LAS VEGAS, Nev.— from www.avn.com – The District Court judge in Consipio v. Private Media ruled on a motion by Private that would have denied Consipio Holdings the right to vote its 5.6 million shares of Private common stock.
“Motion denied,” the judge said, in a Las Vegas courtroom, bringing the hearing to a quick conclusion.
The judge’s ruling shifts the balance of power among Private shareholders away from the current CEO Berth Milton and his supporters to a group of shareholders that includes current plaintiffs Consipio, Tisbury Services and former CEO Ilan Bunimovitz [pictured], and other shareholders—the aggregate of whose shares amount to a shade over 50 percent of outstanding Private common stock.
The ruling also signals an inevitable shake-up of Private’s Board of Directors, as well as the possible removal of Milton as CEO of the company.