Major incident at the Private's headquarters ** Developing Story ** - Page 2 - GoFuckYourself.com

Phoenix · 08-30-2011, 10:20 AM

50 jfk snipes

Roald · 08-30-2011, 10:31 AM

From Xbiz

LAS VEGAS ? Private Media Group has formally filed with the Nevada Supreme Court an emergency writ to stay the motion for receivership, claiming the judge in the case abused her discretion in appointing a receiver.

The appointment of a receiver for the multinational adult entertainment company is potentially damning, Private counsel say, and already the receiver ? Sureflix unit CEO Eric Johnson ? hasn't wasted any time in exercising his authority, including with its finances.

"Within hours of the order being signed and before the order was even formally entered, he emailed relevant financial officers and directed that, 'Effective immediately cease all payments including but not limited to, each and every account of the company's bank accounts, credit accounts, credit cards and any and all other accounts,' " Johnson said in an email to company officials, according to Private counsel. " 'Also halt the release of any payments in whatever form, be it check or bank transfer or any other method for which prior approved (sic) for payment or release has been given. Such hereby approval is hereby rescinded."

Private said in its emergency writ to the Nevada Supreme Court that Johnson's "first act as receiver may be all that is required to destroy this company and its subsidiaries."

Private said it wants the motion for receivership vacated because the appointment of a receiver is not authorized under Nevada corporate statutes and that Clark County Judge Elizabeth Gonzalez abused her discretion in setting forth "a remedy that is unduly harsh."

"The unduly harsh remedy of appointing a receiver would create further disruption, likely resulting in an additional reduction of the stock price and the appointment could jeopardize and disrupt relations with vendors and customer, and lead to delisting from Nasdaq and the calling of loans," Private said in its motion.

Private counsel noted that the appointment of a receiver under an involuntary dissolution statute doesn't appear to have ever been applied to publicly traded companies, either in Nevada or other states.

Private, which has criticized the judge for "personal bias," also said that Gonzalez already knew and openly discussed the action she was going to take before the day of the hearing.

"Following a three-day trial in an unrelated matter known as CMKM Diamonds Inc. vs. Urban Casavant, et al., Judge Elizabeth Gonzalez stated the day before the Aug. 23 hearing on the appointment of a receiver: 'Hopefully my delisting of the publicly traded corporation will happen tomorrow morning, too, won't have to have a long hearing,'" Private said. "Not only does this demonstrate that the judge knew of and accepted such an adverse effect on the company."

When Gonzalez gave Johnson, a Private shareholder and Sureflix division CEO, the reins of Private, she gave the newly appointed receiver the immediate, free-wielding authority to exercise dominant control over the company, including the removal of directors and officers.

Gonzalez's ruling was frank and could lead to organizational changes and ousters within the company, which has nearly 20 divisions.

"To achieve control over any such subsidiary, Mr. Johnson or his designee or assignee shall be and is empowered by this court to remove, suspend and/or appoint directors, officers, administrators, managing members and employees of all of Private's direct and indirect subsidiaries," Gonzalez ordered.

The following day after the receivership was ordered, Private said in a filing with the Securities and Exchange Commission that the board would remain intact until the next shareholders vote at a later date.

The appointment of Johnson as receiver and surrounding legal claims taking place at Clark County District Court are the result of litigation between former CEO Ilan Bunimovitz and Private since his firing in July 2010.

In the suit, Bunimovitz claims he was terminated for demanding a probe of CEO Berth Milton?s alleged "self-dealing" transactions that total $10 million.

Bunimovitz's lawsuit, which included Private creditor and co-plaintiff Consipio Holding BV, alleges mismanagement of the company?s business by three Private directors and Milton.

Bunimovitz continues to have a vested interest in the stock. According to a June filing with the Securities and Exchange Commission, he owns about 1.9 million shares invested in Private stock.

According to Gonzalez's findings, "Milton caused Private to make numerous substantial unsecured loans to himself and entities he controls, serving no Private corporate purpose. These loans were not approved by the board of directors when made and Milton has made no attempt to repay them for at least the past five years."

