Party CEO Withdraws Shares from Planned Sale
Mitch Garber, CEO of PartyGaming, has announced that he is not going forward with plans to sell a block of Party stock late next month. Instead, Garber will retain the stock block, and with the addition of another 3.5 million in stock options awarded in compensation for the current year, will bring his total ownership in the company to 8.75 million shares. PartyGaming share prices on the London Stock Exchange jumped sharply on the news.
Bodog Files Motion to Recover Domains
Bodog has resumed its battle to wrest its seized bodog.com domain family from 1st Technology LLC with the recent filing of a legal action in the state of Washington. 1st Technology was awarded control of the bodog domains in lieu of of a $49 million default judgment in a patent-infringement case, prompting Bodog's relocation to bodoglife.com. Bodog continues to challenge the concept that the domain-name seizure was an allowable redress under U.S. law, and also continues to assert that the paperwork in the original in the original case was never properly served.
Harrah's Unsuccessful in Planned Acquisition of UK Firm
Major U.S. gambling companies continue to eye international opportunities as rumors of changes in the regulatory environment remain prevalent. One deal that won't happen, however, is a plan by Harrah's Entertainment to acquire some 28% of Rank, a UK-based gaming company with both online and land-based operations. Rank had been cited as a takeover target in light of recent weak performance, but declined a Harrah's offer that would have seen Harrah's acquire 28% of the company in exchange for Harrah's holdings.
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