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PartyGaming facing loss

The four founder members of leading online gaming company PartyGaming are facing a big challenge right now as they have seen £1.8 billion erased off the value of their total holdings ever since the new broke last weekend that the US Congress has already approved the new Internet Gambling bill.The company’s biggest shareholder Anurag Dikshit actually saw his 29 per cent stake in the company plummet down from £1.24 billion to £467 million, a loss of £773m in the space of just three days. Recently, Dikshit announced that he was stepping down from the board of the Gibraltar based online gaming company in order to accept the role of head of research and special projects. His new position will mean that he will be responsible for creating new games.

The company’s two other founders, Ruth Parasol and Russ De Leon, who each have 14.9 per cent of the gaming company actually saw the value of their stakes fall by £397 million. Vikrant Bhargava another founder of the company also saw his seven per cent stake go down in value by £230 million to £138.8 million.

In the midst of all these happenings PartyGaming also revealed that it is dismissing a report that claims that it must negotiate a new loan facility with its banks within 30 days of the bill getting approved. According to the Financial Times, the said move was prompted by a clause in the $5oo million loan agreement that allows its lenders to call in the loan in the eventuality that an alteration in US law will affect PartyGaming’s position in the country.