Quote:
Originally Posted by Slappin Fish
I'm the one who needs educating?
Learn how to read SEC filings, the amount of First Lien Notes and Second Lien Notes should give you an indication how much was cash and how much was securities.
In the very unlikely scenario that Lars & co financed the purchase of themselves by themselves it won't bother them too much, netting 14% while a FFN bankruptcy would make them the new owners.
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We will see how the bankruptcy plays out and how much "assets" are left over, who gets what etc... as it is sure to happen in the next 2-3 years. Seeing how well Marc Bell and Daniel Stanton handled Ibill's debacle and how all the money magically disappeared while they were in control of the company, I wouldn't be so confident that Andrew will get much back at the end of the day.
I am sure they got some cash at the sale, just not as much as everyone seems to think. Especially Lars since he was just a 10% shareholder in Various to start with. I did hear that Andrew in particular is owed a lot of money. I don't know how much he is still owed but when the IPO got shot down from 500M to 50M I am fairly confident things didn't turn out as good as they had originally planned.
But I digress, this thread is about all of the morons who paid $10 a share for FFN's IPO. Penthouse and Marc Bell are like a bad std, they infect everything they touch and everyone who comes in contact with them get screwed. The latest being the people who bought the stock.
When Penthouse, and everything they own finally go away the industry will be better off
