Hugh Hefner Accused of Screwing Playboy
 

Come on, leave the guy alone. I don't think Playboy should be sold. The guy lived and is living a great lifestyle by what he created. He deserves it. He gave the world one of the best Men's magazines of our time. He should not have this pressure on him at this time of his life.

Source.
http://www.tmz.com/2010/02/08/hugh-h...-class-action/

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Hugh Hefner has been sued for living the good life and refusing to give it up for the sake of his company.

We've obtained a class action lawsuit filed by a Playboy shareholder who claims the company is falling apart and Hugh has intentionally sabotaged two potential deals in the last 6 months to sell the company at a decent price.

In the lawsuit, an investment company that analyzed Playboy's business sent a note stating "we think the wildcard here is Hugh Hefner." The note continues, "If you were Hugh Hefner, 81, would you give up the parade of busty blonds, the fancy mansion and the reality TV show for a payout?"

The suit goes on ... "Hefner has continued to live the good life and make sure everyone knows it. Hefner remains in the limelight, showing up at media events and at the Playboy mansion ... with his girlfriends by his side."

The suit laments, "Today, the price of a Playboy magazine is far higher than the price of Playboy common stock." In 1999, the stock sold for $36 a share. Today Playboy closed at $3.14. The magazine sells for $5.99 ... because of the articles.

The plaintiffs say Hefner runs roughshod over the shareholders and they want unspecified damages.

that never gets old :1orglaugh

So you think that the shareholders should lose money and get screwed so that Hugh can maintain his legacy and live the good life?

What some people don't understand is that who gets the Playboy brand is just as important as how much money they get. :2 cents:

Im a share holder.. IM gonna get paid. im gonna get paid.

Oh wait..


They accused him of wasting the company and then sue him??? what do they want sheets from the beds with its all auctioned?

They should have thought about that before they bought the stock. I buy bank stocks and who is enjoying it. The CEO's. Same Shit. But in this case, He started this company, not some CEO that is running a bank that has been in business for over 100 years. The guy deserves it.

That shareholder must not read the annual report because the Playboy mansion is ran just like a hotel ... they track everything down to food and beverage. Hefner pays for what he uses ... he just has a private hotel.

Oh good grief. So the stockholders are idiots because they chose to invest in a company that they thought was being run properly, only to find out that the former controller of the company is going to sabotage any possible sale so that he can continue getting pussy?

That's a new one.

And the TV production company pays for the girls rent and everything they consume.

Being in the Porn biz for 14 years, the articles really are great. :Oh crap

I've seen Hugh Hefner's performance in the movie "Miss March." Well done.

[applauses]

If he already pays for his lifestyle, why wouldn't the acquiring company just continue letting him live in the mansion and benefit from the additional branding?

Sounds like the whole basis of the lawsuit is an analysts opinion.

No....He's just saying that the stockholders are just assed out because Hugh Heffner started that company and he DESERVES the right to run it into the ground.....

If the stockholders don't like it, sell.

I agree, well said.

Old man cant run shit, his gotta go

This is interesting. What you are saying is that Playboy is a public company that has people who buy common stock. This would mean that the financial statements are available for everyone to see. See more here http://moneycentral.msn.com/investor...spx?Symbol=PLA.


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Here is the Annual data for 2008 (12 months)

Financial data in U.S. Dollars

Values in Millions (Except for per share items)


Revenue 292.15
Total Revenue 292.15

Cost of Revenue, Total 236.33
Gross Profit 55.82

Selling/General/Administrative Expenses, Total 51.29
Research & Development 0
Depreciation/Amortization 0
Interest Expense (Income), Net Operating 0
Unusual Expense (Income) 160.17
Other Operating Expenses, Total 4.12
Operating Income -159.77

Interest Income (Expense), Net Non-Operating 0
Gain (Loss) on Sale of Assets 0
Other, Net -1.81
Income Before Tax -165.91

Income Tax - Total -9.85
Income After Tax -156.06

Minority Interest 0
Equity In Affiliates 0
U.S. GAAP Adjustment 0
Net Income Before Extra. Items -156.06

