I remember when Playboy went public in 1971. I don't believe it has ever payed a dividend. It's balance sheet shows a retained deficit of ($63,000,000). It also shows goodwill of $133,000,000 and other intangible assets of $148,000,000. That is a total of $281,000,000 and since there are about 33,000,000 shares outstanding that amounts to about $9 per share.
I don't know what the IPO price was, and I know that PLA had at least one additonal public offering to raise more money. The shareholders of PLA have had a 37 year period where their capital was consumed by Hef and the bunnies living the high life at the mansion. This is one of the most egregious examples of a celeb living off of public shareholders that has ever existed. I believe that PLA has not had 37 years of bad luck. Hef does not care about fiduciary responsibilities. I doubt that he could even spell the word.
I hope that the credit crisis lasts long enough to drive PLA into chapter 7 bankruptcy proceedings along with about half of the cable tv industry. If you want to look at some really bad balance sheets, I invite you to look at CHTR, CVC and TWX. Be warned, these balance sheets could make you sick.
I was being a little coy about PFE and Wyeth. I don't think that there is a real strong chance that the merger will be completed. PFE looks like it may overdose on intangible assets. What are those assets worth when the drugs go off patent? I think PFE is trying to juggle a bunch of activity so that the market doesn't figure how desperate it is. Of course I had my doubts about BUD and Inbev too and that one got done.