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Hef Sued for Not Selling Playboy

Shareholder claims Hugh Hefner sabotaged two deals

By Evann Gastaldo,  Newser Staff

Posted Feb 9, 2010 7:09 AM CST

(Newser) – At 81, Hugh Hefner is still attending glamorous parties with decades-younger models on each arm, but his company is languishing—and one shareholder has had enough. A class action lawsuit obtained by TMZ alleges that Hef has sabotaged two deals to sell Playboy. The suit cites an analyst's note that said, "We think the wildcard here is Hugh Hefner. Would you give up the parade of busty blonds, the fancy mansion, and the reality TV show for a payout?"

Hef, at least according to this shareholder, apparently will not—and now he's being sued for unspecified damages. The suit notes that the cover price of Playboy magazine, currently $5.99, is higher than a share of the company's stock, which closed yesterday at $3.14. In 1999, it sold for $36 a share.

Karissa Shannon, Kristina Shannon, Hugh Hefner, and Crystal Harris arrive at a party celebrating the release of the book Hugh Hefner's Playboy in Beverly Hills, Calif. on Thursday, Dec. 10, 2009.
Karissa Shannon, Kristina Shannon, Hugh Hefner, and Crystal Harris arrive at a party celebrating the release of the book "Hugh Hefner's Playboy" in Beverly Hills, Calif. on Thursday, Dec. 10, 2009.   (AP Photo/Dan Steinberg)
Hugh Hefner arrives with Kristina and Karissa Shannon, left, and Crystal Harris, right, at the 2009 Fox Reality Channel Really Awards in Los Angeles, Tuesday, Oct. 13, 2009.
Hugh Hefner arrives with Kristina and Karissa Shannon, left, and Crystal Harris, right, at the 2009 Fox Reality Channel Really Awards in Los Angeles, Tuesday, Oct. 13, 2009.   (AP Photo/Chris Pizzello)
Hugh Hefner, center, poses for a photo with two companions before the screening of the film Hugh Hefner: Playboy, Activist and Rebel  at the Toronto International Film Festival on Sept. 12, 2009.
Hugh Hefner, center, poses for a photo with two companions before the screening of the film "Hugh Hefner: Playboy, Activist and Rebel" at the Toronto International Film Festival on Sept. 12, 2009.   (AP Photo/The Canadian Press, Chris Young)
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COMMENTS
Showing 3 of 11 comments
MagnoliaJean
Feb 11, 2010 2:59 AM CST
Hahahaha true...Hef should be left alone. Hes old and livin the life. We should just all let him enjoy it. He built that empire and now hes reaping the benefits. Enjoy it man.
youngblood
Feb 10, 2010 12:49 PM CST
Hey we can all call Hugh Hefner an old dude, going out with young woman 50 years younger then him and laughing at it but the dude created a hell of a life for himself!! Beautiful woman, mansions, top shelf on everything he owns and millions in the bank and had a hell of a good time creating it! How many people can say that about their life!?
passinthru
Feb 10, 2010 1:21 AM CST
i smell what happened to bowden happens to hef...people just cant let the creators of something spectacular ride out until the end...some people just suck at life.

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