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It’s being reported that the recently fired Michael Weiner, the former New Frontier Media CEO who co-founded the adult pay-per-view and video-on-demand company in 1997, is suing the company.
Weiner, who was accused by the company for creating “unnecessary distractions” said that he would commence legal proceedings to prove his actions “have always been in the best interests of shareholders.”
The New Frontier Media Board has been saying that Weiner appears “committed to continuing to distract our board and deprive our shareholders of the opportunity to receive maximum value for their shares.”
According to www.xbiz.com, as Weiner plans litigation, another adult company already embroiled in a lawsuit against New Frontier Media has been knocking at its door.
Private Media Group, in a suit filed this past summer, is seeking $1 million in compensatory damages against New Frontier Media over a licensing deal that went sour.
That breach-of-contract suit, filed at Los Angeles Superior Court, has its roots in a 2007 licensing deal where Private would supply films from its library to the transactional TV network.
Charles Prast, Private’s CEO, told XBIZ that while he believes the deal announced Monday “is a win for LFP and for adult TV consumers,” its pending suit against New Frontier Media needs to be dealt with before that agreement is consummated.
“We look forward to supporting the deal through a resolution of our outstanding litigation, which involves significant amounts owed to Private under agreements made by New Frontier’s former management,” Prast said.
This wasn’t a widely reported story, but in May of this year New Frontier Media announced that its Chief Financial Officer, Karyn Miller, had decided to leave the company after the appointment of her successor. Miller said that after nine years with the company she was leaving New Frontier to spend at least a year camping and backpacking across the United States.
Huh?
Then in August of last year Ken Boenish resigned as president of New Frontier Media Inc. after 12 years with the company.
Boenish joined New Frontier Media as senior vice president of affiliate sales. He was promoted to president in June 2005.
New Frontier Media never disclosed a reason for Boenish’s resignation but that he would provide the company with consulting services for $30,000 a month and in return agreed not to reveal trade secrets, compete against New Frontier Media or solicit its employees to leave the company.
Boenish was paid a $500,000 salary but bonuses and other perks brought his compensation package up to $948,700.