Home > News > Private's Annual Meeting Slated for Aug. 16 • Bookmark   • Newsletters   • Register Search Options

NEWS STORY

Private's Annual Meeting Slated for Aug. 16

Private's Annual Meeting Slated for Aug. 16
Get XBIZ News
Jul 13, 2011 10:15 AM PDT    Text size: 

LAS VEGAS —  A Nevada judge has ordered that Private Media Group hold its annual meeting on Aug. 16, when shareholders will vote for directors of the company.

Clark County Judge Elizabeth Gonzalez ordered a new shareholders vote after an earlier one had been invalidated by the court.

She earlier ruled that 3.95 million shares were "concealed" by CEO Berth Milton, who had been required to provide them to Consipio Holding BV after Private defaulted on its debt to Consipio.

Gonzalez, in her order, said that the annual meeting will be held at Private’s Barcelona  headquarters with a live video-conference connection to the Las Vegas offices of plaintiffs’ counsel — Lionel Sawyer and Collins.

The order is a result of litigation between former CEO Ilan Bunimovitz and Private.

In the suit, Bunimovitz claims he was terminated as CEO for demanding a probe of Milton’s alleged "self-dealing" transactions. Bunimovitz's lawsuit, which included Private creditor and co-plaintiff Consipio, alleges mismanagement of the company’s business by Private’s three independent directors and current CEO Milton.

Gonzalez in her earlier ruling said that Consipio claims to be owed $5.5 million by Private and that this debt is secured by 5.6 million shares of Private stock, about  27 percent of the shares of Private’s outstanding shares.

But Consipio was only allowed to vote 1.65 million of those shares, and its directors’ slate lost by less than 600,000 shares, Gonzalez wrote in that ruling.

In related news, Private on Monday said that on July 1 the current board of directors voted to appoint Lars Ryd to fill a vacancy on the board for Bernt Akander, who resigned. Ryd will serve until the company’s annual meeting next month.

More ways to get XBIZ News:  RSS Feeds  |  E-Newsletters  |  Desktop Widget  |  Mobile
Looking for porn star news and behind-the-scene videos? Check out XFANZ.com !

LEGAL PERSPECTIVES

Data Privacy Is Tightening Up in the E.U.

Have you begun preparing for GDPR? If you are like most, you haven’t even heard of GDPR, but also if you are like most, it is going to affect your business, starting May 25, 2018. The GDPR, or General... More »

Preventing Legal Problems Before They Start

Dentists typically recommend that a person’s teeth be cleaned every six months and that oral X-rays be taken at least once every year. Internists recommend that a person receive a physical examination... More »

Could Adult Content Be Banned?

Earlier this month, I met with the Free Speech Coalition’s board of directors for our annual review. Despite the headwinds our industry faces, politically and economically, we are, as an organization,... More »
XBIZ NEWSLETTERS
Stay informed of the latest industry developments. Get XBIZ newsletters delivered to your inbox. Subscribe today!
Enter email address:

* To manage existing subscriptions click here.






POPULAR PRODUCTS & SERVICES
Submit your press release to
multiple news outlets with 1 click.
Subscribe to RSS news feeds or
add free content to your website.
Access XBIZ news and articles
with your mobile device.
Subscribe to XBIZ Premiere magazine, the industry's leading adult retail trade publications, delivering the most timely and comprehensive business news and information to producers and retailers of adult products.

UPCOMING EVENTS

Latin America Adult Business Expo

Jul 10 - Jul 12
Cartagena, Colombia

ANME Founders Show

Jul 16 - Jul 18
Los Angeles Marriott Burbank Airport

QWEBEC Expo

Aug 03 - Aug 06
Montreal, Quebec

XBIZ Berlin 2017

Sep 11 - Sep 14
Berlin, Germany
Everyday thousands of business professionals browse XBIZ's industry directory for quality products and services. Not listed yet? Your company could be losing potential new business. Submit your company today!
Use XBIZ RSS feeds to stay informed of the latest industry developments or as a content syndication tool for your website!