Gonzalez further noted that the $10 million in loans to Milton's separately controlled business ? Slingsby Enterprises Ltd. ? have no maturity date and that Slingsby has yet to pay a penny back to Private.

The jurist cited scores of other examples to sway her decision over receivership, including that that the current board of directors has never demanded repayment of the loans ? now in its second year ? and that Milton himself acted as the compensation committee who paid himself $625,000, without approval by the board.

But the failure to take any "concrete steps" to affect an Aug. 15 shareholder meeting to choose a board, which likely would topple Milton's control over the company, was probably the lightening rod for the judge. (An earlier ruling invalidated the number of shares owned by Milton, who later voted against the Aug. 15 meeting.)

"Private knowingly disobeyed or, at the very least, knowingly and actively resisted in complying with the July 1 written order [that would have set a shareholder vote]," she wrote.

Scolding Private and Milton, Gonzalez said that Private's financial condition has deteriorated significantly since the case was filed and that outside auditors "continue to express doubt about Private's ability to continue as a going concern."

"Private's directors, most notably Milton, have been guilty of gross mismanagement in the conduct or control of Private affairs," she wrote. "Private has been unable to conduct its business in accordance with established principles of good corporate governance because of Milton's refusal to allow it to do so and his exercise of undue influence over Private's so-called 'independent' directors."

Private counsel is hoping the Nevada Supreme Court hears oral arguments on the emergency write on Sept. 8, when another Private appeals another matter in the case.

Bunimovitz, Private general counsel Samuel Guzik and Milton declined comment to XBIZ. Johnson did not immediately respond to XBIZ calls for comment.

JFK · 08-30-2011, 10:46 AM

Quote:

Originally Posted by Phoenix

50 jfk snipes

Dayumn, you're just too quick, you are

Stinger · 08-30-2011, 10:50 AM

Quote:

Originally Posted by gamelinkjeff

Actually Eric Johnson is in control of the company and I dont intend to work for someone that is shady like Berth with a proven track record of failed businesses. I have stuck around for the last year dealing with this shit fest while i have passed on a number of lucrative job offers, but if he continues to run the company im out. Ilan is as honest as the day is long and I am very proud to work for him and would go to battle till the death for him. Berth actions speak for themselves. This is the guy who announced piracy is a good thing when it is one of the biggest problems private was dealing with and he also thought the ipad is a fad. He is an old DVD guy that will never understand the online space. What is the worst that could happen to me? I get fired. Big deal. If Berth stays in power he will continue to destroy the company till he drives it into the ground. Either way im out of a job.

Since you sent him this thread plz send him this as well

http://youoffendmeyouoffendmyfamily....u_re_fired.jpg

Dude you Got BIGGER BALLS than ANY SHEMALES I have Seen so far... lollll

LIKE THAT BUDDY

Why · 08-30-2011, 10:55 AM

what a freakin fiasco.

didnt private once have to go to tax court because of related kinds of issues?

redwhiteandblue · 08-30-2011, 11:00 AM

Quote:

Originally Posted by Roald

"Within hours of the order being signed and before the order was even formally entered, he emailed relevant financial officers and directed that, 'Effective immediately cease all payments including but not limited to, each and every account of the company's bank accounts, credit accounts, credit cards and any and all other accounts,' " Johnson said in an email to company officials, according to Private counsel. " 'Also halt the release of any payments in whatever form, be it check or bank transfer or any other method for which prior approved (sic) for payment or release has been given. Such hereby approval is hereby rescinded."

I guess I won't be getting a payout any time soon

TheDA · 08-30-2011, 11:02 AM

Bang goes affiliate payments.

Links pulled.

JayDeeZee · 08-30-2011, 11:09 AM

Quote:

Originally Posted by redwhiteandblue

I guess I won't be getting a payout any time soon

Affiliate payments are not something that you should be worried about. I work form Eric Johnsons office. Please contact me directly to get payments sorted

Skype: jerrott.m Or ICQ: 332 476 407

spankmo · 08-30-2011, 11:19 AM

Well let's see if Milton shows up for his XBIZ London gig.

