The staff of Multimedia Platforms—owners of L.A.’s Frontiers magazine and New York’s Next magazine, have been let go.
Founder and CEO Bobby Blair has told staffers the company is in “suspension,” and its believed there will be no print editions, at least for this week.
South Florida Gay News reports that company assets were seized by court order filed by lenders, with a restraining order “prohibiting the company from distributing any cash or any other assets of the company.”
“For the record, I was re-appointed CEO last week as I became informed all this was happening by management,” Blair told SFGN. “The last four months I have not been involved or included in any day-to-day business or involved in this now disputed credit facility.”
Blair is allegedly fighting the court order.
According to the company’s last SEC-8 quarterly filing, MMPW had received another infusion of capital in July in excess of one million dollars. But at that time Blair was removed as CEO, and named Chairman of the Board.
However, within 60 days, the new investment team pulled out.
A SEC filing on June 30 indicated that “during the six months ended June 30, 2016, the company recognized net revenue of $1,459,168 and a net loss of $4,698,798 and had negative working capital of $5,518,237.”
The California-based company purchased Next and Frontiers last fall, adding them to a portfolio that included The Florida Agenda, Guy magazine and FunMaps.
Frontiers was first published in 1981, making it one of the oldest existing gay weeklies in the world.