One of the most daring attempts to go public, with most of its revenue coming from the sex business, can be found in the amended offering prospectus of Friendfinder Network, Inc (FFN), hopefully soon to listed on the NYSE.

Not since the abortive offering of the Mustang Ranch has the IPO market been honored by such an opportunity to speculate directly in this always fascinating subject. The kind of friends this "Network" helps you to find will probably provide with a more intimate relationships than most friends you can find on Facebook (as indicated by the pictorial representations of your future "Friendfinder" friends). This is not surprising since full name of the site, owned by FFN, is "Adult Friendfinder" and the "Adults" pictures on the site seem to have consistently minimalist dress requirements.

The other business of the "Network" is the remaining operations of the onetime Playboy challenger, Penthouse Magazine, who also favored "less-is-more" as its major theme. The convoluted details of how "Adult Friendfinder" and "Penthouse" got married makes interesting reading. So does the "Use of Proceeds" details; mainly who gets 37½% of the $200,000,000 the this enterprise hopes to raise from lust-loving speculators.

Here is the URL for the IPO form S-1A which, boo-hoo, the guys who put this deal together, have had to lower their proceeds of the offering from $400,000,000 to a mere $200,000,000.





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