Are any of us shocked by this? In this media climate coupled with a bizarrely fast growing publication no one actually reads continuing to expand? Nope.
But the magazine cites lawsuits as the reason for filing Chapter 11.
Jason Fell at Folio writes:
I managed to dig up the documents for that particular case against 944, which was filed in March 2009 by California-based Explosive Productions LLC. The complaint alleges that the “Super Village” event was a financial disaster, in part because 944 kept sponsorship money for itself and “secretly” gave away thousands of tickets (including more than $1 million in VIP tickets to “potential magazine models”), actually selling fewer than 1,000 tickets. It also alleges that 944 investor Eric Crown (also co-founder and former CEO of Insight.com parent Insight Enterprises) took $180,000 worth of tickets and cabanas for his own “personal, social purposes.”
And then the thing that made the most sense:
Explosive’s claims against 944 also got personal. The lawsuit alleges that the only reason Crown invested in 944 Media was “the access it gave him to young, attractive models and other women, whom he hoped to date.”
Yeah, like Hef is in it for the articles.
Previously on FBLA: