debt by $ 300 million.
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FriendFinder was launched in 1996 by Andrew Conru and Lars
Mapstead. After discovering that users had been using the service to seek sexual partners, he launched
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On
November 13, 2016, it was reported that a database of over 412 million accounts, including usernames, e-mails, and passwords, had been
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purchased FriendFinder's parent company, Various, Inc., for $ 500 million. Penthouse later changed its name to FriendFinder
Networks.
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brand to
Penthouse Global Media, a new company formed by the brand's managing director Kelly Holland.
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because its stock had not traded for more than $ 1. On September 16, 2013, the company filed for
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461:"Penthouse publisher FriendFinder files for bankruptcy protection - Los Angeles Times"
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819:"Over 300 million AdultFriendFinder accounts have been exposed in a massive breach"
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services include FriendFinder and its various spin-off services (such as
676:"Penthouse Publisher FriendFinder Files for Bankruptcy Protection - WSJ"
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In June 2010, FriendFinder Networks made a $ 210 million bid to acquire
231:
283:"When Sex Doesn't Sell: FriendFinder Networks Files for Bankruptcy"
218:, who owned 70 percent of the voting stock, did not want to sell.
534:"Two words, lads: Penthouse IPO | Crain's New York Business"
744:"Andrew Conru: Executive Profile & Biography - Businessweek"
700:"UPDATE 2-Penthouse publisher FriendFinder files for bankruptcy"
559:"FriendFinder Networks Said to Delay IPO to Next Week (Update3)"
244:
In February 2016, FriendFinder Networks sold the rights to the
227:
138:, with additional offices in California, New York, and Taiwan.
768:"AdultFriendFinder network hack exposes 412 million accounts"
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websites. In 2007, the company was acquired by the owners of
722:"FriendFinder Alters Reorganization Plan to Win Court OK"
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Companies that filed for Chapter 11 bankruptcy in 2013
126:) is an American internet company founded in 1996 by
509:"The FriendFinder IPO Filing: Just the Naughty Bits"
488:"UPDATE 1-FriendFinder files for $ 460 million IPO"
226:In August 2013, FriendFinder was delisted from the
848:
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600:"Penthouse owner makes competing bid for Playboy"
436:"Penthouse Buys Group of Social-Networking Sites"
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578:"Crashing Markets Delay FriendFinder's Porn IPO"
414:"Social networking's dirty side - April 1, 2007"
361:. Securities and Exchange Commission. 2012-12-31
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762:
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650:"Penthouse magazine owner files for bankruptcy"
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381:"Penthouse Magazine Launches Digital Edition"
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176:, and adopted its current name. In 2016, the
793:"Penthouse Wants You To Reclaim Your Vagina"
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134:. Its corporate headquarters are located in
871:Online dating services of the United States
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866:Internet properties established in 1996
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876:Companies based in Boca Raton, Florida
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379:Alpert, Lukas I. (2016-01-21).
285:. Business Week. Archived from
141:The company primarily deals in
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309:"AMENDMENT NO. 2 TO FORM S-1"
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746:. Investing.businessweek.com
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82:Andrew Conru, Lars Mapstead
65:; 28 years ago
31:Friend Finder Networks Inc.
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486:Wahba, Phil (2008-12-23).
412:Stein, Joel (2007-03-30).
329:Sharp, John (2023-03-23).
222:Bankruptcy, reorganization
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359:FriendFinder Networks Inc
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27:American internet company
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234:bankruptcy protection.
742:Andrew B. Conru Ph.D.
163:alternative lifestyles
120:Friend Finder Networks
702:. Reuters. 2013-09-17
289:on September 20, 2013
198:Penthouse Media Group
54:Penthouse Media Group
180:brand was sold off.
565:. January 27, 2010.
513:Wall Street Journal
385:Wall Street Journal
212:Playboy Enterprises
143:adult entertainment
136:Boca Raton, Florida
92:Boca Raton, Florida
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825:. 13 November 2016
580:. Business Insider
190:Adult FriendFinder
159:Adult FriendFinder
74:(as Various, Inc.)
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466:Los Angeles Times
311:. SEC. 2011-12-16
281:Bachman, Justin.
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87:Headquarters
44:sex industry
18:FriendFinder
829:13 November
803:14 November
777:14 November
724:. Bloomberg
355:"Form 10-K"
216:Hugh Hefner
50:Predecessor
860:Categories
750:2014-06-10
728:2014-06-10
706:2014-06-10
685:2014-06-10
634:2014-06-10
609:2014-06-10
584:2014-06-10
544:2014-06-10
519:2014-06-10
494:2014-06-10
472:2014-06-10
445:2014-06-10
420:2014-06-10
398:2020-11-22
365:2013-09-17
340:2023-09-18
315:2014-06-10
269:References
232:Chapter 11
122:(formerly
106:Key people
823:The Verge
604:USA Today
563:Bloomberg
490:. Reuters
393:0099-9660
246:Penthouse
196:In 2007,
178:Penthouse
172:Penthouse
654:LA Times
265:cipher.
258:breached
174:magazine
36:Industry
184:History
79:Founder
68: (
60:Founded
391:
293:10 May
228:NASDAQ
167:webcam
149:, and
772:ZDNet
263:SHA-1
831:2016
805:2016
779:2016
661:2013
389:ISSN
295:2014
130:and
98:U.S.
70:1996
63:1996
112:CEO
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.