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Bunimovitz, 4 Investors Claim Majority Ownership of Private

NL-Props to X-biz today. They wrote, posted and shared four great stories this morning while I was still sleeping. Thanks guys!

Bunimovitz, 4 Investors Claim Majority Ownership of Private
By Lyla Katz,
Tue, Sep 21 2010

LAS VEGAS — Former Private Media Group CEO Ilan Bunimovitz and four large investors have joined together, claiming that collectively, they hold more than 50 percent of the voting powewr of Private’s common stock.

The stockholders are Consipio Holding BV, which purports to hold 5.6 million shares of the company; Tisbury Services Ltd., which owns 2.8 million shares; Bunimovitz, who owns 1.9 million shares; and financier Claudio Gianascio.

They claim they are the majority shareholders and together hold a majority interest in Private, according to documents obtained by XBIZ.
In an amended complaint, which was filed this month at Clark County District Court in Las Vegas, the shareholders executed a written consent changing Private’s bylaws.

The major changes limit the ability of Privates’ board of directors without the approval of the shareholders to issue additional shares of capital stock or to approve related party transactions or contracts and establish the annual meeting date to be held at the Issuer’s office in San Francisco.

The complaint states that these changes to the bylaws are not expected to impede the acquisition of control of Private by any person.
Meanwhile, Private has vowed to file counterclaims against Bunimovitz, seeking monetary damages and other relief.

The move is in response to Bunimovitz’s and the investors’ claims alleging mismanagement of the company’s business by the company’s three independent directors, Johan G. Carlberg, Peter Dixinger, Bo Rodebrandt and Private’s CEO and chairman Berth Milton.
Bunimovitz and Consipio Holding weren’t immediately available for comment by post time.

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