Hef-ty Problem
The recent annual report for Playboy Enterprises isn’t exactly the kind of thing one reads for the articles, let alone the financial footnotes.
But the report, which outlines a bleak financial performance for the year ended June 30 for the publisher of Playboy magazine, includes information showing that one of the financial hits taken by the company came from a documentary film.
The movie: “Hugh Hefner: Once Upon a Time,” about the perpetually pajama-clad founder of the Playboy empire.
The damage: a $1.2-million write-down in Playboy’s third quarter.
That isn’t the only problem listed.
Also included is another $355,000 write-off for photos that will never be published in Playboy.
Bad Timing Award
Fresh on the heels of Merrill Lynch’s public skewering over its role in Orange County’s financial mess comes a just-published survey of senior banking executives done by the Towers Perrin consulting firm.
In the survey, the bank officers hail the Wall Street firm as “their most respected non-bank competitor” out there.
“Merrill Lynch has earned the respect of these senior bankers because it has accomplished what most banks are still trying to do,” a press release for the survey says.
Presumably, the reference is to selling financial products to individuals rather than to entire counties.
Giant Battle
The legal battle of the briefs over the right to sell James Dean brand underwear continues between a South Korean firm and the company representing the actor’s estate and family.
As mentioned here last month, Curtis Management has sued Korean comedian and businessman Buyng Jin Joo and his J. Enterprise for selling the underwear in Korea, arguing that he is infringing on a trademark.
Curtis last week was hit with a $1-million libel suit by J. Enterprise, alleging that Curtis is saying nasty things about the firm and its owner in claiming they are infringing on a trademark.
J. Enterprise registered James Dean products eight years ago and argues that it does not need Curtis’ permission.
Janine Steck Swan, general counsel for Curtis, said she hasn’t seen the suit but that Curtis will fight it vigorously.
Comeback Kid
Former real estate boy wonder Mike Glickman--who was forced into personal bankruptcy nearly five years ago when his San Fernando Valley real estate chain collapsed--this year is letting people know he has something to stuff stockings with--or living rooms, anyway.
Glickman, who now works for the Jon Douglas real estate firm, is proclaiming that he’s giving away Christmas trees and other items to home sellers who list with him, and even to those who merely “interview” Glickman about giving him their business.
Says Glickman: “It’s a much better holiday for me this year than in 1990.”
