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Penthouse magazine, the flagship publication of Bob Guccione, is on the verge of bancruptcy. Mr. Guccione had pledged all of his assets and property to secure loans to keep it going and stands to lose everything. Earlier magazine effort such as Omni went under years ago.
The reason? No one buys soft core porno mags today with all the free porno on the internet.
First Enron. Then K mart. Now Penthouse. The great corporations of America are going under one by one....
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