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#231646 - 03/28/07 07:00 AM
How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 09/20/05
Posts: 9181
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While Jenna and John trade rape accusations and "shut up, bitch" responses on MySpace, I noticed the following "throw-away" line, which I thought was telling:
Quote:
...i [sic] have been forced to fight for everything I busted my ass for.
After a little reading, I agree. By the looks of things, suitcase pimp John G. Grdina has been playing fast and loose with the couple's money for years.
two notes--
--The separation petition was filed in the L.A. County Superior Court (case BD 457115), a community property state. In these cases, the court functions as a "court of equity," and tries to equally divide up all assets and liabilities incurred during the marriage.
--the "divorce" is not a divorce petition, it's a petition for legal separation, which asks the court to adjudicate all issues of the division of the marital estate, without dissolving the marriage. And contrary to what that others like Jason Curious state, the petition has not been granted or dismissed. An amended petition was filed this February, presumably to change the status to a marital dissolution case--she did not met California residency requirements at the time of the original filing.
There are three areas where I see contention: the Club Jenna buyout, the Scottsdale strip club, and the real estate.
1. Buyout of Club Jenna.
On January 27, 2006, Playboy established a Delaware corporation, CJI Holdings, Inc., to serve as the potential acquirer of Club Jenna, Inc ("CJ," a Colorado corporation est. in 1999) . It's clear from this early date that no one was rushing a sale of CJ. Alas, it did happen early in PLA's 3Q06 via a purchase of CJ's stock. The terms reported in their FYE06 10-K was a minimum of $17.5MM, more if performance marks are set in the future (none were earned in the current FY). Assuming the deal gave PLA one quarter of revenue post-close, PLA's annual report disclosed sales from CJ of $6.1MM, annualized to $24.4MM. Assuming a generous net income margin of 10% (or $2.4MM), CJ was sold for a paltry 7x earnings. By contrast, PLA itself trades at a P/E ratio of over 23:1 (market value of it's stock vs net income). If Jay is the President of CJ, why would he engineer such a cheap deal within a month of his separation? In divorce court, the proceeds of the sale would probably get split evenly (offsets notwithstanding), that's an easy $8.5 million with no assumption of corresponding debt, since it appears CJ has no bank debt, and still continues to function as it did previously, only with new majority stockholders. Not to mention that a stock-purchase leaves him in control of the company as its President, and presumably drawing the same salary he did before. Jenna is left out as a minority Director (in the financial sense) and enjoined to various promotional opportunities to sell the brand for her new owners.
2. Babe's Cabaret.
I don't really know or care about the place because it will be a future victim of Scottsdale zoning wars. There are a string of three corporations here, the one at the top being the 2011 Scottsdale Acquisition Group LLC, the one Steve Hirsch invested in. In this instance, Jenna borrowed $500M for an ownership share in this entity from another of the investors. The trouble is, the lender seems to have demanded collateral, which John provided from real estate that Jenna did not have title to. There will have to be some type of offset here, either Jenna will have to provide substitute collateral, or Jay will have to assume the debt, I don't see that they would want to continue with the patchwork arrangement they have if they are continuing their MySpace war of words. I also wonder if John told Frank Koretsky that he has transferred the collateral in question out of his own name, which is de facto fraudulent conveyance.
3. The Real Estate
This part gets confusing, but it seems that the swindle happens here, too. Jenna and John began acquiring real estate, as joint tenants, as far back as 2000, spending $528M to buy into the McDowell Mountain subdivision of North Snottsdale--$103M down, the remainder mortgaged to Fifth Third Bank. The joint tenants make no mention of the source of the funds for this purchase. Jenna purchases a condo on Camelback Road in Scottsdale for rental purposes, and appoints her CJ Treasurer Linda Johnson as an attorney-in-fact. From thence, in 2003 Jenna and John purchase a house in Villa Antigua, Scottsdale, ostensibly for rental income as well, and appoint the CJ Treasurer a POA for the selfsame function. Whenever these properties are sold, one of them will have to ask the other to sign a deed quitting claim to their interest in these properties, which have appreciated significantly in value. Given the current snipe fight, I doubt that would happen.
