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Ilan Bunimovitz, 2 Large Investors Seek Injunction Against Private
Thu, Aug 12 2010 03:15pm PDT
LAS VEGAS — Former Private Media Group CEO Ilan Bunimovitz and two large investors have filed suit against the adult entertainment giant, claiming it is mismanaged by its present chairman and board of directors.
The suit, filed at Clark County District Court in Las Vegas, seeks an injunction over much of Barcelona-based Private’s business activities and seeks the appointment of a receiver.
A hearing over the matter begins Friday morning in Las Vegas.
Joining Bunimovitz as plaintiffs are stockholders Consipio Holding BV, which purports to hold 5.6 million shares of the company, and Tisbury Services Ltd., which owns 2.8 million shares. Bunimovitz owns 1.9 million shares.
The proposed injunction would enjoin Private from issuing any additional shares of stock, incurring any additional debt, disposing of any business assets outside of the ordinary course of business and making any loans to any officer, affiliate or director of the company.

See the full article from “XBIZ Newswire”