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CNBC Says "Mike South - South is the Nikki Finke of the porn industry. His blog, which is never short on opinion, is a must-read among industry insiders. His style is unique, but he is also a leading agent of change within the industry. There are few fence-sitters when it comes to opinions about South, but no one ignores him."

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  • Met Art Puts MindGeek In Its Crosshairs (19)
    • rawalex: Pure speculation here… but I am wondering at what point it’s not in Metart’s interest to settle, and rather much more...
    • Karmafan: Here is an interesting read. They even quote Mike: http://news.nationalpost.com/n ews/how-a-canadian-founded-...
    • BT: I always wondered what happened to the reporting Charlie Gasparino was doing on Manwin. He was all hot to trot, and then just dropped it....
    • Removed Account: Do you happen to remember where that news article was? Now that would be an interesting read.
    • Karmafan: The rumor a couple of years ago was that the money was being laundered to promote a middle east terrorist group. There was even a news...
    • MikeSouth: I dont think mindgeek is losing money by any means it is very necessary for them to keep up the appearance that the tubesites are doing...
    • mharris127: As I said in my post MindGeek going bankrupt is probably a pipe-dream. I don’t place much stock in the rumor mill either.
    • LurkingReader: So this MetArt company didn’t join FSC pay a fee to APAP to search their stuff and take less than 50% in exchange for all the...
    • Removed Account: Even if the rumor was true that they aren’t making what they were, that is still a far cry from bankruptcy. From what I...
  • The Text Of The AHF Subpoena And As Usual The FSC Hasnt Been Honest (56)
    • rawalex: Congrats, you just made my “dickwad” list. That is reserved for the very special people in the world who are unable to read...

Cyprus Freezes Accounts, AVN and Manwin Bank There

To make a long story short Cyprus banks are in trouble and they need bailing out by the EU.  The agreement being that Cyprus will levy a 6% charge on all accounts with under 100,000 euros and a 10% charge on all accounts over 100,000 euros.  The percentage taken will be converted to bank stock, which is virtually worthless.

Savings accounts in Cyprus have been frozen and ATMs are all empty.  The countries legislators will vote on this tomorrow and it is expected to pass.  Cypriot banks have long been tax shelters and places to hide ill gotten gains for eastern European crime syndicates.

Interestingly both Manwin and AVN are headquartered (officially) in Cyprus.  AVN’s Theo Sapoutzis is a Cypriot.

Manwin has been in the process of relocating it’s headquarters to Dublin, Ireland but they apparently still have cash assets in Cyprus.

Looks like people are going to have to look elsewhere to launder money now…..