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<\/a>Last month we posed this question in a headline about FriendFinder Networks: “Are Investors Finally Ready for an Internet Porn IPO?<\/a>“. Today we know the answer: No.<\/p>\nFriendFinder<\/a>, a collection of porn sites and niche social networks, was supposed to start trading this week, after filing for a public offering more than a year ago. But this morning it pulled<\/a> its IPO, citing “market conditions”.<\/p>\n I’m assuming that this is not a euphemism for the Dow’s plunge yesterday, but instead a polite way of saying “we couldn’t find buyers”. The AP<\/a> reports that FriendFinder, which was trying to sell some 20 million shares for $10 to $12, sold 15 million shares at $7 each earlier this week in pre-IPO trading.<\/p>\n Now FriendFinder will have to find some other way to resolve its massive debt issues. The company throws off a lot of cash, but all of that — and more — is getting hoovered up by loan payments. The company reported $45 million in income from operations in the first nine months of last year, and spent $75.3 million on interest payments in the same period.<\/p>\n Meanwhile, if you’re in the market for a high-end sports car, this may be the time to make the FriendFinder team an offer. The company has yet to sell the Ferrari 360 Modena<\/a> it bought from its founder for $125,000<\/a> in 2006. FriendFinder is carrying the car on its books at $95,000, but I’d bet they’re willing to negotiate.<\/p>\n Buy This Item: [Click here to buy this item]<\/span><\/a><\/p>\n