Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) - Page 31 - Poker News

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Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16)

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10-03-2016 , 04:03 PM

#751

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,733

Quote:

Originally Posted by MrFan

http://www.pressreader.com/canada/th...81681139357607

so Earl Levett, brother of Craig Levett, buddy of Dave Baazov, remortgages his house, puts the $150k and the rest of his savings, $50k, into a trading account, immediately buys as many shares of WMS as he can. A couple of weeks later a takeover of WMS is announced, shooting the share price up, Earl Levett immediately sells and trousers $77k. Investigators later ask him what WMS does and he has no idea.

Why is this guy even hiring a lawyer?

'Cause his name is Earl ?

https://www.youtube.com/watch?v=nOaUc_t_jmE

Quote

10-03-2016 , 04:38 PM

#752

RussellinToronto

veteran

Join Date: Oct 2007 Posts: 2,243

Quote:

Originally Posted by Pinkmann

Is there any chance that guy could profit nicely and not get busted? Seems 99% that you are caught with being so obvious. What a ******.

And thus tumbled the whole house of cards ...

Quote

10-06-2016 , 02:54 AM

#753

NerdSuperfly

veteran

Join Date: Nov 2010 Posts: 2,172

Quote:

Originally Posted by Pinkmann

Is there any chance that guy could profit nicely and not get busted? Seems 99% that you are caught with being so obvious. What a ******.

idk about the canadian laws, but it seems the amf has a very weak case ...

Quote:

Mr. Baazov maintains he did nothing wrong. The 12 people, including Josh Baazov, have either struck deals with the AMF [...] None of the 12 individuals has been charged.

The tribunal gave permission to David Baazov’s lawyer, Sophie Melchers of Norton Rose Fulbright, to question the AMF’s main investigator in the case. [...]

Ms. Melchers exposed what she called omissions and flaws in some of the evidence the AMF presented to the tribunal as part of the regulator’s cease-trade application. [...]

The AMF has revealed that it has only circumstantial evidence on which to base its allegations against the 12 individuals and David Baazov. That means that while it has phone records showing some of the individuals called each other at certain key times for example, it doesn’t know what was said on those phone calls. [...]

Source: http://www.theglobeandmail.com/repor...ticle32269093/

so far the only 'proof' is an email, where David asks his brother for help. this is a 'no-go' b/c back then (crypto deal) josh was a mere consultant. but this was already discussed back in september. anyway, it seems baazov didn't even bother to show up for the hearing. today is the 2nd day of the hearing, we'll see

Quote

11-14-2016 , 09:08 AM

#754

davmcg

veteran

Join Date: Jan 2003 Posts: 2,569

Baazov buyout on the table again

http://www.newswire.ca/news-releases...601076085.html

Quote

11-14-2016 , 10:00 AM

#755

Rebel inc.

temp-banned

Join Date: Mar 2010 Posts: 1,202

So is this just part of his legal strategy, or is deal on the table for real this time.
Bloomberg just mentioned it as part of headline news BTW.

Quote

11-14-2016 , 10:08 AM

#756

PTLou

JellyBean

Join Date: Nov 2008 Posts: 5,516

^^ this one looks a bit more legit.

also 30% premium to then current price.

http://seekingalpha.com/news/3224085-amaya-receives-takeover-offer-former-ceo?uprof=75&utoken=62b3da7f1e448e5f9bbaed48d6eebb 1d

I guess all the insider trade stuff is behind him now with nothing more than a possible fine at risk?

Quote

11-14-2016 , 11:38 AM

#757

Adjusted

adept

Join Date: Jul 2016 Posts: 1,094

If Amaya becomes private, I'm wondering if the current trend toward high rake and casino style poker games will be reversed? Coul privatizing Amaya be a good thing for the players?

Quote

11-14-2016 , 11:51 AM

#758

The Imp

old hand

Join Date: May 2015 Posts: 1,705

Quote:

Originally Posted by Adjusted

If Amaya becomes private, I'm wondering if the current trend toward high rake and casino style poker games will be reversed? Coul privatizing Amaya be a good thing for the players?

No. Baazov's first interview after the Amaya takeover was about shifting everyone away from poker.

