Porn king’s empire shrivels

Stuff.co.nz 08/07/2009

Creditors of two of Steve Crow’s failed companies are unlikely to see any of their money again, although the porn entrepreneur has transferred the firms’ assets into another company and continues to trade. Vixen Direct, an importer and wholesaler of adult DVDs, and Erotica Expo, the operator of the Erotica sex expos, were both put into liquidation in May at Mr Crow’s request. He was the sole director of both companies, which have since been renamed Z4K74D and Malibu Media. Lloyd Hayward of accountants Meltzer Mason Heath, the liquidator for both companies, said Vixen Direct owed $262,000 to unsecured creditors and Erotica Expo owed about $145,000.

There was not much chance of creditors getting money back, he said. “There’s not a lot of money available in the first place if you look at the book value of the assets.” Mr Crow blamed the demise of Vixen Direct on parallel importing and piracy. Erotica Expo was hit by poor attendance at its last two shows, in Wellington in November and Christchurch in March, he said.
http://www.stuff.co.nz/business/industries/2573271/Porn-kings-empire-shrivels