Wishing the best to the good guys in this whole sorry saga.

PAR · 08-30-2011, 11:20 AM

This world is already full of "YES" men that don't speak their minds, "YES" men in my opinion live in a world were they think they can get no other job so they need to stroke the corp cock in fear of loving out of a box... Good on you Jeff,

RycEric · 08-30-2011, 11:23 AM

Quote:

Originally Posted by spankmo

Well let's see if Milton shows up for his XBIZ London gig.

stephane76 · 08-30-2011, 11:44 AM

Quote:

Originally Posted by gamelinkjeff

Actually Eric Johnson is in control of the company and I dont intend to work for someone that is shady like Berth with a proven track record of failed businesses. I have stuck around for the last year dealing with this shit fest while i have passed on a number of lucrative job offers, but if he continues to run the company im out. Ilan is as honest as the day is long and I am very proud to work for him and would go to battle till the death for him. Berth actions speak for themselves. This is the guy who announced piracy is a good thing when it is one of the biggest problems private was dealing with and he also thought the ipad is a fad. He is an old DVD guy that will never understand the online space. What is the worst that could happen to me? I get fired. Big deal. If Berth stays in power he will continue to destroy the company till he drives it into the ground. Either way im out of a job.

Since you sent him this thread plz send him this as well

http://youoffendmeyouoffendmyfamily....u_re_fired.jpg

Respect Jeff

I am sure you ll be ok either way!

Quote:

Originally Posted by gleem

Funny that most people here don't give a crap about these "breaking news thread" since this board is 95% people who don't care about the Adult Video business, we only care about the online sponsors & webmastering, real ones not DVD/cable production porn companies with a half assed attempt at a paysite program.

Guess this is to be expected since AVN bought this board (for some reason or another)

V_RocKs · 08-30-2011, 12:06 PM

You ain't in America beeeeeeeee-otch-es!

Theo · 08-30-2011, 12:10 PM

AVN requested a comment on the incident and received a response that there would be no comment for an "internet created story."

The incident is verified and apparently there isn't an official decline of it.

anexsia · 08-30-2011, 12:44 PM

Quote:

Originally Posted by gleem

Funny that most people here don't give a crap about these "breaking news thread" since this board is 95% people who don't care about the Adult Video business, we only care about the online sponsors & webmastering, real ones not DVD/cable production porn companies with a half assed attempt at a paysite program.

Guess this is to be expected since AVN bought this board (for some reason or another)

I believe this is true, as an affiliate I care only about the sponsors I promote and potential new sponsors to promote...I check for news about them to keep up to date on new content, which ones aren't paying, etc.

MaDalton · 08-30-2011, 12:46 PM

Quote:

Originally Posted by AVN Theo

AVN requested a comment on the incident and received a response that there would be no comment for an "internet created story."

The incident is verified and apparently there isn't an official decline of it.

maybe send them the story on DVD

RycEric · 08-30-2011, 01:12 PM

Quote:

Originally Posted by AVN Theo

AVN requested a comment on the incident and received a response that there would be no comment for an "internet created story."

The incident is verified and apparently there isn't an official decline of it.

Berth's kids made them behind closed doors.

After all, he was the one who publically stated he couldn't control his kids, if they were pirating content, when they shut their doors. I guess the same should be said if they were smoking crack cocaine as well.

seeric · 08-30-2011, 01:26 PM

Quote:

Originally Posted by MaDalton

maybe send them the story on DVD

Ok, that was funny.

homegrownmof · 08-30-2011, 02:17 PM

Quote:

Originally Posted by JayDeeZee

Affiliate payments are not something that you should be worried about. I work form Eric Johnsons office. Please contact me directly to get payments sorted

Skype: jerrott.m Or ICQ: 332 476 407

What about IPTV lic deals? havent been paid for 2011 revs.

