Home > News > Private CEO Berth Milton Suspended, CFO Fired • Bookmark   • Newsletters   • Register Search Options

NEWS STORY

Private CEO Berth Milton Suspended, CFO Fired

Private CEO Berth Milton Suspended, CFO Fired
Get XBIZ News
Dec 20, 2011 3:15 PM PST    Text size: 

BARCELONA — Private Media Group's Berth Milton has been suspended indefinitely as president and CEO of the company.

In addition, Johan Gillborg, Private's chief financial officer and corporate secretary, has been fired.

The suspension and termination were effective last Thursday, XBIZ has learned.

Eric Johnson, the receiver for the Barcelona-based company, will carry out the chief executive responsibilities during the suspension and also will serve as CFO and corporate secretary until one is appointed.

Johnson, who also is CEO of Private unit Sureflix Digital Distribution, ordered the personnel moves.

The receivership is the result of a Las Vegas suit that pits litigating shareholders — led by Consipio Holding BV, Tisbury Services Inc., shareholder Claudio Gianascio and shareholder and former CEO Ilan Bunimovitz — against front-office management.

The plaintiffs claimed the company has been rocked by embezzlement, among other charges, brought on by Milton and former shareholders.

But even after a court-ordered receiver to oversee the company's operations was appointed, Milton was said to have removed $24,000 in Private funds from company bank accounts without the receivership's consent and refused the receiver's entry into the office's building.

In addition, Milton, according to an opposition to Private's emergency stay of order appointing a receiver, "attempted to transfer the valuable Internet domain name Private.com from the corporation's name into his own name without the receiver's knowledge or consent."

Private operates 20 divisions, including Cine Craft Ltd. of Gibralter, Coldfair Holdings Ltd of Cyprus,  Fraserside Holdings Ltd. of Cyprus,  Peach Entertainment Distribution AB of Sweden, Milcap Media Group SL of Spain, Private Media Group Services SL of Spain, Private Benelux BV of The Netherlands, Private France SAS of France, Private North America Ltd. of California, Barbuda BV of The Netherlands, Ceresland SL of Spain, Private Media Group Canada Inc. of Canada, Fraserside IP LLC U.S. of Iowa, ThinkForward Inc. of California, GreenCine Inc. U.S. of Delaware, Mama’s LLC U.S. of Delaware, GameLink LLC of Delaware, eLine LLC of Delaware, Sureflix Digital Distribution Inc. of Delaware and Entruphema Inc. of Canada.

The company's stock, now on the Pink Sheets, has dipped substantially in the past year. A year ago, the stock traded at about $1.60 a share; today it is at 29 cents.

Private officials did not immediately respond to XBIZ for comments on the personnel moves.

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 !

BUSINESS ANALYSIS

Adult Biz Faces More Obstacles Past Prop. 60 Battle

On Feb. 1, I completed 365 days as the Free Speech Coalition’s executive director. It was a turbulent first year, and when I received the 2017 XBIZ Industry Leadership Award I was startled, humbled... More »

Ad Networks: A Look at Compliance Issues

Among the major concerns of online marketers when evaluating advertising creatives are the return on investment, click-through and engagement rates, (re)targeting and opportunities for micro-tuning monetization.... More »

Ad Networks: Maximizing Precious Time and Resources

For traffic-savvy adult website operators and marketers, buying ad space and premium placement on select sites is a proven method for attracting audiences. This has traditionally involved studying a site’s... 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

Phoenix Forum 2017

Mar 23 - Mar 26
Tempe, Arizona

EXXXOTICA Denver

Mar 31 - Apr 02
Denver, CO.

Eurowebtainment 2017

May 17 - May 20
Majorca, Spain

XBIZ Retreat

May 30 - Jun 03
Miami, Florida
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!