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Phantom Fiber Fails

Shock news from Canada is that the at one time prolific wireless mobile technology provider Phantom Fiber has closed it's doors, terminating all employees and leaving founder and CEO Jeff Halloran to turn out the lights.
 
In a fast-moving series of events earlier this month, the company warned that it was running low on cash, followed by:
 
On November 21, 2008, the company received a notice of default from investors Victory Park Credit Opportunities Master Fund, Ltd. "...with respect to a Forbearance Agreement dated May 31, 2008. The VP Notice set forth alleged

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events of financial default by Phantom under the Agreement, including the failure by the company to make installment payments of cash due."
 
Phantom management advised that it was unable to generate sufficient additional cash from operations or through debt or equity financing to satisfy its cash obligations and had been unable to amend the terms of the Agreement with Victory Park.
 
Consequently, the management said it did not believe the company could continue as a going concern, and terminated the employment contracts of all employees. Those departing included the Chief Technology Officer of the company, Herbert C. Sears.
 
On the same day directors Stephen Gesner and Shimon Constante resigned with immediate effect, followed by fellow director Konstantine Lucas on November 23rd.
 
At the end of October Phantom Fiber announced a mobile deal with Mahjong Time, and it is also known to have ongoing agreements with banking services firm Smart Ventures and Scientific Games, among others.
 
The last financial numbers for the company  - Q3 of fiscal 2008 - showed the loss from operations had increased by $263 782 to $420 295, substantially up on the the comparative quarter in 2007 when a loss of $156 513 was recorded. After the net impact of other income and expenses the net income for the quarter ended September 30, 2008 was $599 287 compared to a net loss of $1 189 269 for the same period in the preceding year, a increase of $1 788 556. Total revenue decreased by $160 761 from $294 013 for the quarter ended September 30, 2007 to $133 252 for the quarter ended September 30, 2008, a decrease of 55 percent.
 
CEO and chairman Jeff Halloran, who has over 20 years of management experience in digital technology and telecommunications, founded the company in January 2002 after discovering the limitations of existing wireless technology during the implementation of an online banking system for a major Canadian bank.

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Gambling News :

Pokerstars Bahamas Main and High Roller Results - The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.

Rodrigo Duterte has identified illegal gambling as his third priority - Illegal online gambling operators can anticipate tougher times in the Philippines following a directive from President Rodrigo Duterte that stamping out illegal gambling is his third most important goal after illegal drugs and government corruption.

High Hopes For Pennsylvania Online Gambling - Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.

WILLIAM HILL ACCUSED OF QUESTIONABLE MARKETING TACTICS - British Labour member of parliament for Swansea East, Carolyn Harris, has described as "appalling" player-poaching techniques allegedly encouraged by the online and land bookmaker William Hill plc.

GoWild has announced the launch of its own new gaming platform - The European online gambling group GoWild has announced the launch of its own new gaming platform, providing entertainment in addition to its Microgaming games, which will now be delivered via the Quickfire platform.

UK Government Introduces Mandatory horseracing levy - The levy kicks in after the first GBP 500,000 in gross revenue has been earned by online and retail bookmaking firms and other betting organizations.

Chinese Arrested in Philippines Invalid - Representing the thirty-nine plaintiffs, defense lawyer Irene Bianca B. Distura claimed that the warrant that led to her clients’ apprehension is “invalid.”

NJ Warns No Federal Online Gambling Ban - New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.

Casino du Liban To Launch new online gambling platform - The venture will be in partnership with an unnamed international company, and a tender has already been launched with a deadline of January 19 to submit the proposals.

Winstar slot Pays Big Jackpot - One very fortunate online punter in Bermuda has scored a major win on the Winstar slot at the PokerStars online casino, collecting a $825,037 jackpot.

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