Roundup: FriendFinder files for IPO to pay off debts, fallout continues from Madoff’s scheme
Here’s the latest action:
FriendFinder, the online company that helps people connect for sex, and which also owns Penthouse, has filed for an IPO - The company apparently sees an IPO as the only way to raise enough money to pay off its mounting debts - now that advertising isn’t working out as well as planned. We wrote about FriendFinder’s challenges back when Penthouse first purchased AdultFriendFinder (the company’s name was changed after the acquisition). Namely, it faces competition from user-generated sites. It is hoping to raise as much as $460 million.
Possible suicide related to Madoff’s Ponzi scheme? - Rene-Thierry Magon de la Villehuchet, co-founder of hedge fund Access International Advisors, which had poured more than a $1 billion into Bernard Madoff’s massive alleged Ponzi scheme and lost it, was found dead early Tuesday in his Manhattan office, in what some believe was a suicide. Meantime, Elie Wiesel Foundation for Humanity, said today (Wednesday) it lost $15 million dollars to Madoff - or nearly all its assets.
PlayStation 3 appears to be losing money - A teardown on the costs of the PlayStation 3 shows it now costs $448.73 to build, while it sells for $399.
