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from www.wsj.com – FriendFinder Networks Inc. (FFN) agreed to pay Broadstream Capital Partners Inc. a total of $15 million to settle a long-running breach-of-contract lawsuit.

In a Securities and Exchange Commission filing earlier this year, the Web-focused owner of Penthouse magazine had disclosed that a liability of more than $15 million in the breach-of-contract case, filed in late 2007, could constitute a default under its debt covenants.

FriendFinder Chief Executive Marc Bell [pictured] said, “We are pleased to have settled this matter at the low end of our potential exposure. Now that we have removed the uncertain impact of this litigation we look forward to continuing with our plans for acquisitions and organic growth.”

Without the settlement, FriendFinder, which went public in May, would have faced a potential liability of $10 million to $47 million if it lost the case in arbitration.

The payments are due in three installments of $8 million, $5 million and $2 million, due July 13, Sept. 29 and Jan. 2, respectively.

The biggest websites operated by FriendFinder are AdultFriendFinder.com, which promises “Real People, Real Sex,” and at the opposite end of the spectrum, BigChurch.com, a Christian dating site. Its revenue subscription model faces competition from many other sites, including free ones.

Shares closed at $3.95, down 61% from its initial public offering price of $10. The stock was inactive premarket.