PokerWorldNow

Those who did a detailed analysis (not me) on the deal in which Gamynia bought the World Poker Tour may have noticed that in the associated 8-K that was filed with the SEC there was a clause in the acquisition agreement that gave the WPT an out if a better deal came along. More specifically, the WPT has the right to terminate “under certain circumstances, including a determination by the Company’s Board of Directors to accept an acquisition proposal it deems superior to the Transaction.” All the WPT has to do is pay an “I’m sorry for changing our mind” fee of $1,000,000.

The WPT is getting a pretty good deal from Gamynia, to summarize: Gamynia pay $9.1 million in cash, WPT gets to keep the $21 million in the bank and WPT receives about 5% of future revenues.Who has come over the top (I promise the last poker metaphor that will ever be used) and piqued the WPT’s interest?

Assuming that the  Gamynia deal is really just a shell company for  PlayTech as I predicted in my first blog about this transaction, then perhaps one of the big boys, and by that I mean FullTilt or PokerStars, has taken a page out of this book and opened up their cash coffers. It is strategically logical for both companies to a) expand their push for producing TV shows as way of advertising and b) act as a hedge in a U.S. regulated environment because, as I wrote in my blog about the Menendez bill, it looks likely that off-shore operators will be rejected for licenses.

Thus far the WPT execs have kept mum about the deal, but I suspect if the deal goes through it will take a couple of weeks for an official announcement. Technically the Gamynia deal will automatocally terminate on Januray 28th, 2010.

I have decided to start this blog off in the simplest way possible and each morning provide a list to the top stories in the industry. I may even add my thoughts. Considering I have no visitors to my blog, this post will live in the deepest caverns of the archives, but ultimately this will be a good exercise in finding and thinking about news relevant to the poker industry.

• The first story I came across was that Howard Stern (I assume the radio host and not Anna Nicole Smith’s widower) has joined the Poker Players Alliance. I think this is a good supporter to have. He will invariably discuss the PPA and its plight on his show that airs on Sirius, but won’t this mostly be preaching to the choir?

• FullTilt shoots for PokerStars record. FullTilt needs  to work on their international expansion before they can really dethrone PokerStars. As a side note, it is impressive that the two sites combined attracted over 100,000 players in a single evening. Granted they had to do it with large cash overlays, but still.

• ESPN publishes a lengthy article discussing the online poker legal environment. Although there is nothing new presented in the article, it is significant that ESPN has written about it.

• Shulman and Xanax. Poker News Daily has updated their profile on Jeff Shulman, but unfortunately misquoted him. I was present at the final 9 of the WSOP for the interview. When asked how he maintained his patience and composure during the grind of the main even, he responded “I am on Xanax while everyone else is on Adderall.” The way PND has quoted him doesn’t make much sense.

Check back daily for industry briefings.