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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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NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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