The pay TV porn provider and former board member David Nicholas are accusing each of other of trying to secretly rig a potential sale of the company to investment firm Longkloof, according to letters made public today in an SEC filing. Their differences culminated in Nicholas’s September 29 resignation after 10 years on the board — which followed the company’s September 18 firing of company co-founder and CEO Michael Weiner. Nicholas says in his resignation letter that directors on a Special Committee exploring the Longkloof offer “may have breached their fiduciary duties” to shareholders by trying to derail the bid. But New Frontier’s directors sent a letter to Nicholas today that attacked his “baseless and misleading statements” adding that he secretly wanted to sell, and was asked to resign because his “conduct as a member of the Board has been unacceptable.” Nicholas had been a member of the Special Committee but says that he “began to have serious concerns” about other directors’ intentions when he questioned the high fees they intended to pay themselves for their work. “I was told by other members of the Special Committee that it would ‘look bad’�if I was the only member who did not accept additional fees,” he says. Nicholas was removed when the committee was reduced to three members from five. Directors charged that Nicholas secretly favored Longkloof, he says, because he did not support New ... Read More »autoplan car insurance annuity settlement structured structured sale annuity
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