Judge Sides With Private Media Investor, Denies Motion

Oct 6, 2010 2:00 PM PST
LAS VEGAS — A Las Vegas judge handed a group of Private Media Group investors a victory today, denying Private’s motion to keep Consipio, a Private investor, from exercising its voting rights in an upcoming shareholders meeting.

Consipio claims to own 5.6 million shares of Private common stock and has recently joined with Tisbury Services Ltd., which owns 2.8 million shares; Private’s former CEO Ilan Bunimovitz, who owns 1.9 million shares; and financier Claudio Gianascio to claim that they hold more than 50 percent of the voting power.

Together, they claim that they are the majority shareholders and together hold a majority interest in Private.

In September, the shareholders executed a written consent changing Private’s bylaws.

The major changes limit the ability of Privates’ board of directors without the approval of the shareholders to issue additional shares of capital stock or to approve related party transactions or contracts and establish the annual meeting date to be held at the Issuer’s office in San Francisco.

The stockholders also recently filed an additional amendment to Private’s bylaws, including fixing the number of board of directors at six until amended by vote or consent of the stockholders and establishing the third Thursday of November as the date for the next annual stockholders meeting to be held on Nov. 18, 2010.

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