Penthouse Founder’s Suit Remanded To State Court

Law360, New York (August 15, 2006, 12:00 AM EDT) -- A case brought by the founder of Penthouse magazine against his former company alleging that it stripped him of millions and conspired to defraud him after it went bankrupt has been remanded to state court.

Bob Guccione alleged that as General Media Inc., the former parent company of Penthouse, moved towards bankruptcy, several of his former colleagues “froze him out of managing the company and lured him into making a series of financially disastrous transactions—and then fired him just after the bankruptcy plan was confirmed in...
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