Hugh Hefner has never been shy about his libidinous lifestyle. The founder of Playboy famously said: "Picasso had his pink period and his blue period. I am in my blonde period right now."
Unfortunately for him, it's landed him in legal hot water with an angry investor, David Brown, who is suing him, claiming the Hef sabotaged potential deals for the sale of Playboy Enterprises late last year because he wanted to cling to his fantasies. More details about that lawsuit here.
While Playboy Enteprises is a publicly listed company, Hefner holds 70% of the shares which gives him total control.
Bloomberg legal columnist Ann Woolner says the lawsuit feels flimsy. The deals just couldn't be done.
Woolner writes: "My guess is that Hefner's hold on the business stems from something more than the joy of hanging out with bosomy babes. His daughter, Christie Hefner, 57, stepped down as chief executive officer in January 2009. The elder Hefner has said he wants to pass his chunk of the company to his two teenage sons. It's not as sexy as the notion that Brown lays out, and it would mean the man has an inch of depth, despite his image. If Hefner does want to hand over the business to his sons, he should be asking whether the company will last that long."
Still, Brown might have a point. The Playboy Enterprises share price is $3.36. The magazine sells for more than that…because of the articles.
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