Consipio wants the stockholders to elect Private’s former CEO Ilan Bunimovitz, David Dohrmann, Eric Johnson, Alexander V. Matveev, Charles William Prast and John S. Wirt to serve on the company’s board.
According to documents obtained by XBIZ, Consipio believes that Private’s board has failed to direct the affairs of the company in a manner that is in the best interest of Private’s stockholders due to inappropriate influences and control exercised by the company’s chairman and principal stockholder Berth Milton.
The filing also said Consipio believes that significant changes to the board are necessary to ensure the company is managed in a manner consistent with the best interested of all stockholders.
Consipio said it believes that Private has outstanding unsecured short term loans of 7.3 million euro to Slingsby, a company owned and controlled by Milton, and that payment has not been received by Private since 2004.
The filing goes into further detail about the current amounts outstanding and owed to Private and the dealings that Consipio believes went on that lead to the company’s mismanagement.
Consipio believes that Milton’s conflicts of interest and actions warrant further investigation by the company and that the facts confirmed in public filings demonstrate that the board as a whole has been subject to inappropriate influence and control by Milton.
As a result, Consipio said, the board has not been properly accountable to the company’s stockholders.