Online Casino Transfer: News - Questions Surround Resignations

03/21/2010		Online Casino Style: News Questions Surround Resignations
Home History Games News Dictionary		Speculation in the internet gambling world is flying over the remarkable resignations of a couple of very important men in the World Poker Tour organization. Though the report of their departures has yet to be formally confirmed by the group or men, the rumors have become too much to ignore, with many in the online gambling community wondering just what the motivation for the move was, and how much of the decision was left to the executives in question. In fact, many are now subscribing to the theory that the pair were encouraged to step down from their positions by the new owners of the group, Peerless Media, a subsidiary of Party Gaming plc. Both Adam Pliska and Rohin Malhotra have both left the organization, however, despite their histories with the group. Pliska stepped down as the company’s General Council and Secretary; Malhotra gave up his seat as the company’s Managing Director. One very interesting piece of information has now come to light that more than suggests that the decision was never theirs to make, as the Asset Purchase agreement between Peerless Media and the World Poker Tour has been published in part in the online gambling circles, and includes a phrase specifically notating that with the acquisition, the termination of employement for both men will be made. The SEC filing, dated November 2, 2009, read: “On November 2, 2009, pursuant to the terms of an Asset Purchase Agreement by and between WPT Enterprises, Inc. and Peerless Media Ltd., dated August 24, 2009, we closed a transaction whereby we sold substantially all of our operating assets…to Peerless for cash consideration of $12.3 million. In connection with the closing of the Transaction, on November 2, 2009, the Company terminated the employment of Adam Pliska, the Company’s General Counsel and Secretary, and Rohin Malhotra, the Company’s Managing Director." Why their termination was agreed upon is still a major point of confusion for members of the internet casino community, especially considering Malhotra’s vast knowledge of the WPT company.

03/21/2010

Online Casino Style: News
Questions Surround Resignations

Speculation in the internet gambling world is flying over the remarkable resignations of a couple of very important men in the World Poker Tour organization. Though the report of their departures has yet to be formally confirmed by the group or men, the rumors have become too much to ignore, with many in the online gambling community wondering just what the motivation for the move was, and how much of the decision was left to the executives in question. In fact, many are now subscribing to the theory that the pair were encouraged to step down from their positions by the new owners of the group, Peerless Media, a subsidiary of Party Gaming plc.

Both Adam Pliska and Rohin Malhotra have both left the organization, however, despite their histories with the group. Pliska stepped down as the company’s General Council and Secretary; Malhotra gave up his seat as the company’s Managing Director. One very interesting piece of information has now come to light that more than suggests that the decision was never theirs to make, as the Asset Purchase agreement between Peerless Media and the World Poker Tour has been published in part in the online gambling circles, and includes a phrase specifically notating that with the acquisition, the termination of employement for both men will be made.

The SEC filing, dated November 2, 2009, read: “On November 2, 2009, pursuant to the terms of an Asset Purchase Agreement by and between WPT Enterprises, Inc. and Peerless Media Ltd., dated August 24, 2009, we closed a transaction whereby we sold substantially all of our operating assets…to Peerless for cash consideration of $12.3 million. In connection with the closing of the Transaction, on November 2, 2009, the Company terminated the employment of Adam Pliska, the Company’s General Counsel and Secretary, and Rohin Malhotra, the Company’s Managing Director." Why their termination was agreed upon is still a major point of confusion for members of the internet casino community, especially considering Malhotra’s vast knowledge of the WPT company.