Consipio: Private Has Failed to Register 1.65M Shares

NEW YORK — Consipio Holding Group, which claims to hold 5.6 million shares of Private Media Group stock, filed a second amended compliant against the adult entertainment giant to recover on a promissory note, guarantee and pledge agreement.

The amended complaint, which was filed on Dec. 22 at New York State Supreme Court, claims that in December 2001, Private executed a note for $4 million and agreed to repay Commerzbank, a stock corporation, the full amount including interest.

At the same time, Slingsby, a shell corporation Consipio claims was formed by Private Media chairman and CEO Berth Milton to handle his personnel assets and is “nothing more than Milton’s alter ego,” executed a shareholder guaranty as well as a pledge agreement, guaranteeing payment of all of Private’s obligations.

The amended complaint claims that Private and Slingsby failed to pay any portion of the amount due under the note by March 2003.

In April 2003, Commerzbank sold the note to Consipio, which also purchased all of Commerzbank’s rights under the guaranty and note documents.

Both Consipio and Private entered into an agreement to modify the note, extending its maturity date to April 2008.

When the maturity date arrived, Private refused to pay the remaining balance on the note, which is currently in default, according to the amended complaint.

Since then, Consipio has demanded that Slingsby and Private cooperate with Consipio to register 1.65 million shares of the 5.6 million shares of common stock pledged by Slingsby as collateral.

“Consipio holds a certificate registered to Slingsby for said 1.65 million shares, but Slingsby, Miton and Private have impeded Consipio’s ability to register said shares in Consipio’s name,” the complaint said.

Consipio claims it has suffered injury and seeks compensatory damages, interest, costs and other fees to be determined at trial.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Justices Alito, Thomas Invoke Victorian-Era Morality Law, Raising Censorship Concerns

Several national publications reported this week on widespread concern among Free Speech advocates after U.S. Supreme Court Justices Samuel Alito and Clarence Thomas repeatedly invoked during a hearing the infamous segregation-era law the Comstock Act, which was the cornerstone of U.S. censorship of sexual material from the 1870s until the 1970s.

Skinfluential Management's FansFuel Acquires Fanwire

Creator stats and affiliate marketing platform FansFuel has acquired creator account management tool Fanwire.

Nebraska AV Bill Moves Forward Despite Privacy, Free Speech Concerns

Nebraska’s unicameral Legislature has given first-round approval to LB 1092, the state’s version of the age verification bills being sponsored around the country by anti-porn religious conservative activists.

AEBN Celebrates 25th Anniversary

The Adult Entertainment Broadcast Network (AEBN) is celebrating its 25th year in business this week.

Performers in Meta Blacklisting Lawsuit Seek to Preserve Antitrust Claims

Adult Performance Artists Guild board officers Alana Evans, Kelly Pierce and Ruby have informed a California court that, although they want to drop their lawsuit claiming that Meta conspired with OnlyFans to blacklist rival premium fan platforms’ talent, they may still pursue antitrust claims in the future.

FSC, Co-Plaintiffs to Ask US Supreme Court to Review Constitutionality of Texas Age Verification Law

Free Speech Coalition (FSC) and its co-plaintiffs in the challenge to Texas’ controversial age verification law have petitioned the United States Court of Appeals for the 5th Circuit to stay its recent decision upholding the law, because they intend to appeal to the U.S. Supreme Court to review the law’s constitutionality.

FSC Vows to Fight Florida Age Verification Law

Free Speech Coalition (FSC) has issued a statement vowing to continue fighting Florida’s new age verification law, which was signed by Gov. Ron DeSantis on Monday as part of a comprehensive bill targeting minors’ use of social media.

Kansas Republican Aims to Create New Bureaucracy to 'Investigate' Porn Websites

Republican state legislators succeeded Monday in moving forward Kansas’ version of the age verification bills being sponsored around the country by anti-porn religious conservative activists, despite serious concerns raised by House Democrats about the cost of establishing a new bureaucracy tasked with investigating websites for pornographic content.

SK Intertainment Launches 'Skinfluential Management' Agency, FansFuel Joint Venture

Mr. Skin/Mr. Man parent company SK Intertainment has launched new creator agency Skinfluential Management, as well as a new joint venture with Showbizz Media's creator stats and affiliate marketing platform, FansFuel.

Industry Attorney, Free Speech Champion Clyde DeWitt Passes Away at 75

Noted industry attorney Clyde DeWitt passed away on Friday in Las Vegas at 75, according to friends and colleagues.

Show More