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Fight Between Amaya and Pokerstars Previous Owner
Monday, February 29, 2016 : CLASH BETWEEN AMAYA AND PREVIOUS OWNERS OF POKERSTARS CONTINUES (Update)
$300 million at stake in Scheinbergs' rejection of escrow fund claim.
It appears that the Scheinberg family - the previous owners of the Oldford group who sold to the Canadian company Amaya Inc. for $4.9 billion - remain adamant that they are not going to release money from an escrow account required by Amaya to fight expensive legal disputes .
Our readers will recall that the $300 million escrow account was set up during the Oldford sale negotiations and was intended to cover any outstanding legal costs arising in respect of the period during which the Scheinbergs were managing Oldford, a group that includes the Rational Group, Pokerstars and Full Tilt.
Amaya is deeply embroiled in tough litigation with legal companies acting on behalf of the Commonwealth of Kentucky, where Judge Thomas Wingate of the Kentucky Circuit Court, recently handed down a punitive $870 million judgement against Pokerstars in respect of its activities in the state prior to the sale to Amaya
Amaya has already been required to furnish a $100 million supersedeas bond in order to delay payment of the ridiculously high judgement, having claimed that Pokerstars Kentucky revenues at the time did not exceed $18 million...but it wants cash from the escrow fund to assist in the fight, and the Scheinbergs are resisting, although the grounds for their refusal to cooperate are not clear.
It was not always thus; earlier this year the disputed escrow fund coughed up Euro 5.9 million in Italian back tax following an audit on the Pokerstars subsidiary Halford Media Italy.
Amaya is now in a position where it has to pay more legal expenses in an attempt to get at the escrow funds, all at a time when it is fighting the Kentucky ruling on appeal.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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