Total Extraordinary Items 0
Net Income -156.06


Total Adjustments to Net Income 0
Preferred Dividends 0
General Partners' Distributions 0


Basic Weighted Average Shares 33.31
Basic EPS Excluding Extraordinary Items -4.69
Basic EPS Including Extraordinary Items -4.69

Diluted Weighted Average Shares 33.31
Diluted EPS Excluding Extrordinary Items -4.69
Diluted EPS Including Extraordinary Items -4.69

Dividends per Share - Common Stock Primary Issue 0
Gross Dividends - Common Stock 0
Interest Expense, Supplemental 4.46
Depreciation, Supplemental 4.69

Normalized EBITDA 7.38
Normalized EBIT 0.4
Normalized Income Before Tax -5.73
Normalized Income After Taxes -51.94
Normalized Income Available to Common -51.94

Basic Normalized EPS -1.56
Diluted Normalized EPS -1.56
Amortization of Intangibles 2.28

The company is showing a net loss of $156,060,000 for 2008. This is not good! The company is losing money.

it will be sad if Playboy ever turns into just a brand name

Apparently, there is $160,170,000 amount labeled: Unusual expense: 2008.

I wonder what it could be?!?

Thanks BVF. :thumbsup

He's not running it, he's living it. Big difference.

Damn Playboy just won't be the same without Hef...

truckloads of Viagra :thumbsup

Its about time... he wont even turn over the reigns to his own sons....

I remember being a kid and going to the playboy club up in Vernon, nj with my parents.
My dad used to go play golf and my mom and I would chill by the pool.

Can't they let the man live out the rest of his life in piece. He's been living the dream for all these years, why fuck it up now?

Maybe i'll wait until its a penny stock.

It's not a privately owned company anymore, right? So how does Hugh still "DESERVE" the right to fuck over the other company's owners? Really, I'm confused by the entitlement mentality I'm reading, but I could be mis-reading or not knowing stuff as well.

the comments in this thread are funny

:2 cents: I think I'll put my sig right here. Live it up Hef - you deserve it!

he's an icon but hasn't been in the focus of the company in a while. PB is a nice mag and stuff but it's online stuff is weak and doesn't make $$. more hardcore mags and sites make more income. it's legacy of the magazine will live on since its playboy.

he should sell his shares, walk away, and enjoy life.

Sig spot for sure :)

http://i252.photobucket.com/albums/h...ency/snort.gif

Well, it's unusual... :winkwink:

ADG

Only in America..

ya lots of people started companies that went public. they aren't entitled to use the private jet and vacation houses for life.

he's just a dude that got lucky doing the right thing at the right time. he couldn't start an adult business today or survive in today's economy (and isn't).

adult companies are liquidating and magazines are all going under. if there's a case, he'll lose, cash out, and still get more pussy than any of us.

He should sell. It would be a nice way to end it rather then have to close the thing himself.

No more High Class call girls for him

He is still a major shareholder and has the most "controlling/voting stock " :winkwink: he planned that well.....:) cant say he hasnt got brains......

I think what a lot are missing is once he goes it will be the end of Playboy as HE is Playboy...no one else could do what he does....even if its just hangin with hot models !!.

I would also say Richard Branson ...Donald Trump...and even Don KIng as examples are the main key to thier companies fortunes in the same way.

i doubt the misery Hugh Hefner lives in is considered a good life any longer, maybe 40 years ago, but not now.

Yes......

Once Hef dissapears there won't be no real Playboy anymore

I hope they realize that

Yeah, the Mexican Hefner is doing much better...

Why not keep his shares and live life as he is? How much more can a guy enjoy life.

Very true.

Poor Hugh.

Hef's persona is a huge part of that brand. remove him, his publicity and his property and see how that affects the shareholders stock and the brand :2 cents:

Exactly.

Well,not sure can Hef do much-he cant turn playboy magazine into tube :)

lol good one

:1orglaugh :1orglaugh :1orglaugh :thumbsup