Now things get strange. In April 2003, the McDowell Mountain house is put up for sale by the joint owners, who are to be wed in two short months. The sale nets about $35M for John and Jenna as joint tenants. The next residence of the family is in Paradise Valley. John purchases, as a single man (5 months before his marriage), a $1.9MM house from a sibling, mortgages the property for $1.33MM to Merril Lynch, and moves in. Never mind that the property now merely assesses at $1.6MM. But this was the house in which Jenna and John established residence for some time. Don't mind the fact that he transferred ownership into the "Horeseshoe Trust," not really a trust, but rather a Colorado LLC whose ownership is unknown at this time. Now it's all a moot point, as the property was sold on August 24, 2005 for $2.3MM, netting John a profit of, well you figure it out. All while he was married, all while he never asked Jenna to sign a quitclaim deed, or offered to allow her to participate in his real estate prowess.
The craziest of all is the last residential property, in the nouveau riche Hidden Valley section of Paradise Valley off 52nd St. In April 2005, John, as a married individual, acquired a chunk of land on a cul-de-sac for $4.5MM. This was accomplished via a $970M down payment plus about $3.5MM of first and second mortgage debt from a lender. As part of the deal, John got Jenna to sign a disclaimer of her community property rights to this real estate, functionally meaning she was renting her own homestead. John predicated this purchase on the belief that the proceeds for the down payment came from proceeds that were solely his. I don't understand where these proceeds could have come from, unless family gave them to him in trust. John seems hard pressed for money in some of the years immediately proceeding this: in 2000 he was levied for failure to pay HOA dues; in 2003 The IRS placed $17,566 federal tax lien on John for failure to pay income taxes for FY1999. In 1997, John's relatives mortgaged other real estate they owned to post a $700M bond for him in a criminal drug racketeering and money laundering complaint, filed several years earlier. Not to mention that he and his future wife had been investing in real estate as joint tenants for the previous five years, using their joint incomes to qualify for financing. Anyhow, less than a month after the purchase of this property, John transferred ownership of it into another Colorado LLC, without ever paying off the mortgages in his own name, an act of default under the various deeds of trust. This transfer has the effect of removing the property's value from the marital estate, but since the corresponding $3.5MM in debt was for the purchase of the couple's homestead, it still looms out there as something that a divorce court must contend with--John never acknowledged that the debt for this real estate was also "sole and separate."
There also appear to be side issues of personal property, which John is withholding. That's a bush-league technique to piss off your future ex. John rode the coattails of his soon-to-be-ex's profitability, but when critical dates surrounding ownership of significant assets came around, such as his wedding and divorce dates, he scrambled to arrange assets so as to avoid the community property laws which dictate marital ownership rights in both Arizona and California. There are a lot of legal issues that I don't want to get into (nor have the expertise for). Jenna has a good divorce attorney, I hope he earns his retainer, because I'm not a fan of the suitcase pimp.
At this point, I've lost count on how many millions John has swindled from Jenna, get your own calculator and do the math.
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#231647 - 03/28/07 07:21 AM
Re: How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 04/17/04
Posts: 6005
Loc: travieso capital management an...
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ladies and gentlemen, i present to you smilingarab's successor
_________________________
"She has no waist, no arse...an interesting face...but all we are really worshipping is two bags of silicone"
Martin Amis "honoring" katie price with a character bearing some of her traits
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#231648 - 03/28/07 08:04 AM
Re: How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 11/04/06
Posts: 4203
Loc: Bakersfield Plumbing Supplies ...
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Kudos, WillieD. You have, in one fell swoop, outdone all of the so-called porn gossipers and bloggers with this post.
If this isn't up on AdultFYI within hours, I'll be amazed.
_________________________
I also am subcribe to postal pornography - CAOH
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#231649 - 03/28/07 09:55 AM
Re: How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 09/23/04
Posts: 10321
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Great post Willie. Jenna owes you a "favor" for bringing this to light.
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#231650 - 03/28/07 10:03 AM
Re: How To Screw Your Wife Named Jenna
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Registered Sex Offender
Registered: 07/09/06
Posts: 2362
Loc: St. Louis
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7x EBITDA is not a paltry price. For a privately held company, it is often generous. I'd have to look at their financial statements for the past few years to make a credible valuation, but in the middle market private equity world, 7x isn't out of the ordinary. As you stated, a 10% margin is probably high, so the actual multiple was probably higher, possibly 10x - 12x. PLA's p/e ratio is irrelevant.
