News Feed Item

SpringOwl's Jason Ader Proposes to Expand Board and Add Four New Independent Directors to the bwin.party digital entertainment Board at its Forthcoming Annual General Meeting

New Independent Director Nominees Will Add Significant Experience in Online Gaming, Technology, Marketing and US Banking System

NEW YORK, April 17, 2014 /PRNewswire/ -- SpringOwl Gibraltar Partners B Ltd (together with its affiliates, "SpringOwl"), the owner of 42,850,000 shares of bwin.party digital entertainment plc (LSE: BPTY), representing approximately 5.25% of BPTY's issued ordinary shares, announced today that it intends to propose for election four new independent Directors to the Board of BPTY at the forthcoming Annual General Meeting of BPTY.  It is not currently intended that these new Directors would replace any existing Director of BPTY.  The proposed new Directors have significant experience in online gaming, technology and the US banking system.

"SpringOwl has made numerous attempts to work with the incumbent Board of BPTY to facilitate a reconstitution of the Board to ensure accountability to shareholders.  Unfortunately, the incumbent Board has chosen to seek to maintain the status quo.  We believe shareholders have become disillusioned by ongoing declines in business metrics as the Board approves incremental equity grants," said Jason N. Ader, Chief Investment Officer of SpringOwl.

"We are seeking to add four highly qualified candidates to the Board who are committed to i) restoring an alignment between the actions of the Board and the BPTY shareholders, ii) adopting best practices of corporate governance and iii) working with Management to pursue any and all alternatives available to maximize long-term shareholder value," he continued.

The proposed new Directors, who are accomplished in their respective fields with a diverse set of experience necessary to effect meaningful change, are:

  • Michael B. Fertik
    Michael Fertik is the CEO, Chairman, and Founder of Reputation.com.  He has been named Entrepreneur of the Year by TechAmerica, World Economic Forum Technology Pioneer and a member of the WEF's Global Agenda Council on the Future of the Internet.  Mr. Fertik is the named inventor on multiple patents in the fields of technology and data science.  He is the author of the bestselling book Wild West 2.0 (AMACOM 2010) as well as the upcoming Reputation Economy (Crown 2015). He is a regular contributor to Harvard Business Review, Forbes, Inc., Scientific American, Bloomberg, CNBC, BBC and the LinkedIn Influencer blog on topics including entrepreneurship, technology, innovation, data-driven leadership and Silicon Valley.
  • Francis X. Grady
    Mr. Grady is the founder of Grady & Associates (founded in 1994), a boutique law firm devoted to the representation of banks throughout the United States.  Mr. Grady provides bank regulatory, corporate and securities law representation to banking organizations in matters involving bank supervision, payment and credit card processing, bank regulatory enforcement actions, executive compensation and shareholder relations.  Prior to founding Grady & Associates, Mr. Grady held positions with the law firms Seeley, Savidge & Aussem; Hahn, Loeser & Parks and Muldoon, Murphy & Faucette.  Mr. Grady began his career in the Honors Attorney Program at the Federal Deposit Insurance Corporation in Washington, DC, where he worked from 1984 to 1986.
  • Kalendu Patel
    Kal Patel is a private venture capital investor and advisor to emerging disruptive technology companies.  From 2012 to 2013, Mr. Patel was Executive Vice President and a Member of Executive Committee of LRN Inc., with responsibility for global strategy and operations. From 2011 to 2012, Mr. Patel was a London-based Partner and Senior Advisor of VantagePoint Capital Partners, a venture capital firm focused on Energy/Resource Innovation, Information Technology and Healthcare, where he led the firm's global strategic partner initiative.  From 2003 to 2011, Mr. Patel was a senior executive at Best Buy Co., Inc., where he rose to become Chief Strategy Officer and President and Chief Executive Officer of Best Buy Asia as well as running the Company's Best Buy Venture Capital Fund.  Prior to Best Buy, Mr. Patel served as a Senior Partner at Strategos Inc, CA, strategy innovation consulting firm.  Prior to Strategos, Kal worked at KPMG Consulting, where he co-founded and led the Business Transformation Practice.  Mr. Patel was born in Kenya and raised in Zambia and the United Kingdom. 
  • Steven M. Rittvo
    Steven Rittvo is the founder of The Innovation Group of Companies and has served as the Chief Executive Officer of a number of the individual component companies since the founding in 1999. The Innovation Group is an integrated service organization focused on the terrestrial and online casino and gaming industry.  Its clients, in over 65 countries, include National and State Governments, publicly and privately owned casino and gaming operators and equipment providers and leading financial institutions.  The services provided by The Innovation Group of Companies include project feasibility studies, financial analysis, development of marketing plans, restructurings and reorganizations, operational and situational audits, financing and M&A advisory.  Mr. Rittvo has been identified by Global Gaming Magazine as "One of the 10 Most Influential People in Gaming."  An acknowledged thought leader in online gaming, Mr. Rittvo founded iGaming North America, the first major US-centric Internet Gaming conference.  Mr. Rittvo also produced and published the first comprehensive, nationwide survey of internet gamers in the United States.  He is a frequent expert witness on gaming-related issues and has testified before numerous legislative and licensing bodies on both state and national levels.  Mr. Rittvo previously served as a Director of Gametech Corporation.

SpringOwl Gibraltar Partners B Ltd., the ("Fund"), is a Cayman Islands exempted company formed December 18, 2013.   SpringOwl Associates LLC (the "Investment Manager"), a New York limited liability company which is the Investment Manager to the Fund, commenced operations in 1970, under the name of Cumberland Associates, and is wholly owned and controlled by SpringOwl Asset Management LLC ("SpringOwl"), a Delaware limited liability company founded in 2013.   The principal owners of SpringOwl are Jason N. Ader and Andrew M. Wallach.

SOURCE SpringOwl Asset Management LLC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.