New York - U.S. District Court Judge George King of the Central District of California on July 15 rejected a motion to dismiss a lawsuit against the executives who sold MySpace parent Intermix to News Corp (NWS) in 2005, clearing the way for the suit to go to trial.

The class action suit accuses ex-senior executives and directors of Intermix, and its venture capital backer VantagePoint Venture Partners, of defrauding shareholders of billions of dollars through the $580 million sale of Intermix to News Corp.

Brad Greenspan, former chairman of eUniverse, which was renamed Intermix, said in a statement on Thursday, "I knew that the value of the company was billions of dollars, however the deceptive practice of hiding MySpace financials by Intermix management robbed shareholders of their opportunity to adequately gauge the company's value." Greenspan, who protested the sale believing that it grossly undervalued the site, said he had bid against News Corp in an attempt to buy the shares of Intermix that he did not own, but lost after Intermix's board voted against his offer.

Named in the suit are former Intermix Chief Executive Richard Rosenblatt, former President Brett Brewer, and VantagePoint. Rosenblatt declined to comment and Brewer and VantragePoint were not reachable for comment, according to Reuters.

Greenspan said discovery for the trial was expected to begin shortly.

http://news.yahoo.com/s/nm/20080731/tc_nm/myspace_dc_1 http://www.myspace.com http://www.vpvp.com/