The auditor for General Media Inc., publisher of Penthouse and other magazines, has said there is substantial doubt about the company's ability to continue as a going concern. In the company's annual report filed late Thursday with the Securities and Exchange Commission, Grant Thornton LLP, the auditor, said the company's liabilities exceeded its assets by $22.3 million at the end of last year and it is unlikely that it can earn enough to make all its interest payments due in 2002. The privately held New York-based company said it had laid off 39 employees, 26 percent of its total work...
