Looks like Citigroup wasn't the only one struggling to get through the weekend. The WSJ is reporting that Alpha Media, the publisher of laddie magazines Maxim and Blender, is in "restructuring talks that are expected to turn over the company to creditors." Just to give you a sense of how closely everything is tied together, Alpha Media was purchased in 2007 by superstar deal-maker Steve Rattner's Quadrangle Capital Partners — Rattner's firm also happens to be in charge of Mayor Bloomberg's fortune.
Quadrangle's private-equity fund paid about $250 million for Alpha Media in August 2007, lauding the company as an "unrivaled" play for reaching 18-to 34-year-old males. The New York-based firm put up about $90 million of equity and borrowed the rest to purchase the titles from British publisher Felix Dennis.
Like everyone else even remotely involved with Wall St. Rattner's firm is "struggling with its private-equity portfolio and recently unwound its hedge fund amid market turmoil." That and both Blender and Maxim
