Consipio Asserts 25.7% Stake in Private Stock to U.S. Regulators

Dec 27, 2011 10:30 AM PST

WALSOORDEN, The Netherlands — Consipio Holding BV has filed with U.S. regulators its intention to exercise voting rights of 5.6 million shares of Private Media Group stock when the board of directors election takes place on Jan. 11.

The filing, made by Consipio Managing Director Jacques deBliek on Friday, is another signal that a change in the composition of Private's board of directors could take place.

With the filing, Consipio of The Netherlands has formally acknowledged to the U.S. Securities and Exchange Commission that it has the power of attorney to act in the name of Slingsby Enterprises Ltd. in its voting rights.

The 5.6 million shares of Private company stock are equal to a 25.7 percent stake in the company.

The voting and investment power of 5.6 million shares is the result of a pledge agreement with Slingsby — owned by now-suspended CEO Berth Milton — and subsequent court orders in a Las Vegas suit led by Consipio, Tisbury Services Inc., shareholder Claudio Gianascio and former company CEO Ilan Bunimovitz.

In the Las Vegas suit, Milton had been charged with loaning Slingsby $10 million in loans without repaying any of the funds back to Barcelona-based Private.  

On Friday, XBIZ learned that Private Media Group started sending out letters to shareholders revealing a new slate of nominees for the seats by Consipio to oppose Private's own slate of board nominees.

Consipio's slate of board nominees are Bunimovitz, current receiver Eric Johnson, Anna Maksimova, Michael Martinez, James McCormick and Charles William Prast.

Private, meanwhile, has nominated Milton, Stefan Gunnarsson,  Jan Jensen, receiver Johnson, Bo Rodebrant and Lars Ryd for the seats.

Milton was suspended last week by receiver Eric Johnson, who also fired Private's chief financial officer and corporate secretary, Johan Gillborg.

The result of the election, to take place at the law offices of Greenberg Traurig in Las Vegas, will be based on shareholder equity.

Milton controls 41.5 percent of the company's stock. RS Platou of Norway holds 13.4 percent of Private stock, which includes 1.8 million shares apparently held by Milton through Platou's margin brokerage account. Those 1.8 million shares are equivalent to 12 percent of the company.

Milton's adversaries — Consipio, Bunimovitz and Tisbury — control 47 percent.

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