PartyGaming Founders Fold

Saturday May 27, 2006

Party Gaming decided to fold recently, by resigning as board directors. It's expected that they will sell off their stakes in online casino poker Party Gaming shortly. Both former board directors and founders were major shareholders in the successful company. Anurag Dikshit, one of the wealthiest Asians in Europe, currently holds a 31 percent stake in the online poker and online casino PartyGaming. Vikrant Bhargava currently owns about 8.5 percent share in the online casino and poker company.

Up until now, the two have been prevented from selling off their shares. However, that agreement is going to expire at the end of next month. Both parties are expected to sell of their holdings in PartyGaming. Anurag Dikshit stands to take in upwards of 1.6bn pounds from the sale if the price of PartyGaming stock stays around its current level of 131 1/4p. The agreement expiration will also free up a couple other parties and allow them to sell stock if they so desire.

The two other founders are Ruth Parasol and Russ DeLeon. Both founders each own about 16 percent of online casino and online poker Party Gaming. There's still wild speculation as to what each party will do. Bhargava is expected to sell off, because he was going to leave the company at year's end anyway. Dikshit is going to continue working on the technical side of the online casino and poker company. It's possible that he will simply trade a portion of his holdings in for cash.