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Their only hard assets are their PP&E, the Mansion and the leasehold improvements, which are also mortgages under guaranty agreements to B of A.

And they recorded a shitbag of impairment charges against those intangibles. Either the company is doing some accrual-basis shenanigans, or the Playboy brand isn't nearly as cool as it used to be.



Yes and yes.

All "family-owned and operated" stock exhange-listed corporations cook the books to some degree. I have seen a number of startups bury just about everything in the corporation. Donzis ("Donzii?", "Donzi's?"), you name it. PLA is just doing this on a larger scale.

$31M in cash, though. At yesterday's close, 30% of the stock, most likely a controlling interest) would be about $31M (biz.yahoo.com). I am no financial genius, but the company appears to be valued for the amount of cash in the bank. If the stock drops into low 2's or even the 1's, there could be a tidy profit there. An XPT buyout of PLA could result in some beer money for all around.

And the insiders appear to be holding. The stock will bounce up eventually on reputation, alone. As long as the cashflow is there, and it appears to be, PLA will be around.
Yahoo Cash Flow Stmt