Private Media Group Taps New Director

Oct 31, 2011 12:30 PM PST

BARCELONA — Private Media Group's board of directors has appointed Stefan Gunnarsson as a director to fill the vacancy on the board created by the resignation of Peter Dixinger.

Gunnarsson will serve until the company’s 2011 annual meeting of shareholders, which hasn't yet been scheduled. He also has been appointed to serve on the company’s audit committee.

Gunnarsson, an advisor to a Swiss investment funding company, is business development director and co-founder of a management company for customer care, technical support and sales programs.

"Mr. Gunnarsson has not had any direct or indirect material interest in any transaction during the last two years, or proposed transaction, to which the company was or is to be a party," the company said in a statement. "There were no arrangements or understandings between Mr. Gunnarsson and any other persons pursuant to which Mr. Gunnarsson was selected as a member of the company’s board of directors."

In late August, a Clark County, Nev., judge entered an order appointing Eric Johnson, a Private director and CEO of Private division Sureflix, the receiver for the company.   

The receivership is the result of a judge's order in Las Vegas suit that pits litigating shareholders — led by Consipio Holding BV, Tisbury Services Inc., shareholder Claudio Gianascio and shareholder and former CEO Ilan Bunimovitz — against current front-office management.

The plaintiffs claim the company has been rocked by embezzlement, among other charges, brought on by CEO Berth Milton and former shareholders.

The company's stock on the Nasdaq has dipped substantially in the past year. A year ago, the stock traded at about $1.60 a share. Today, Private trades at about 50 cents a share.  

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