Either way glad things are changing over there...

- Moffitt T.

RyuLion · 08-30-2011, 02:20 PM

Quote:

Originally Posted by porno jew

links pulled until an annual meeting of shareholders later this year.

ilnjscb · 08-30-2011, 03:01 PM

Quote:

Originally Posted by gamelinkjeff

Actually Eric Johnson is in control of the company and I dont intend to work for someone that is shady like Berth with a proven track record of failed businesses. I have stuck around for the last year dealing with this shit fest while i have passed on a number of lucrative job offers, but if he continues to run the company im out. Ilan is as honest as the day is long and I am very proud to work for him and would go to battle till the death for him. Berth actions speak for themselves. This is the guy who announced piracy is a good thing when it is one of the biggest problems private was dealing with and he also thought the ipad is a fad. He is an old DVD guy that will never understand the online space. What is the worst that could happen to me? I get fired. Big deal. If Berth stays in power he will continue to destroy the company till he drives it into the ground. Either way im out of a job.

Since you sent him this thread plz send him this as well

http://youoffendmeyouoffendmyfamily....u_re_fired.jpg

PWNED!!

Nautilus · 08-30-2011, 03:25 PM

Quote:

Originally Posted by tucker

This will NOT affect the anti-piracy efforts at all! Yesterday's filings continue Private's inexorable pursuit of pirates.

http://www.xbiz.com/news/138015

Very impressive, and thanks for clarifications.

marlboroack · 08-30-2011, 03:28 PM

tell me more!~

KillerK · 08-30-2011, 03:32 PM

Quote:

Originally Posted by TheDA

Bang goes affiliate payments.

Links pulled.

nah, their video games make them a ton, gamelink.com right? It's for kids I would think.

dillonaire · 08-30-2011, 04:19 PM

Quote:

Originally Posted by anexsia

I believe this is true, as an affiliate I care only about the sponsors I promote and potential new sponsors to promote...I check for news about them to keep up to date on new content, which ones aren't paying, etc.

Under no uncertain terms will affiliate or any other vendor payments be affected by this situation. Plz feel free to ping me with any questions or concerns.

dillonaire · 08-30-2011, 04:20 PM

Quote:

Originally Posted by KillerK

nah, their video games make them a ton, gamelink.com right? It's for kids I would think.

Ohhh and yes lots of games. Im playing pocket pinball right now and maybe some little docking before the gym.

tucker · 08-30-2011, 04:32 PM

Quote:

Originally Posted by Nautilus

Very impressive, and thanks for clarifications.

Here's another today...

http://www.xbiz.com/news/138056

dillonaire · 08-30-2011, 04:45 PM

Quote:

Originally Posted by KillerK

nah, their video games make them a ton, gamelink.com right? It's for kids I would think.

Ohhh and yes lots of games. Im playing pocket pinball right now and maybe some little docking before the gym.

Just Mike · 08-30-2011, 05:54 PM

Quote:

Originally Posted by gamelinkjeff

Ohhh and yes lots of games. Im playing pocket pinball right now and maybe some little docking before the gym.

OK, that made me laugh!

jay23 · 08-30-2011, 06:15 PM

I want to see Ilan kicking the shit out of these idiots in Spain. Ilan built Gamelink from the BBS days to one of the largest adult e-com sites, I will be a happy guy when he get control of it. Good people always win at the end.

Jay
objectcube.com

Theo · 08-31-2011, 03:39 PM

Quote:

Originally Posted by Stinger

Dude you Got BIGGER BALLS than ANY SHEMALES I have Seen so far... lollll

LIKE THAT BUDDY

Jeff always speaks his mind.

