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Daniel Silvers resigns from IGT

Tuesday November 19 ,2013 :  SHORT TENURE FOR I.G.T. DIRECTOR
 
After all the public acrimony and in-fighting, Ader nominee resigns after just eight months.
 
The unpleasant and very public proxy fight for seats on the Board of International Gaming Technology earlier this year will probably be remembered by readers; this week there was a sequel when Daniel Silvers - the only Ader Investments representative to actually take up a seat on the board - resigned after just eight months.
 
In a filing with the Securities and Exchange Commission late Friday, IGT said Silvers had resigned from the 10-person board, which has voted not to replace him, reduced the Board composition to nine directors.
 
According to IGT, Silvers' resignation was prompted by a change in his principal occupation and business association. Silvers had been an executive with Ader Investment Management, which is controlled by Jason Ader. Ader and another firm, Cumberland Associates, formed Owl Spring Asset Management, prompting Silver to step down from IGT “...in accordance with the company’s corporate governance policy.”
 
After battling for board seats for several months earlier this year, the warring factions announced a truce in June in which Ader agreed to a standstill provision for four years, and IGT agreed to reimburse his $2.5 million costs incurred in the proxy fight.
 
Last Friday Ader also issued a statement acknowledging that IGT was "in good hands" and that the company had made "noteworthy improvements to its governance and capital allocation programs.”
 
The statement continued: “We are happy to have contributed to helping raise investor and shareholder awareness to historical challenges and are pleased with recent business and stock price performance. We support the current direction and leadership and expect to be shareholders for the foreseeable future.”
 
IGT has also announced that CEO Patti Hart's contract has been updated, giving her better severance benefits, although her remuneration remains unchanged at $1 million a year, with annual target bonus levels equal to between 150 percent and 300 percent of her base salary.



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Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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