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Javaid Aziz Threatened with a Lawsuit

The war of words between former Cryptologic CEO Javaid Aziz and the Dublin-based online gambling software provider Cryptologic took a turn for the worse this week as the software company not only rejected Aziz's latest proposal for an extraordinary general meeting, but threatened Aziz with a law suit, claiming he was in material breach of obligations accepted as part of his severance contract.
 
“While we regret being forced to take this step, CryptoLogic made substantial payments and commitments to Mr Aziz in negotiating his severance, and we believe that his failure to adhere to his obligations has been damaging to the company and its shareholders, said current CEO Brian Hadfield. "This action is necessary to protect the interests of the company and its shareholders, which is at all times the sole focus of management and the board.” 

Silver Dollar CasinoAziz has been something of a thorn in the company's flesh, making suggestions and demands for improved performance since he departed its offices in February 2008. He is a 12.5 percent shareholder in the company.
 
In his latest request  Aziz asked for the convening of an extraordinary general meeting of the company's shareholders, which has been rejected by the directors.  Earlier, Aziz was equally unsuccessful in getting Hadfield and the board to concede to his demands for two seats on the board and suggestions regarding the direction in which the company was headed.
 
After 11 months at the helm of Crypto, Aziz departed with a GBP 1.2 million golden farewell, and is entitled to a further GBP 1.4 million bonus if there is a change in control at Cryptologic on or before April 30, 2009.
 
The company now claims that in the event of a material breach of the conditions in Aziz's exit contract, it is entitled to waive the latter (GBP1.4 million) bonus, and it has started legal proceedings to overturn this clause in the agreement.
 
In turning down the request for an EGM, Cryptologic management said that the erstwhile chief executive did not command sufficient share firepower and voting rights to call such a meeting. Cryptologic's latest numbers forecast cuts in operating costs of $13 million and net profits of $9 million - $10 million for 2009 - proof that management's strategic plans were efficient and bearing fruit.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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