Theo · 09-01-2011, 12:29 PM

News Update: Nevada Supremes Issue Two Orders in ‘Consipio v Private’

http://business.avn.com/articles/leg...te-446582.html

08-30-2011, 10:20 AM	#51
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,457	50 jfk snipes __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

08-30-2011, 10:31 AM	#52
Roald SecretFriends.com Industry Role: Join Date: May 2001 Location: IMC Headquarters Posts: 27,880	From Xbiz LAS VEGAS ? Private Media Group has formally filed with the Nevada Supreme Court an emergency writ to stay the motion for receivership, claiming the judge in the case abused her discretion in appointing a receiver. The appointment of a receiver for the multinational adult entertainment company is potentially damning, Private counsel say, and already the receiver ? Sureflix unit CEO Eric Johnson ? hasn't wasted any time in exercising his authority, including with its finances. "Within hours of the order being signed and before the order was even formally entered, he emailed relevant financial officers and directed that, 'Effective immediately cease all payments including but not limited to, each and every account of the company's bank accounts, credit accounts, credit cards and any and all other accounts,' " Johnson said in an email to company officials, according to Private counsel. " 'Also halt the release of any payments in whatever form, be it check or bank transfer or any other method for which prior approved (sic) for payment or release has been given. Such hereby approval is hereby rescinded." Private said in its emergency writ to the Nevada Supreme Court that Johnson's "first act as receiver may be all that is required to destroy this company and its subsidiaries." Private said it wants the motion for receivership vacated because the appointment of a receiver is not authorized under Nevada corporate statutes and that Clark County Judge Elizabeth Gonzalez abused her discretion in setting forth "a remedy that is unduly harsh." "The unduly harsh remedy of appointing a receiver would create further disruption, likely resulting in an additional reduction of the stock price and the appointment could jeopardize and disrupt relations with vendors and customer, and lead to delisting from Nasdaq and the calling of loans," Private said in its motion. Private counsel noted that the appointment of a receiver under an involuntary dissolution statute doesn't appear to have ever been applied to publicly traded companies, either in Nevada or other states. Private, which has criticized the judge for "personal bias," also said that Gonzalez already knew and openly discussed the action she was going to take before the day of the hearing. "Following a three-day trial in an unrelated matter known as CMKM Diamonds Inc. vs. Urban Casavant, et al., Judge Elizabeth Gonzalez stated the day before the Aug. 23 hearing on the appointment of a receiver: 'Hopefully my delisting of the publicly traded corporation will happen tomorrow morning, too, won't have to have a long hearing,'" Private said. "Not only does this demonstrate that the judge knew of and accepted such an adverse effect on the company." When Gonzalez gave Johnson, a Private shareholder and Sureflix division CEO, the reins of Private, she gave the newly appointed receiver the immediate, free-wielding authority to exercise dominant control over the company, including the removal of directors and officers. Gonzalez's ruling was frank and could lead to organizational changes and ousters within the company, which has nearly 20 divisions. "To achieve control over any such subsidiary, Mr. Johnson or his designee or assignee shall be and is empowered by this court to remove, suspend and/or appoint directors, officers, administrators, managing members and employees of all of Private's direct and indirect subsidiaries," Gonzalez ordered. The following day after the receivership was ordered, Private said in a filing with the Securities and Exchange Commission that the board would remain intact until the next shareholders vote at a later date. The appointment of Johnson as receiver and surrounding legal claims taking place at Clark County District Court are the result of litigation between former CEO Ilan Bunimovitz and Private since his firing in July 2010. In the suit, Bunimovitz claims he was terminated for demanding a probe of CEO Berth Milton?s alleged "self-dealing" transactions that total $10 million. Bunimovitz's lawsuit, which included Private creditor and co-plaintiff Consipio Holding BV, alleges mismanagement of the company?s business by three Private directors and Milton. Bunimovitz continues to have a vested interest in the stock. According to a June filing with the Securities and Exchange Commission, he owns about 1.9 million shares invested in Private stock. According to Gonzalez's findings, "Milton caused Private to make numerous substantial unsecured loans to himself and entities he controls, serving no Private corporate purpose. These loans were not approved by the board of directors when made and Milton has made no attempt to repay them for at least the past five years." Gonzalez further noted that the $10 million in loans to Milton's separately controlled business ? Slingsby Enterprises Ltd. ? have no maturity date and that Slingsby has yet to pay a penny back to Private. The jurist cited scores of other examples to sway her decision over receivership, including that that the current board of directors has never demanded repayment of the loans ? now in its second year ? and that Milton himself acted as the compensation committee who paid himself $625,000, without approval by the board. But the failure to take any "concrete steps" to affect an Aug. 15 shareholder meeting to choose a board, which likely would topple Milton's control over the company, was probably the lightening rod for the judge. (An earlier ruling invalidated the number of shares owned by Milton, who later voted against the Aug. 15 meeting.) "Private knowingly disobeyed or, at the very least, knowingly and actively resisted in complying with the July 1 written order [that would have set a shareholder vote]," she wrote. Scolding Private and Milton, Gonzalez said that Private's financial condition has deteriorated significantly since the case was filed and that outside auditors "continue to express doubt about Private's ability to continue as a going concern." "Private's directors, most notably Milton, have been guilty of gross mismanagement in the conduct or control of Private affairs," she wrote. "Private has been unable to conduct its business in accordance with established principles of good corporate governance because of Milton's refusal to allow it to do so and his exercise of undue influence over Private's so-called 'independent' directors." Private counsel is hoping the Nevada Supreme Court hears oral arguments on the emergency write on Sept. 8, when another Private appeals another matter in the case. Bunimovitz, Private general counsel Samuel Guzik and Milton declined comment to XBIZ. Johnson did not immediately respond to XBIZ calls for comment. __________________ WE ARE BUYING PAY SITES! CONTACT ME ClubSweethearts \| ManUpFilms \| SinfulXXX \| HOT * AdultPrime * HOT Paying webmasters since 1996! Contact: r.riepen @ sansylgroup.com \| skype:roaldr \| icq:

