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Private Receiver Wants Stay Clarification; Board Director Resigns

Private Receiver Wants Stay Clarification; Board Director Resigns

BARCELONA—As previously reported by AVN, an emergency motion was filed this week with the Nevada Supreme Court by lawyers for Consipio Holdings and other co-litigants, seeking expedited clarification regarding a Jan. 5 order by the court that permanently stayed “the underlying district court proceedings” in District Court case Consipio v. Private. Yesterday, Private Media Group’s court-appointed receiver, Eric Johnson, filed his own emergency motion seeking to intervene and join the Consipio motion.

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“This Court's Order of January 5, 2012, coupled with the lower court's interpretation that constitutes a stay of the entire proceedings, not just as to Berth Milton, has a direct impact on the Receiver and his abilities to carry out his duties as ordered by the Court,” wrote Greenberg Traurig attorneys Thomas Kummer and Tyler Andrews for Johnson. “The Receiver respectfully requests that he be permitted to intervene in this matter and to join Consipio Holding BV's Emergency Motion for Clarification of this Court's of January 5, 2012. Clarification of this Court's Order directly affects the actions of the Receiver in this matter.”

The attorney for former Private CEO Berth Milton also has filed a motion, in opposition to Consipio’s emergency motion, arguing that no clarification is necessary and that the court’s interpretation of the Jan. 5 order means that the Private Board of Directors as it was constituted on that date is in charge of the day-to-day operations of the company, and not the receiver.

In related news, Private Media Group announced today in an 8-k filing that one of the new directors elected by shareholders at the January 11 meeting held in Las Vegas has resigned.

“On February 5, 2012, James McCormick resigned as a member of the Board of Directors of Private Media Group, Inc. (the ‘Company’),” read the filing. “Mr. McCormick’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”






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