Penthouse Publisher Resolves SEC Dispute Over Ch. 11 Plan

Law360, Wilmington (December 16, 2013, 8:26 PM EST) -- A Delaware bankruptcy judge confirmed the Chapter 11 plan for the publisher of Penthouse magazine Monday, which will give it a path to exit bankruptcy as a private company, but not before the debtor addressed objections raised by the U.S. Securities and Exchange Commission over shareholder rights.

U.S. Bankruptcy Judge Christopher S. Sontchi came close to sinking FriendFinder Networks Inc.'s hope of scoring confirmation when he sustained an objection from the SEC, which had argued the plan could extinguish the rights of some shareholders to pursue...
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