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.