Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
May 2011 Friend Finder Network IPO @ $10
Dec.2013 Bankruptcy Plan Effective. All shares cancelled. Deletion time- 15:50:53 - 12/20/2013
Nice IPO!
FFNTQ: BK PLAN effective. All shares cancelled.
http://www.otcbb.com/asp/dailylist_detail.asp?d=12/20/2013&mkt_ctg=NON-OTCBB
Yup, I saw that. So much for this play...
Game over for common shareholders
"The Company's current common stock will be extinguished once the agreement becomes effective and will no longer trade on the open market"
FriendFinder Networks Obtains Confirmation of Plan of Reorganization and Plans to Emerge from Bankruptcy by Year-end
Print
Alert
FriendFinder Networks Inc. (USOTC:FFNTQ)
Intraday Stock Chart
Today : Tuesday 17 December 2013
Click Here for more FriendFinder Networks Inc. Charts.
SUNNYVALE, Calif., Dec. 17, 2013 /PRNewswire/ -- FriendFinder Networks Inc. (OTCQB: FFNTQ), a leading internet and technology company providing services in the social networking and web-based video sharing markets, announced today that it has obtained confirmation of its plan of reorganization from the United States Bankruptcy Court for the District of Delaware, paving the way for the Company to emerge from bankruptcy by year-end.
The plan of reorganization, once implemented, will strengthen the Company's balance sheet and enable FriendFinder Networks to grow its flagship brands. The plan is expected to reduce the Company's annual interest expense by over $50 million, eliminate approximately $300 million of secured debt, and return control of the Company to the FriendFinder Networks founder, Andrew Conru.
On emergence, the 14% Senior Secured Notes due 2013 will be exchanged for new notes in the same principal amount, plus certain additional consideration in the form of cash or notes. Holders of the 11.5% Non-Cash Pay Secured Notes due 2014 and 14% Cash Pay Secured Notes due 2013 will receive substantially all of the new common stock to be issued by reorganized FriendFinder Networks, plus cash consideration subject to certain conditions. The Company's current common stock will be extinguished once the agreement becomes effective and will no longer trade on the open market.
FriendFinder Networks is being advised by the law firm of Greenberg Traurig LLP and financial advisor SSG Capital Advisors, LLC.
ABOUT FRIENDFINDER NETWORKS INC.
FriendFinder Networks Inc. (www.FFN.com) is an internet-based social networking and technology company operating several of the most heavily visited websites in the world, including FriendFinder.com, Amigos.com, AsiaFriendFinder.com, BigChurch.com and SeniorFriendFinder.com. FriendFinder Networks Inc. also produces and distributes original pictorial and video content and engages in brand licensing.
SOURCE FriendFinder Networks Inc.
Copyright 2013 PR Newswire
I tried to sign up for the free trial but I got a error message.
There is a TON of info in the links to filings below.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9644883-23634-86309&type=sect&TabIndex=2&companyid=794555&ppu=%252fDefault.aspx%253fcompanyid%253d794555%2526amp%253bformtypeID%253d362
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9644883-86402-97757&type=sect&TabIndex=2&companyid=794555&ppu=%252fdefault.aspx%253fcik%253d1451951
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9644883-97854-592067&type=sect&TabIndex=2&companyid=794555&ppu=%252fdefault.aspx%253fcik%253d1451951
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9644883-592166-1137162&type=sect&TabIndex=2&companyid=794555&ppu=%252fdefault.aspx%253fcik%253d1451951
Also wikipedia has the previous history laid out pretty good here.
http://en.wikipedia.org/wiki/FriendFinder
Chuck, do you have access to the whole article? If so, could you post? Thnx!
If you remember general growth properties had been bankrupt at one time however they emerged from that so anything is possible. I see this getting back up to 15 to 20 cents before everything is said and done. Just think about what eastman kodak was able to do
This sh*t really just more than urban legend I suppose. So many fraudulent games on this site...always remember it's a game!
Sadly, most aren't capitalized long enough to figure it out.
Hats off to Janice Shell!
pos but Q's r running so on watch for sympathy Q bounce play
Saw it going crazy in my scanner and nailed it. Holding some free shares just in case it picks up steam again
Always good to get in at the beginning of the pump
Lost a small amount but made 400% on DKA* today ;)
How are those .08's looking?
Agreed. However one should be aware of the trading risks and not trade based on any notion of how much revenue the company is generating. The company is BK at this point, so no point touting such fundamentals.
In such cases there is usually several so called "dead cat bounces" before current common stock cancellation and there is still a series of milestones e.g. hearing, acceptance of the proposed BK plan by the judge etc. to be achieved before cancellation is actually possible with the remote possibility of buyout, merging or refinancing in the mean time. So the stock has definitely a yet to be properly determined but not null value right now.
I think $0.04 is oversold and a spike to $0.15 is very possible in the coming weeks or months, so I'm accumulating here.
Dude, no use pumping. Company already said current common and preferred shares will be cancelled. Just trade this baby and know when to get out.
