Bonn Edward J, et al. – ‘SC 13D/A’ on 5/30/02 re: New Frontier Media Inc – EX-14

On:  Thursday, 5/30/02, at 3:16pm ET   ·   Accession #:  950133-2-2163   ·   File #:  5-54889

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Amendment to General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment No. 6 to Schedule 13D                        3     16K 
 2: EX-14       Press Release Issued May 30, 2002                      2     10K 

EX-14   —   Press Release Issued May 30, 2002

EX-14
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FOR IMMEDIATE RELEASE                                                           

CONTACTS:                                                                       

Todd Kehrli                                                                     
Charles Messman                                                                 
MKR Group, LLC                                                                  
310.314.3800                                                                    
212.308.4557                                                                    
tkehrli@mkr-group.com                                                           
cmessman@mkr-group.com                                                          

 NEW FRONTIER MEDIA'S LARGEST SHAREHOLDER FILES LAWSUIT TO
COMPEL SPECIAL MEETING OF SHAREHOLDERS

 RECENT ATTEMPTS TO BLOCK SHAREHOLDER VOTE ARE A WASTE OF CORPORATE ASSETS AND
 FAIL TO ADDRESS THE DISMAL FINANCIAL PERFORMANCE UNDER CURRENT MANAGEMENT

BOULDER, CO, May 30, 2002 - Edward Bonn, the largest shareholder of New Frontier
Media (Nasdaq: NOOF), announced that after submitting three separate demands for
a special meeting of shareholders, he filed a lawsuit yesterday in the Colorado 
District Court for Boulder County seeking to compel New Frontier Media to comply
with Colorado law by calling a special meeting of shareholders pursuant to his  
request. The purpose of the special shareholders' meeting is to vote on the     
removal of New Frontier Media's current Board of Directors and to elect a new   
slate of directors proposed by Mr. Bonn. Mr. Bonn has previously announced      
several candidates for his proposed slate of directors who will be named in his 
definitive proxy materials to be filed with the Securities and Exchange         
Commission. Mr. Bonn's lawsuit seeks to compel New Frontier Media to comply with
Colorado law and the Company's bylaws by calling a special meeting of           
shareholders to ensure consideration of Mr. Bonn's proposed slate of directors. 

"New Frontier Media's shareholders have endured the ineffective actions of      
current management long enough," said Mr. Bonn. "Management has delayed         
responding to my demand for a special meeting for 59 days and is wasting        
corporate assets in an attempt to avoid accountability. Current management has  
apparently retained two of the most expensive law firms in the country --       
Cadwalader Wickersham & Taft and Fried Frank Harris Shriver & Jacobson -- as    
well as at least two other law firms, depleting the Company's cash and using the
shareholders' money to forestall a referendum on their ineffective performance. 
As current management has done in the past with repeated expensive lawsuits that
yield no benefit to the shareholders, they are wasting shareholder value and    
creating a costly distraction for employees and customers alike.                

"The baseless lawsuit filed on Tuesday by current management is an incredible   
act of desperation," continued Mr. Bonn. "Instead of focusing 100% on New       
Frontier's business and its Q2 financial results, the incumbents appear to have 
been engaged in a witch-hunt. These tactics by current management -- that are   
being funded at the expense of shareholders -- will not deter my efforts. The   
real issue here is the dismal financial results that shareholders have been     
forced to endure over the past two years                                        

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under the current management. The shareholders will soon have an opportunity to 
have their voice heard on this issue."                                          

Mr. Bonn owns approximately 19% of the outstanding shares of New Frontier, most 
of which were acquired in 1999 in connection with New Frontier's acquisition of 
its Internet operations. Mr. Bonn is currently a director of New Frontier Media.

Acclaim Financial Group LLC is serving as strategic advisor to Mr. Bonn and     
Brobeck, Phleger & Harrison LLP is serving as his legal counsel.                

MR. BONN HAS FILED A PRELIMINARY PROXY STATEMENT WITH THE SECURITIES AND        
EXCHANGE COMMISSION RELATING TO THE SOLICITATION OF PROXIES FROM THE            
SHAREHOLDERS OF NEW FRONTIER MEDIA FOR USE AT A SPECIAL MEETING OF NEW FRONTIER 
MEDIA SHAREHOLDERS. MR. BONN STRONGLY ADVISES ALL NEW FRONTIER MEDIA            
SHAREHOLDERS TO READ THE DEFINITIVE PROXY STATEMENT WHEN IT IS AVAILABLE BECAUSE
IT WILL CONTAIN IMPORTANT INFORMATION. THE PRELIMINARY PROXY STATEMENT IS       
AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. INFORMATION  
RELATING TO THE PARTICIPANTS IN MR. BONN'S PROXY SOLICITATION IS CONTAINED IN   
THE PRELIMINARY PROXY STATEMENT, EXCEPT THAT EACH OF THE DIRECTOR-NOMINEES      
(OTHER THAN MR. BONN) PREVIOUSLY NAMED BY MR. BONN, AS LISTED IN THE PRESS      
RELEASE ISSUED BY MR. BONN ON MAY 16, 2002 AND FILED AS AN EXHIBIT TO AMENDMENT 
NO. 4 TO MR. BONN'S SCHEDULE 13D (FILED WITH THE SEC ON MAY 20, 2002) MAY BE    
DEEMED TO BE PARTICIPANTS IN MR. BONN'S SOLICITATION AND HAVE NO INTEREST (OTHER
THAN MR. STEPHEN PEARY WHO HOLDS 1,000 SHARES OF NEW FRONTIER MEDIA COMMON      
STOCK) IN NEW FRONTIER MEDIA.                                                   

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘SC 13D/A’ Filing		Date		First		Last			Other Filings
Filed on:		5/30/02		1					DFAN14A
		5/20/02		2					SC 13D/A
		5/16/02		2					DFAN14A
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