Posts Tagged ‘Gamynia’

PartyGaming Outbids Gamynia for WPT Assets

by , Aug 24, 2009 | 1:56 pm

At least we’ve heard of this company, right? It just came over the wire (errr, internet) that the Gamynia deal has been terminated in favor of an agreement to allow a PartyGaming subsidiary, Peerless Media Ltd., to purchase the WPT assets for a cool $12.3 million. Check ‘er out:

PartyGaming Moves For World Poker Tour Assets with Superior Offer

LOS ANGELES, Aug 24, 2009 (BUSINESS WIRE) — WPT Enterprises, Inc. (Nasdaq: WPTE) (“WPTE” or the “Company”) today announced that a subsidiary of PartyGaming Plc, Peerless Media Ltd. (“Peerless Media”), has agreed to purchase substantially all of WPTE’s operating assets other than cash, investments and certain excluded assets. WPTE’s Board of Directors received the offer after privately held investment group, Gamynia Limited, and WPTE announced an asset acquisition agreement, which was terminated after further consideration of the Peerless Media’s financial proposal.


A bidding war for the World Poker Tour?

by , Aug 18, 2009 | 2:20 pm

This form 8-K was just issued by WPT Enterprises (WPTE):

Item 8.01 Other Events.

On July 28, 2009, WPT Enterprises, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Gamynia Limited (“Buyer”) to sell substantially all of the Company’s operating assets other than cash, investments and certain excluded assets to Buyer. The Purchase Agreement was disclosed in a Current Report on Form 8-K that was filed with the Securities and Exchange Commission (“SEC”) on August 3, 2009.

Under the Purchase Agreement, the Company is to file a preliminary proxy statement with the SEC within 21 days of signing the Purchase Agreement. The Company’s Board of Directors has received an alternative acquisition proposal and is following the process required by the Purchase Agreement. Until the process required by the Purchase Agreement is completed, the Company will delay the filing of a preliminary proxy statement with the SEC.

This may just be nothing, but it’s intriguing to see someone else considering purchasing most of the World Poker Tour’s assets.

Weekend Wisdom (8/8-8/9): WPT & Menendez Bill

by , Aug 8, 2009 | 2:44 pm

A couple of great pieces for weekend reading…

Amy Calistri always has eyes on the stock market and the corporate goings-on of poker-related businesses, and her latest take on the sale of the WPT assets is right on the money. She gives the latest about stockholder rage over the WPT/Gamynia move and puts into words what I’ve been thinking for years, since shortly after I left the WPT fold and began to notice its downfall. That’s not to say it can’t rise again, but it might need new leadership to make that happen. An excerpt:

Frustration and envy appear to be the seeds of the series of missteps that sapped millions of dollars and focus away from the company’s core business. While the WPT helped create the poker boom, its television production business model only got a small piece of the obscene profits that were being generated by poker’s popularity. Online poker companies and online media sites reaped the lion’s share. This infuriated the WPT; they felt they were owed.

Gambling law professor I. Nelson Rose can break down a legal document or political issue like nobody’s business, and it’s a good thing he took the time to analyze the Menendez bill introduced to the Senate this week. Thanks to Poker Grump, this piece takes a look at the 91-page document and sheds some light on the proposed participation of states in the regulation/licensing of online poker, the tax on deposits to online sites, and the possible exemption of sites like PartyPoker from licensing. A sampling from the article:

Taxes might be a problem. The Frank bills have no limit on what taxes states can impose on operators, but limit the federal government to what is called a fee of 2% on deposits. Menendez is asking for less and more: A Federal Internet gaming license fee of 5% of deposited funds and a State or Indian tribal government gaming license fee of another 5%. This does get over the big problem with the Frank bills, that the big states, like California, where the customers will be, have no incentive to support Internet gambling operated and taxed by Nevada. Under Menendez, California gets that 5% tax. Although the states won’t like this provision: Tribes are treated like states, so if a player is on Indian land, that tribe gets the full 5% and the state in which the tribe is located gets nothing.

Of course, the tax system is still screwy, since it is a tax on deposits, not revenue. But it might work.

World Poker Tour Sold to Some Company We’ve Never Heard of

UPDATE: Titan Poker seems to be the buyer

by , Aug 3, 2009 | 3:58 pm

The going price: $9 million (+ a percentage of future profits): on WPT Sale

According to official info (click below), current operations should remain essentially in tact — meaning no friends or colleagues about to get insta-fired — and Gamynia’s big plans have everything to do with getting into the online poker market. All we know about Gamynia Limited (at the moment) is that it’s a company forming part of a privately held investment firm.

WPTE stock climbed 12 percent, to $1.49, on the news.

From WPT Enterprises, Inc.:

WPT Enterprises, Inc. (Nasdaq: WPTE – the “Company”) today announced that Gamynia Limited (“Gamynia”), a company which forms part of a privately held investment group with substantial holdings in a range of diversified assets, has agreed to acquire substantially all of the Company’s operating assets other than cash, investments and certain excluded assets. Gamynia will pay the Company $9,075,000 plus a percentage of future revenues earned by Gamynia from the World Poker Tour(R) and Professional Poker Tour(R) brands.

Under ownership of Gamynia, the World Poker Tour and Professional Poker Tour brands will continue all operations including the Company’s television, sponsorship, distribution and licensing units and will under the agreement enter the online gaming market. Gamynia has secured the services of an industry leading online gaming marketing company Hardway Investments Ltd. which will seek to exploit and develop the WPT brands with the goal of maximizing future revenue opportunities.

Under the asset purchase agreement, the Company will sell its television library, including all related intellectual property rights, brand names, trade names, certain assumed contracts and tangible personal property. Gamynia will assume specified liabilities including one of the two corporate leases. The Company will retain its cash and cash equivalents, investments in debt securities and put rights, certain other investment and litigation assets, and future foreign sponsorship revenues from the sponsorship of Seasons Four, Five and Six of the World Poker Tour and Season One of the Professional Poker Tour by PartyGaming and the license of Season Seven of the World Poker Tour to PokerStars. The Company will also retain certain office lease obligations and all of its employee obligations.

The net cash proceeds from the asset sale will be retained by the Company and the Company plans to use the cash to develop or acquire a non-poker related business. The Company does not currently intend to distribute any proceeds from the asset sale to the Company’s stockholders.