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Shareholders Claim Hefner Is Hiding Playboy's Value

Shareholders Claim Hefner Is Hiding Playboy's Value
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Feb 11, 2011 2:00 PM PST    Text size: 
HOLMBY HILLS, Calif. — A couple of Playboy shareholders are claiming that Hugh Hefner has underestimated the value of his Los Angeles mansion as part of his plan to pay less than market value to take Playboy Enterprises private.

The Playboy Mansion is reportedly worth $54 million, not the $1.2 million Hefner and Playboy claim, according to the suit.

Company shareholders Charles Germershausen and Feivel Gottlieb filed an amended shareholder lawsuit last week in Delaware Chancery Court, disclosing the higher valuation of the mansion. They are suing Hefner and Playboy Enterprises for allegedly selling the company for less than it's worth.

Playboy's board in January approved Hefner's offer to pay $6.15 for each share of the company he doesn't already hold. He had originally offered $5.50 in July for the 30 percent of Class A and 70 percent of Class B Playboy shares he doesn’t own. Penthouse magazine owner FriendFinder Networks had offered a competing bid of about $6.25 a share.

Germershausen and Gottlieb disagreed with the July offer and again with the January deal.

FriendFinder’s Marc Bell was not available to XBIZ for comment by post time.

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