You are correct about the implications of a stock purchase, but not many owner/operators want to have operational control of a company after they sell it. They are usually content to take the money and run. Besides, who wants the boys from corporate looking over their shoulder all the time and constantly second-guessing your management decisions?
_________________________
"Offer them what they secretly want and they of course immediately become panic-stricken."
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#231651 - 03/28/07 10:05 AM
Re: How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 09/20/05
Posts: 9181
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Quote:
7x EBITDA is not a paltry price. For a privately held company, it is often generous. I'd have to look at their financial statements for the past few years to make a credible valuation, but in the middle market private equity world, 7x isn't out of the ordinary. PLA's p/e ratio is irrelevant.
7x earnings, not EBITDA.
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#231652 - 03/28/07 10:17 AM
Re: How To Screw Your Wife Named Jenna
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Internet Tough Guy
Registered: 01/27/07
Posts: 775
Loc: Snottsdale, Arizona
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BTW: Thanks for the compliments all. It's true, I have no life.
_________________________
I love cock and balls.
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#231653 - 03/28/07 10:17 AM
Re: How To Screw Your Wife Named Jenna
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Registered Sex Offender
Registered: 07/09/06
Posts: 2362
Loc: St. Louis
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Quote:
7x earnings, not EBITDA.
The variance between earnings and EBITDA typically isn't that great, especially when there is relatively little D&A, as I suspect is the case here. Whether you are talking about earnings or EBITDA, 7x is not outrageous, even when the acquiring company is a publicly held strategic buyer.
_________________________
"Offer them what they secretly want and they of course immediately become panic-stricken."
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#231654 - 03/28/07 12:17 PM
Re: How To Screw Your Wife Named Jenna
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Human Garbage
Registered: 06/23/06
Posts: 1557
Loc: New York
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Many of these transactions seem to involve Jay acting in the role of a fiduciary and breaching his fiduciary duties. So there would seem to be additional recourse for Jenna and the businesses against its President. This divorce and related litigation between these two could easily go on for 10 years.
_________________________
"This thing is ready to do damage!"
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#231655 - 03/28/07 12:41 PM
Re: How To Screw Your Wife Named Jenna
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Internet Tough Guy
Registered: 01/27/07
Posts: 775
Loc: Snottsdale, Arizona
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If Jay were lazy, he could have married the woman and simply rode out the gravy train of a top of the line $300k/year contract girl. Jenna would have never done half as well without Jay there driving and building the empire. I say he is entitled to not only half, but more than half. What is Jenna without Jay? A burned out high end porn whore still selling her ass for $3000 a day (read Ms. Patrick). She wouldn't even be worth a million dollars.
Likewise... What is Jay without Jenna? Unemployed, living on someone's sofa, being turned down for dates by Sylvia Saint.
The simple facts suggest that these two built CJI together no matter how you slice it. Before they met they both lived in apartments with roommates. If Jay was smarter than Jenna and did some wheeling and dealing on the side, then so be it. We all know Jenna is as smart as a box of rocks and weighs half again as much.
_________________________
I love cock and balls.
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#231656 - 03/28/07 03:00 PM
Re: How To Screw Your Wife Named Jenna
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Whoremaster
Registered: 10/21/05
Posts: 2710
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Quote:
Kudos, WillieD. You have, in one fell swoop, outdone all of the so-called porn gossipers and bloggers with this post.
If this isn't up on AdultFYI within hours, I'll be amazed.
Luke Ford
Gene Ross
Scott Fayner
Gram Ponante
Mike South
AVN
XBiz
And Anyone I've Missed
...you are not fit to lick Willie D's boots. 
This is the kind of investigative reporting I want to see more of...yeah, it takes a little more effort than just cutting and pasting from XPT, ADT, or Jimmy D's blog, but it sure is worth it.
The Smiling Arab comment is bang on the money as well. Now who wants to do a write up this good on the Kira Kener vs. Vivid case? That one looks mighty juicy from the documents I've seen.... 
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#231657 - 03/28/07 04:14 PM
Re: How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 11/04/06
Posts: 4203
Loc: Bakersfield Plumbing Supplies ...
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Only Luke picked it up so far. I'm only slightly amazed at the lack of response from the others.
