Spin magazine founder Bob Guccione Jr., son of Penthouse publisher Bob Guccione, vowed yesterday to continue publication of his magazine despite a statement released by Penthouse that Spin had ceased publication.

"Spin was and is mine," Guccione Jr. insisted at a New York news conference. "We've been covering production costs since January and I have offers for financing in excess of our needs."

Although owned by Guccione Jr., the pop music magazine was published and financed by Penthouse under the terms of a five-year agreement between father and son.

While Guccione Jr. and his staff have been forced out of their Penthouse offices, Bob Jr. has no harsh words for his father. "I don't think he means any harm. I have no antagonism toward him whatsoever," he said. "It was a difficult decision for him. It has cost him the $3 million he invested in startup costs for Spin, money he has no chance of getting back unless I can make it in future profits."

Madonna Takes Times Square

Times Square could do without 10,000 screaming pop fans adding to its chaotic character, but when Madonna is around, there's no telling what will happen. This time, the shapely, ever-so-trim pop star surfaced sans husband Sean Penn for the premiere of her new film, "Who's That Girl."

Thousands of fans packed the streets to see her on a small stage set up on a traffic island. "I guess this is what you call making a spectacle of yourself," she told her audience. "This is real irony. Ten summers ago I made my first trip to New York and I didn't know a soul here. I told the taxi driver to drop me off right here in the middle of Times Square. I was completely awestruck. And now here I am looking at all of you ... and I'm completely awestruck."

Billionaire Sid Bass & Wife Split

Billionaire Sid Richardson Bass, a principal stockholder in the Walt Disney Corp., has filed for divorce from his wife of 22 years, Anne Hendricks Bass, who is one of the country's most prominent ballet patrons. The Basses' marital problems have been widely chronicled since Sid Bass was linked in 1986 with New York socialite Mercedes Kellogg, wife of a former U.S. diplomat and an heir to the Kellogg cereal fortune. Bass wants control of property belonging only to him and wants his wife to be given control of property belonging to her. The filing asked that, if he and his wife are unable to agree on a division of property, the court step in and provide terms of an agreement.

Ballet Critic's Faux Pas

The San Francisco Chronicle has removed a dance critic from his duties after he wrote a review of a San Francisco Ballet performance that had been canceled, the newspaper said yesterday.

The review by Huewell Tircuit, which ran in the paper Monday under the headline "S.F. Ballet Misses a Step at Stern Grove," was a pan. The ballet, entitled "Bizet Pas de Deux," had been dropped from an outdoor Sunday afternoon appearance but was still listed on the printed program. One of the principals, Ludmilla Lopukhova, was suffering from a sore back.

In his review, Tircuit said Lopukhova and the other featured dancer, David McNaughton, "looked a tad bit dumpy ... Lopukhova's potato-drenched Russian training seemed less heavy than in the past."

In a published announcement, Executive Editor William German apologized to the newspaper's readers and the ballet company, which he said suffered "embarrassment and pain" due to the review.

German said Tircuit told editors he believed he was ill when he reviewed the performance and could not clearly recall how he made the error. "Shortly after he arrived at the Chronicle office on Monday morning, Tircuit collapsed at his desk and was taken to a local hospital," German said.

Soviet Pianist to Play Here First Soviet pianist Vladimir Feltsman will perform his first U.S. concert at the White House on Sept. 27, presidential spokesman Marlin Fitzwater announced yesterday. Feltsman and his wife Anna, accompanied by their 4-year-old son, flew Thursday from Moscow to Vienna, ending an eight-year effort to emigrate from the Soviet Union.