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Private's Annual Meeting Slated for Aug. 16

Private's Annual Meeting Slated for Aug. 16
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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.

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