Has anyone crunched some of the numbers behind website value ad generation? BIGGGGGG THINGS imo
Aldultfriendfinder is the biggest just in ad revenues its bringing in about $19,000 a day = approximately 6.9 mil a year(http://www.websitelooker.net/search.php?site=adultfriendfinder.com)
The site worth:
adultfriendfinder.com has a global traffic ranking of 318 in the world. This site is estimated worth of US Dollar $ 26,180,280.00 and have a daily income of around $ 24,241.00 US Dollar. As no active threats were reported recently by users, adultfriendfinder.com is SAFE to browse. - See more at: http://www.valuesite.org/www/adultfriendfinder.com#sthash.L1IlOyaf.dpuf
Marketcap is 1.2 mil and this is only one of the sites.
Many of the sites have over 40 million members just have to go to the actual site and look at the member numbers.
FFNTQ available now over Thinkorswim :)
I don't have the new symbol FFNTQ available yet on Thinkorswim but FFNT has bid/ask dimmed i.e. that symbol is indeed obsolete.
Who has FFNTQ already available from her/his trading platform?
Should get interesting here, looking to add a starter a bit lower.. might not get to the levels where I see it feasible for buying in :/
Now they are. I love Q stocks.
FFNT changed to FFNTQ: Bankruptcy:
http://www.otcbb.com/asp/dailylist_detail.asp?d=09/17/2013&mkt_ctg=NON-OTCBB
90% chance! but in Ch11 all is possible! I'm buying at 0,06,dead cat bounce may bring this to 0.15$, POR is so far away, a very high risk bet!
Does anyone else see what I see on power hour? Wow. Buys just started coming in hard
lol knulp--commons are WORTHLESS
The Company's current common stock will be extinguished once the agreement becomes effective and will no longer trade on the open market
from todays PR
could bounce a little, but often in BK cases this is
left out for a while, so speculation is there
this is announcing it today
MK
The Transaction Support Agreement contemplates that the Plan of Reorganization will become effective by no later than January 31, 2014.
Still have some time to see reversal after today's panic selling
18 9/17/2013 Receipt of filing fee for Voluntary Petition (Chapter 11)(13-12404) [misc,volp11a] (1213.00). Receipt Number 6760663, amount $1213.00. (U.S. Treasury) (Entered: 09/17/2013)
be cool to see 7,777,777 in volume
Yeah, there are a whole bunch of papers they've submitted today, did not get to read much, however here is piece:
"Existing Equity shall be extinguished on the Effective Date and not receive any property or consideration under the Plan"
All the papers are available here:
http://www.bmcgroup.com/restructuring/Docket.aspx?ClientID=332
Followers
|
17
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
512
|
Created
|
06/07/11
|
Type
|
Free
|
Moderators |
Last we'd heard, Playboy founder Hugh Hefner greeted the overtures of rival nudie mag Penthouse with the news that he wasn't about to sell his stock in the company "to Penthouse or anybody else." But Marc Bell, the CEO of Penthouse's corporate parent, FriendFinder Networks, doesn't seem to want to take no for an answer.
"We are still obviously very interested in acquiring Playboy, plus a few other assets to go with it," Bell told Fox Business Network's Liz Claman on Monday.
Bell said FriendFinder, which operates 30,000 social networking websites -- including several of the NSFW variety -- had recently raised $551 million and "rejiggered its balance sheet." He stopped short of saying whether the company would raise its previous $210 million bid for Playboy Enterprises, which Hefner made an offer to take private over the summer, but he wasn't shy about suggesting why FriendFinder and Playboy, which is bleeding millions, could be a good match.
"We have 124 million people coming to our websites every month," he said. "Imagine what we can do with the power of our brands, our business today, applied to any business we acquire."
Reports are that Facebook is preparing to file its S-1 with the SEC as early as this coming Wednesday, setting the stage for what would be one of the biggest IPOs. The company is estimated to raise as much as $10 billion, which would value the social networking giant at somewhere between $75 billion and $100 billion. Facebook is undoubtedly the social networking leader, and possibly one of the top three to five leading internet companies of our time.
Needless to say, the retail investor will be bombarded with information on how significant the company is in terms of how people do and will communicate, connect, and consume information using Facebook, and perhaps some will even make comparisons to Google Inc.'s (GOOG) meteoric six-fold rise since its IPO just over seven years ago in making their case for Facebook.
While Facebook's dominance of the social media category, indeed the sheer impossibility to even build an effective competition in the years ahead given that it has already captured 800 million subscribers, infusing Facebook into their lives with ever more innovative features, cannot be argued against, we believe the proper question isn't how dominant and successful Facebook is. Instead, the proper question, since we already know what we stated above as almost self-evident, especially smart (institutional) money that already has significant stakes in it, is will the IPO valuation leave any value to be captured by the retail investor?
This is especially an important question given how poorly most social media IPOs have fared recently. Some examples:
We tried to answer at least part of that question by comparing the proposed valuation of Facebook to its peers in the online social networking space, by comparing them on valuation variables such as price-to-sales ratio and price-over-adjusted EBITDA ratio. Besides the new social networking pure plays, we have also compared them to more established players such as Google Inc. that is a social media player via its YouTube and Google+ offerings; and Sina Corp. (SINA), a Chinese internet portal offering that is also a destination for the global Chinese communities. The following table gives an overview of that analysis:
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |