Online Casino PartyGaming Volunteers Information to US Dept of Justice
04 June 2007
Bloomberg reports that PartyGaming has been voluntarily having talks with the US Department of Justice about their activities before the UIGEA was signed last year. “…the world’s biggest Internet poker company said it has held discussions with the U.S. Department of Justice relating to its activities prior to October last year, when the country outlawed Internet gambling.”
PartyGaming is ” “voluntarily” responding to a request for information from the U.S. Attorney’s Office for the southern district of New York, PartyGaming said in a statement, adding that it’s too early to say what the outcome will be.”
““If PartyGaming can positively resolve this it will be good news for the share price,” because anxiety about legal issues has been “holding up potential M&A activity,” said Julian Easthope, an analyst at UBS AG in London. Potential acquirers and lenders are concerned about possible future legal action or costs related to past activity in the U.S., Easthope said.”
It would be nice to know what kind of information is trading hands in these talks and how far PartyGaming is willing to go…what kind of deals they are willing to make to ensure the price of their stock.