Private Media Group's Board OKd by Nevada Judge

Mar 31, 2012 12:30 PM PST

LAS VEGAS — Could the Private Media Group shareholder suit be coming to a conclusion?

Clark County Judge Elizabeth Gonzalez entered an order March 21 that signals just that.

In the order, Gonzalez  confirmed the results of the Jan. 11 shareholder meeting, approved the board of directors at the meeting (voting in Eric Johnson, Anna Maksimova, Charles Prast, Ilan Bunimovitz, Michael Martinez and now-departed James McCormick), dissolved the preliminary injunction from November 2010 and  terminated the receivership, which was held by Johnson.

Private has been embroiled in a long-running suit that pits shareholders — led by Consipio Holding BV, Tisbury Services Inc., shareholder Claudio Gianascio and shareholder and former CEO Bunimovitz — against front-office management, including Berth Milton, who was suspended indefinitely and now apparently ousted as CEO.

The plaintiffs claimed the company had been rocked by embezzlement, among other charges, from moves by Milton and former directors.

The company's stock, now on the Pink Sheets, has dipped substantially in the past year. A year ago, the stock traded at about $1.60 a share.

Today, Private trades at 12 cents a share.

The parties will next meet at Clark County District Court for a status hearing on April 12.

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