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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.”
Aziz 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.
Oink Country Love Slot Launches -
Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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