08-30-2011, 10:55 AM	#55
Why MFBA Industry Role: Join Date: Mar 2003 Location: PNW Posts: 7,230	what a freakin fiasco. didnt private once have to go to tax court because of related kinds of issues?

08-30-2011, 11:02 AM	#57
TheDA Confirmed User Industry Role: Join Date: May 2006 Posts: 4,665	Bang goes affiliate payments. Links pulled.

08-30-2011, 11:19 AM	#59
spankmo Confirmed User Industry Role: Join Date: Jun 2009 Posts: 177	Well let's see if Milton shows up for his XBIZ London gig. Wishing the best to the good guys in this whole sorry saga.

08-30-2011, 11:20 AM	#60
PAR Confirmed User Industry Role: Join Date: May 2005 Posts: 1,836	This world is already full of "YES" men that don't speak their minds, "YES" men in my opinion live in a world were they think they can get no other job so they need to stroke the corp cock in fear of loving out of a box... Good on you Jeff,

08-30-2011, 12:06 PM	#63
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,391	You ain't in America beeeeeeeee-otch-es!

08-30-2011, 12:10 PM	#64
Theo HAL 9000 Industry Role: Join Date: May 2001 Posts: 34,524	AVN requested a comment on the incident and received a response that there would be no comment for an "internet created story." The incident is verified and apparently there isn't an official decline of it.

08-30-2011, 03:28 PM	#73
marlboroack So Fucking Banned Industry Role: Join Date: Jul 2010 Location: ☣ Posts: 9,327	tell me more!~

08-30-2011, 06:15 PM	#80
jay23 Confirmed User Join Date: Jun 2003 Posts: 1,444	I want to see Ilan kicking the shit out of these idiots in Spain. Ilan built Gamelink from the BBS days to one of the largest adult e-com sites, I will be a happy guy when he get control of it. Good people always win at the end. Jay objectcube.com

09-01-2011, 12:29 PM	#82
Theo HAL 9000 Industry Role: Join Date: May 2001 Posts: 34,524	News Update: Nevada Supremes Issue Two Orders in ‘Consipio v Private’ http://business.avn.com/articles/leg...te-446582.html