Quote

11-14-2016 , 04:07 PM

#759

Adjusted

adept

Join Date: Jul 2016 Posts: 1,094

Quote:

Originally Posted by The Imp

No. Baazov's first interview after the Amaya takeover was about shifting everyone away from poker.

He doesn't understand poker players then. I, for one, am not about to be "shifted" to casino games. The only shifting I'll do is off to another poker site.

Quote

11-14-2016 , 06:57 PM

#760

Gramps

Carpal \'Tunnel

Join Date: Feb 2004 Posts: 6,589

He may want to actually buy it - but doesn't him making a (plausible-sounding) takeover bid increase his net worth significantly? (At least in the short-run+)

Also gonna go out on a limb and guess no emails or checks were sent re: this announcement/stock price move.

Quote

11-14-2016 , 09:47 PM

#761

Myles316

centurion

Join Date: Oct 2015 Posts: 121

my aya stock went up like 15% today, hope it keeps going up need to make up for the higher rake etc

Quote

11-15-2016 , 03:08 AM

#762

NerdSuperfly

veteran

Join Date: Nov 2010 Posts: 2,172

Quote:

Originally Posted by The Imp

No. Baazov's first interview after the Amaya takeover was about shifting everyone away from poker.

the casino expansion started before Amaya bought the rational group, it's just a smart move in today's environment. having said that, i personally think, Baazov isn't the best choice for CEO. On the other hand, a 'Baazov' takeover doesn't necessarily mean he's is back in charge.

i think the only interesting thing about the proposed deal is, who invests the money and what's about the debts (more, less, same).

last but not least, i guess we have to give Baazov some credit. it seems he not only talked ppl into 'let's buy PS' thing once, but twice. and by the 2nd time he was investigated

Quote

11-15-2016 , 03:14 AM

#763

Gramps

Carpal \'Tunnel

Join Date: Feb 2004 Posts: 6,589

As long as they can sell/spin off the debt to 3rd parties, whoever gets to finance a new deal would make a small fortune on it (on fees (even double and triple-dipping), convertible preferred shares, etc.).

Just like Blackstone did the 1st time around.

Quote

11-15-2016 , 04:00 AM

#764

LektorAJ

Carpal \'Tunnel

Join Date: May 2014 Posts: 7,875

Quote:

Originally Posted by Adjusted

He doesn't understand poker players then. I, for one, am not about to be "shifted" to casino games. The only shifting I'll do is off to another poker site.

It seemed to me that the business people thought you were "imprinted' on the pokerstars logo like a baby duck, so would remain "loyal" to the logo even after it changed to represent blackjack.

Then they ditched the logo, so at this stage I don't know what they think. Whatever it is they seem to be wrong though.

Quote

11-15-2016 , 05:29 AM

#765

buffyslayer1

Coach MTT

Join Date: Jun 2008 Posts: 5,552

^^^ I agree with this and it seems quite obviously to people on a poker forum. That poker was a different form of gambling. The players were not sheep who would be shepherded on mass to whichever casino game they please.

Though they are being shepherded into other poker products like spins and these rake trap beat the clock things.

I think there was a business article somewhere. Which briefly mentioned that conversion of players to casino games was not going well. Plus they were alienating core customers due to the push.
I saw it in a Chicago joey tweet actually it was brief though as more in passing than anything.

Sent from my SM-G900F using Tapatalk

Quote

11-25-2016 , 01:43 PM

#766

RussellinToronto

veteran

Join Date: Oct 2007 Posts: 2,243

‘It scares the daylights out of me now’: Portfolio manager says he would ‘never touch’ Amaya again - Article - BNN (Nov. 24)

http://www.bnn.ca/it-scares-the-dayl...again-1.615931

Among other things, "Amaya's debt load is keeping him cautious on the stock."

Quote

11-25-2016 , 01:58 PM

#767

LektorAJ

Carpal \'Tunnel

Join Date: May 2014 Posts: 7,875

The pledge from David Taylor, president and chief investment officer of Taylor Asset Management, comes a day after Amaya Founder and former CEO David Baazov confirmed he doesn’t have the backing of KBC Aldini Capital to help him finance a US$6.7-billion takeover offer for the company.
Baazov said the purported letter saying the Dubai-based firm backed the bid wasn’t from them and was delivered without KBC’s knowledge. Still, Baazov said he will continue pursuing a takeover of the company he once owned without the firm’s backing.

