Baazov Sells $99 Million Worth of Amaya Gaming Stock
Former Amaya Gaming CEO David Baazov has divested himself of $99 million (USD) worth of his old company’s stock. The surprise move leaves Baazov with plenty of cash to fund his ongoing legal defense and was also applauded by Toronto Stock Exchange investors.
Baazov’s big deal, as it turns out, offers a lot more than just a look into how the One Percent live. The sale also gives the world a look into what a significant impact his current legal trouble are having on his former company.
Amaya Gaming investors who’ve been doing their homework had plenty of reason of cheer Baazov’s move.
According to a report on CalvinAyre.com, the company’s recent debt restructuring included language that required the debt to be paid ahead of schedule if, “a certain current shareholder,” made attempts to buy the company.
Baazov has made several attempts to purchase Amaya Gaming in the past.
The request was apparently made at the behest of lenders and investors who see Baazov’s presence as a corrosive weight on the company’s overall value.
Not surprisingly, Baazov didn’t see the sale in exactly the same terms. He told media outlets that he was divesting for “investment purposes.”
While everyone could use an extra $99 million, Baazov needs it for more than just investing. He’s facing a lengthy, and certainly expensive, trial for financial fraud later this year.
It’s worth noting that while Baazov’s sale accounted for nearly five percent of the company’s outstanding shares, he retains another 12 percent of them. So far, there’s been no word on whether he plans to sell those shares as his saga progresses.