Holly,

I haven't seen the new Penthouse but to come to their defense, putting out a quality print publication is extremely difficult because you have to rely on advertisers who pay their bills.

My guess is that most advertisers were pretty skeptical about getting into long term, high $ contract with a mag that was already BK, so revenue was probably pretty low. Reality sucks - unfortunately in the print world 'everybody' wants the ads for zip up front to see if they will pull before making a commitment.

Until Penthouse sees some ad revenue, they'll continue to put out a crappy publication... or fold again.