Quote

11-25-2016 , 02:33 PM

#768

NerdSuperfly

veteran

Join Date: Nov 2010 Posts: 2,172

Quote:

Originally Posted by LektorAJ

seems Baazov has backers (again)

Quote:

Amaya Inc. founder David Baazov said two Hong Kong funds have agreed to boost their support for his $4.1 billion bid to take the gaming company private, replacing a Dubai investor whose backing for the deal was given without its consent.

Baazov has “binding equity commitment letters” from Head and Shoulders Global Investment Fund SPC and Goldenway Capital SPC for $3.45 billion to finance his bid for the PokerStars owner, according to a U.S. Securities and Exchange Commission filing Friday.

source: https://www.bloomberg.com/news/artic...-owner-private

weird stuff so far

Quote

11-25-2016 , 03:12 PM

#769

davmcg

veteran

Join Date: Jan 2003 Posts: 2,569

Stanley Choi, chairman of Head and Shoulders Financial Group... “not at all” concerned about what happened in the past week with KBC. He declined to comment further on his firm’s increased commitment or the structure of the transaction

seems legit

Quote

11-25-2016 , 09:05 PM

#770

Gramps

Carpal \'Tunnel

Join Date: Feb 2004 Posts: 6,589

Well, if some rich mainland Chinese families would be able to get some of their $$ out of the mainland, through HK, and invested into a foreign entity (even a risky/debt-laden gaming company), they'd probably be quite happy. Even if one has to jump through various channels and have a "vig" taken out up front.

Last edited by Gramps; 11-25-2016 at 09:07 PM. Reason: Talking out my a$$ in the specific scenario, but why HK and why aren't the normal financiers lined up?

Quote

12-06-2016 , 04:15 PM

#771

lostinthesaus

old hand

Join Date: Feb 2011 Posts: 1,520

Let's see if I got this right:

1) Baazov is accused of insider trading and steps down as CEO of Amaya.
2) Baazov, who still owns 17% of the company's stock returns with hostile-takeover-esque bid for Amaya with Asian investment firm backing and plans to go private.
3) News of takeover bid drives Amaya stock up, thereby increasing David Baazov's wealth.
4?) Takeover accomplished, Baazov now CEO of private company that controls the worlds best poker platform and newly established sportsbook and casino and has established opening the doors into relatively untapped but potentially massive Asian markets.

Quote

12-06-2016 , 04:52 PM

#772

ArtyMcFly

Carpal \'Tunnel

Join Date: Dec 2014 Posts: 13,256

"In advance of a formal board response to David Baazov’s bid to buy Amaya, SpringOwl Asset Management has sent a letter to Amaya’s CEO and chairman denouncing the offer and rejecting any further relationship with Baazov." Source: http://www.onlinepokerreport.com/230...es-baazov-bid/

Quote

12-07-2016 , 03:42 AM

#773

LektorAJ

Carpal \'Tunnel

Join Date: May 2014 Posts: 7,875

Quote:

Originally Posted by ArtyMcFly

That guy's pretty delusional.

It looks like Amaya really have found a way to offer gambling to Americans, just list the stock there. He thinks they can grow by prioritizing sportsbetting and casino when there are already long-established, trusted bricks'n'clicks brands in those sectors and PS is an online-only brand with legal problems. He's thinking like an American who grew up in an environment where sports betting and casinos were more of an underground thing.

He's right about Baazov though.

Quote

12-07-2016 , 06:26 AM

#774

NerdSuperfly

veteran

Join Date: Nov 2010 Posts: 2,172

Quote:

Originally Posted by LektorAJ

text says, Amaya should prioritize the expansion (not sure what his original quote is on that). and he doesn't think they can grow, he knows. amayas casino has grown good (check the quarterly reports). i don't read anything, that Ader thinks Amaya can get bigger than the established brands.

Quote

12-07-2016 , 02:29 PM

#775

Gramps

Carpal \'Tunnel

Join Date: Feb 2004 Posts: 6,589

To be fair, Ader's playing poker to an extent. Having Baazov sidelined & discredited gives him more influence/say in company matters, so there's some incentive to say whatever combination of words produces that effect (within reason/some degree of reality).

It's like reading a court filing/lawsuit (or Trump tweet

) at face value vs. gauging it for its intended effect.

Quote

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