Private Seeks Court Action to Approve Inspector’s Report

Jan 27, 2011 4:00 PM PST
LAS VEGAS — Private Media Group has filed an emergency motion with the court asking to allow the company to accept its final report of the independent Inspectors of Elections before it becomes de-listed from NASDAQ.

According to the third-party’s report, the company’s six board nominees had received the highest number of votes at the annual shareholders meeting last November.

Under Nevada law, these six nominees with the highest number of votes are elected to the board of directors. However, the report could not be deemed final and effective until it received approval of the court.

As of Jan. 4, the court refused to either modify or confirm the inspector’s report leaving the current board directors in office pending further order of the court or until the company convenes at its annual shareholder’s meeting.

Private said if the court does not grant it’s request on a timely basis, it will consider an appeal to the Nevada Supreme Court seeking approval of the final report.

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