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With the house of cards that’s Manwin ready to topple over, New Frontier Media must be breathing a sigh of relief.

In March of this year New Frontier Media which oversees nine adult-themed pay-per-view networks, including XTSY, TEN and Penthouse TV, received an unsolicited takeover bid from Manwin which offered $1.50 a share in an attempted buy-out.

Manwin said at the time it was “highly impressed” with New Frontier Media and its management team and believed the company stock has been undervalued.

“Our recent experience with Playboy TV proves to us the value of TV as a distribution platform, and we have been seeking ways to foster additional business in that segment of the industry,” said Fabian Thylmann at the time.

“New Frontier Media’s business is a natural fit which should create synergies immediately benefiting both Manwin’s pay TV providers and their customers.”

Based in Luxembourg, Manwin owns many of the major online porn sites (like Brazzers and Twisty’s), oversees Playboy’s online and television operations, manages the online operations of Wicked Pictures and in January signed a deal to buy Digital Playground, one of the industry’s largest filmmakers.

Larry Flynt, however, got the last laugh when he completed his tender offer for shares in the Boulder-based adult-entertainment company just days before the announcement of Thylmann’s arrest.

L.F.P. Inc., offered $2.02 per share — or about $29 million — plus a contingent cash payment right of 4 cents for shares of New Frontier.