Porn is an indulgence best enjoyed private, as Paul Reubens would likely tell anyone not too creeped out to sit next to him. But unlike the former Pee Wee Herman actor, Walter Lichtenstein likes his porn private for a less corporeal reason: cash. Lichtenstein, through his hedge fund Steel Partners II, recently informed Boulder, Colo.-based porn producer New Frontier during a board of directors meeting that he desperately wants to perform a management buyout of the company, in which Steel Partners has a 15% stake. He even told the board--softly, CFW imagines--that he'd pay a premium for that stock in an LBO. We can't help wonder if Lichtenstein's real goal is to produce a porn movie named after his hedge fund.