Ever since Playboy invented its formula of sex and pop hedonism in the 1950s, moneymen have wondered just how much cash the magazine and its many offshoots have earned for Hugh Hefner. The answer came last week as Playboy Enterprises, Inc. prepared to make its first public stock offering and filed required financial statements with the Securities and Exchange Commission. The underwriter, Loeb, Rhoades & Co., set a "maximum offering price" of $25, meaning that the stock will probably go on the market in November for that amount or slightly less. If it is close to $25, Playboy's creator...
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