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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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