As reported from avn.com

JKP Files for Bankruptcy
By: Dan Miller
Posted: 12:33 pm PDT 8-8-2005


NORTH HOLLYWOOD, Calif. - Jill Kelly Productions has filed for Chapter 11 bankruptcy protection, new CEO Phillip Starr confirmed Monday.

In the past three months, the company has lost its former CEO, president, three contract girls and its publicist, among others, and it owes millions to secured and unsecured creditors.

JKP owes over $2 million to unsecured creditors and some $500,000 to the IRS, sources said, while over $10 million in investment money has been lost.

Former chief operating officer Dan Ice told AVN.com before leaving in July, “the company owes a variety of customers for the normal course of business.” Ice also said that a new group of investors had offered to back the company and with that had placed Starr in charge of day-to-day operations. Starr on Monday had no comment about the bankruptcy filing.

Former CEO Bob Friedland has fled to New York, where he has not been heard from since. Former president Jill Kelly left the organization in June, and then the company’s final three contract girls, Jenna Haze, Tyra and Nikki Benz, separately announced their departures, followed by publicist Scott Hoover.

Shares of the company’s stock (JKXJ) were valued at $.04 as of noon.

Kelly, who started the company with Friedland close to five years ago, was not available for comment.

nice, now let's hope will follow same fate also Vivid, Wicked, and all those softcore crap companies so theirs whores need to get work at gonzo companies.

Like Cindy Crawford who has done recently a movie for JM Prod., i hope she did more then one and/or will do a lot more.

What the fuck did they think was going to happen????

Give just about any porn chick $10 million and see what the fuck happens. Half that cash probably went into parties like the dot coms used to throw, the other half probably went up her nose.

Just because a couple of huge adult film companies (mainly into distribution), run by real business men can keep a company listed, it doesn't mean a whore can.

The idiots that invested in this thing had it coming to them. I'd also be willing to bet slimebag Jill, who's probably pulling the "I'm just an actress and didn't know anything" bullshit, and her other slime-bag 'executives' hit the slammer on securities violations.

It's shit like this that fucks it up for everybody in adult that has ideas of going public and making a killing (legally).

Fuckin' whore!!!!!!!

AVN has an interview with Jill Kelly about JKP here.

Among other thing a federal grand jury is looking into where the money went - this was a public company - and some have already testified.

Jill has finally realized that maybe being a high-ranking officer at a public company does have implications, even at rinky-dink pink sheet companies. Hope she saved a lot of money to pay her lawyers...

Just like I fuckin' said...

Jill Kelly quote: "Things were going this way and that way, and this way and that way. I never studied the business side of being public. I stayed on the creative side until recently. I should've asked a lot more questions right from the start. I didn't even know about how much we owed in taxes. I could barely even get a sales report."

She pulls out the I'm just a dumb whore act. What a fuckin' kunt! Let me guess... She funded the start up of 'Bad Intentions' out of her own pocket.

She is going to go to prison along with a few others from that fake company.Everyone knew it was all smoke and mirrors over there and now they are going to pay.

What follows is Luke Ford's take of the situation ......

Jill Kelly Breaks Silence

Reading her AVN interview, it seems that she takes little responsibility for her company's bankruptcy and only blames others for its misfortunes.

She claims she is going back to Jill Kelly Productions (JKP) to help out the creditors. The truth is that when she tried to form a new company, all the distributors that she approached turned her down. She has no choice but to go back to JKP.

Jill tells AVN: "I can really see who my true friends are. Nobody ever wants to see anybody successful and happy. I'd rather just be with my animals. I'm not bitter, it's just people in general make me sick. I'd rather just spend time with my dogs and my horses."

Distributors are not stupid. They know that Jill played a role in the JKP meltdown.

I wonder if Bob Friedland (former CEO of JKP) will eventually sing to the Grand Jury. He's got nothing to lose. When Friedland talks, Jill may have to forget about funding a new company and start funding her legal defense.

JKP owes distributor IVD so much money that IVD won't talk to Jill about distributing her new company.

"IVD bought the factor. We owe the factor like $380,000. ... So that’s why we had to file Chapter 11. It’s the only way I know how to try to make things right. I feel responsible. I should've educated myself a lot more rather than just be on the creative side, so I take full responsibility."

Factoring means selling invoices. Say you have a deal with distributor X to 1,000 of your movies at $12 payable within 90-days, you can sell that invoice for about 90% of its value.

Almost every production company factors.

Jill has a long history of working with shady companies. Personalporn.com was one. They stole content.

"She is attracted to cons like flies to s---," says Mike South. "Look at her stock filings for JKP. They list her salary as $450,000/yr and she is bitching in that interview that she wasn't mking that. If she wasn't, then she was party to a big scam."

Bob Friedland seems likely the guy most at risk, much more so than Jill Kelly.

the vivid lesbian porn videos are awesome... i hope they don't go out of bizness

PASS THE BUCK! THE AMERICAN WAY!!