What Kind of Car Do Investors Get With the FriendFinder Porn IPO?
by Peter Kafka
Posted on December 27, 2008 at 10:22 AM PT
Anyone who buys into the FriendFinder Networks IPO won’t just be buying a piece of a debt-ridden, money-losing collection of porn sites and social networks. They’ll also be buying a piece of a car the company bought from one of its founders, and now values at $95,000.
I still haven’t heard back from FriendFinder Networks or Andrew Conru, who appears to be the founder who sold his company his car in 2006. But MediaMemo readers tell me the car in question is a Ferrari 360 Modena, similar to this model on sale, via eBay (EBAY), at Excel Auto of Boca Raton, Fla. (click image to enlarge):
I thought this car might actually be the same one that FriendFinder owns, since it says the car in question is being held for sale, and because FriendFinder is also based in Boca Raton. But a manager at Excel tells me that’s not the case.
Disclaimer: I need to note that while I appreciate the tips MediaMemo readers have passed along, they remain unconfirmed. So it could be that FriendFinder owns a different kind of car that it purchased for $125,000 two years ago and now values at $95,000.
The bigger question: Why would FriendFinder buy a Ferrari (or any other kind of car) from its founder a couple of years ago? And what has it done with it since? Did employees of the month get to take it for a spin? Has it been mothballed? Did it sit parked in front of the company’s HQ as an incentive to work harder and longer?
(UPDATE: A partial answer — the car was supposed to have been given away as a contest prize.)
As always, if you’ve got thoughts on the matter, you can comment below, or reach me directly at peter@allthingsd.com. If you want to be completely anonymous, you can use the blind tip box here.
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Comments
They gave the car away in a webmaster contest. You might want to google the subject of your article before publishing it.
http://www.gfy.com/showthread.php?t=653048
Posted by Tommy New at December 29th, 2008 at 2:19 amSure enough, AFF did offer a Ferrari as a prize to its affiliates. Thanks for the Google tip, Tommy! http://www.google.com/search?h.....mp;spell=1
Posted by Peter Kafka at December 29th, 2008 at 3:47 amBut assuming that’s the same Ferrari, why did the company buy it from its founder? And why does it still own it?