Despite mad rumors to the contrary, xvideos.com has not taken control of Penthouse. Although their parent company did purchase Penthouse at auction yesterday, shockingly they are allowing Kelly Holland to remain in control.
There were two companies who were trying to buy Penthouse from FriendFinder a few years ago, Kelly Holland and xvideos, the guys who had previously bought BangBros. According to one insider, they made it clear they didn’t give a shit about the magazine, right from the start. They even toured the magazine division in New York and told the people flat out, enjoy your job while it lasts because when I take over, you guys are out of here.
Kelly Holland ended up convincing Friend Finder to sell it all to her for about $6 million at the time.
We all know how things turned out under Kelly Holland’s control and now just a few short years later, many were saying xvideos.com was able to win the company at auction for a rumored $11.2 million.
While it is true the parent company of xvideos (WGCZ Holding) seems to have won, they haven’t taken control of the company and seem to be allowing Kelly Holland to continue to run it, at least for now.
More on this story as it develops.
“I am thrilled with the outcome of the court-approved auction yesterday,” she told AVN. “For the first time in 20 years, Penthouse has the opportunity to operate debt free and to focus on growing and expanding the iconic Penthouse brand worldwide.”-
@TheKellyHolland
Some of the employees celebrate despite the fact that a lot of good people, more than 7 pages of people just got screwed out of money because they made the decision to trust Kelly Holland and work with Penthouse, including a lot of affiliates who will never see a dime of the money owed to them since 2016.
I don’t personally see this as a reason to celebrate but if you do, hey I guess that’s on you.
2 Responses
Been seriously arguing this point with some dumb ass Penthouse employees who are like woot woot we won. Nobody won, especially not all those people who they screwed.
I agree. This is a loss for everyone fueled by incompetent and arrogant Kelly Holland. Here are the straight facts as gleaned from the volumes of paper filed in the BK papers:
1. Holland alone buried the company under a mountain of debt.
2. The court determined that Holland was disingenuous in her efforts to reorganize and in fact delayed the process and concealed post petition debts in order to paint a “turn around” illusion.
3. Holland continued to “strip mine” the company (as she did while an employee of FriendFinder) spending over 40 THOUSAND EUROS to travel to Cannes for MIP while Penthouse was left rudderless under the control of proxies equally as incompetent as her.
4. The court appointed a Trustee, Holland looses control of the company.
6. Holland attempts to transfer Penthouse assets to her personal trust. The court didn’t buy it.
7. The court orders and holds a sale and HOLLAND LOSES THE COMPANY.
8. Holland is now an employee during the transition.
The real “victims” are:
1. The creditors who, as recently as the day of the auction, were doing their best to believe Holland’s delusions;
2. The employees, who were left uniformed by Holland as to the real condition of the company, and will be left jobless when the new owners clean house;
3. Penthouse as a brand, will never be anything more than a punchline for late night monkeys;
4. The adult industry as a whole.
No celebrating required, in lieu of flowers, send donations to the Free Speech Coalition. They will need it with Holland remaining on the board.