After Ruling, Private Reconstitutes Its Board
LAS VEGAS — Private Media Group, just days after a Las Vegas judge invalidated a shareholder vote for its board of directors, has reconstituted its board.
Private, in papers filed with regulators Friday, said that the board will continue to be managed by Berth Milton, Bo Rodebrant, Brent Akander, Peter Dixinger, Jan Jensen, Ilan Bunimovitz and Eric Johnson.
Bunimovitz, prior to the court's invalidation of the shareholder vote, came in seventh in director election tabulations out of six board seats at the company's annual meeting.
Last week, Private was ordered by a judge to hold a new shareholders’ vote.
The ruling at Clark County District Court is the result of litigation between former CEO Bunimovitz and Private since his firing in July 2010.
In the suit, Bunimovitz claims he was terminated for demanding a probe of Milton’s alleged "self-dealing" transactions.
Bunimovitz's Nevada lawsuit, which included Private creditor and co-plaintiff Consipio Holding BV, alleges mismanagement of the company’s business by Private’s three independent directors and current CEO Milton.
In September, Private filed counterclaims against Bunimovitz and Consipio, alleging that Bunimovitz breached his fiduciary duty as a director and CEO of Private by improperly conspiring with Consipio to take control of the Barcelona-based adult entertainment company.