_________________________
I also am subcribe to postal pornography - CAOH
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#231658 - 03/28/07 04:49 PM
Re: How To Screw Your Wife Named Jenna
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Bukkake Boy
Registered: 01/02/04
Posts: 698
Loc: CA
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Quote:
If Jay were lazy, he could have married the woman and simply rode out the gravy train of a top of the line $300k/year contract girl. Jenna would have never done half as well without Jay there driving and building the empire. I say he is entitled to not only half, but more than half. What is Jenna without Jay? A burned out high end porn whore still selling her ass for $3000 a day (read Ms. Patrick). She wouldn't even be worth a million dollars.
Likewise... What is Jay without Jenna? Unemployed, living on someone's sofa, being turned down for dates by Sylvia Saint.
The simple facts suggest that these two built CJI together no matter how you slice it. Before they met they both lived in apartments with roommates. If Jay was smarter than Jenna and did some wheeling and dealing on the side, then so be it. We all know Jenna is as smart as a box of rocks and weighs half again as much.
I second this one... there is not a single porn whore who on her own can engineer a rise to superstardom the way Jenna did. Any starlett would have to be controlled and manipulated into making the right moves at the right time.
The reality is that porn whores are smart enough to sell their body for cash, but that's where it ends. Grdina may, or may not be an asshole as I don't know the guy personally, but I will say this. Jenna would not be where she is today if it were not for Jay.
Besides, the shit my ex-wife pulled makes jay look like a saint. It's about time guys started taking advantage of the situation. If its OK for a douchbag like K-fed who actually did nothing but kill his ex's career, its OK for Grdina who participated in the rise to the top for Jenna.
Those two need to get over it, split everything down the middle and walk the fuck away.
Oh, and... nobody picked it up because nobody cares - except that lazy douchbag.
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#231659 - 03/28/07 04:59 PM
Re: How To Screw Your Wife Named Jenna
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Internet Tough Guy
Registered: 01/27/07
Posts: 775
Loc: Snottsdale, Arizona
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Actually, attorneys prey on the weak minded. An attorney realizes that you will end up paying them 10% of your net worth (or more) by the time the divorce is over. They feed off of the strife. Right now Jenna and Jay are primed for handing over hundreds of thousands of dollars to attorneys when all they need to do is agree to a 50% split. Their hate is much too strong though.
_________________________
I love cock and balls.
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#231660 - 03/28/07 05:37 PM
Re: How To Screw Your Wife Named Jenna
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Bukkake Boy
Registered: 01/02/04
Posts: 698
Loc: CA
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Quote:
...Attorneys prey on the weak minded.
It doesn't have anything to do with lawyers, they are both pissed off at each other. Lets get real though, how the fuck did they think it was going to end... happily ever after??? Give me a break.
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#231661 - 03/28/07 08:59 PM
Re: How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 09/23/04
Posts: 10321
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I think you're missing the truth at the heart of this matter, which Willie laid out but didn't harp on: Grdina has been screwing Jenna all along- even when they were supposedly happily married he was planning his exit.
He has raised the bar for suitcase pimps to the level of a Lee Majors.
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#231662 - 03/28/07 09:21 PM
Re: How To Screw Your Wife Named Jenna
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Demon Spawn
Registered: 02/11/07
Posts: 3075
Loc: cleanup
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Attachments
222356-c12.jpg (13 downloads)
_________________________
"When you're up to your ass in alligators, it's hard to remember that you set out to drain the swamp" -- HST
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#231663 - 03/28/07 10:21 PM
Re: How To Screw Your Wife Named Jenna
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Bukkake Boy
Registered: 01/02/04
Posts: 698
Loc: CA
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Quote:
I think you're missing the truth at the heart of this matter, which Willie laid out but didn't harp on: Grdina has been screwing Jenna all along- even when they were supposedly happily married he was planning his exit.
He has raised the bar for suitcase pimps to the level of a Lee Majors.
What would you do if you were him??? Plan on a long, healthy marriage... to a porn whore??? I'm sure both of them knew it wouldn't last, they were just rolling the dice on how long.
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#231665 - 04/02/07 02:14 PM
Re: How To Screw Your Wife Named Jenna
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Porn Jesus
Registered: 11/04/06
Posts: 4203
Loc: Bakersfield Plumbing Supplies ...
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Gene finally posted this story today. Finally. No further investigation, obviously, just a straight lift.
_________________________
I also am subcribe to postal pornography - CAOH
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