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Former Amaya Gaming CEO David Baazov Trial Date Set

In a case that is now dragging on into its second year regarding a transaction from 2014, former Amaya Gaming Chief Executive Officer David Baazov now has a date set for his trial on insider trading charges. In proceedings held last week in the Quebec Court, Judge Claude Leblond scheduled the start of Baazov’s trial for a November 20 start date. Counting in holidays, the lawyers concluded that the trial will take about 13 weeks as the prosecution plans an extensive case. The attorneys for the Autorité des marchés financiers (AMF), the province of Quebec’s equivalent of the U. S. Securities and Exchange Commission, have called the case against Baazov and two defendants the “largest insider trading investigation in Canadian history” and plan to call around 50 witnesses. Other than the sheer number of witnesses (including some that potentially could testify via videoconference), there are other problems that are lengthening

Information Regarding Baazov Insider Trading Trial Comes to Light

Former Amaya Gaming Chief Executive Officer David Baazov has been aggressively fighting the charges of insider trading brought against him by the Canadian government earlier this year. In details released by the Toronto Globe and Mail earlier this month, further information regarding that case is coming to light. Per Globe and Mail reporter Nicolas Van Praet, the attorneys for Baazov are accusing Canadian prosecutors of several missteps. First, Baazov attorney Sophie Melchers has stated that there have been massive dumps of information which are requiring extensive research by her staff. In addition to this, Melchers says the information being provided is insufficient to provide an adequate defense. Melchers points out an accusation from the prosecution that she is looking to have adjudicated for further clarity. In their briefs, the Autorite des Marches Financiers (AMF), the government oversight agency from the Canadian government, alleges that Baazov used “fronts” to disguise trades

David Baazov No Longer Pursuing Amaya Acquisition

Former Amaya, Inc. CEO David Baazov has ended his bid to purchase his former company and take it private. His offer was for CAD $ 24 per share, a 30 percent premium over Amaya’s stock price on November 11th, the date the offer was made. The total deal would have been worth nearly CAD $ 3.5 billion. In a micro-statement on Tuesday, Amaya confirmed that the deal was off, saying, “Amaya Inc. (NASDAQ: AYA; TSX: AYA) confirmed today that discussions with its former Chief Executive Officer, David Baazov, regarding the offer to acquire Amaya by an entity to be formed, have terminated.” Baazov also issued a statement to the media, explaining, “It became evident that the share price premium demanded by certain shareholders exceeded the price at which my investors and I would be willing to complete a transaction.” It seems that the mention of “certain shareholders” might be a

Ex-Amaya CEO David Baazov Makes $3.48 Billion Offer to Buy Company

Amaya Inc., parent company of PokerStars, announced on Monday that it has received an offer from former CEO David Baazov to purchase the entire company. The offer price is CAD $ 24 per share, making the total deal valued at approximately CAD $ 3.48 billion. Amaya’s stock price closed at CAD $ 18.34 on Friday, so Baazov’s offer represents a healthy 31 percent premium. Shares have leapt on the news, opening Monday morning at CAD $ 21. They are currently at CAD $ 21.50, a more than 17 percent increase from Friday’s close. Baazov owns 17.2 percent of Amaya; his offer is not technically directly from him, but rather from a company that has yet to be created of which he will be the head. He also, as one might expect, will not be fronting all of the capital required to make the purchase. Four funds are contributing to the

AMF Documents Evidence of Alleged Insider Trading Kickback Scheme Involving David Baazov and Friends

Hearings have begun in Quebec to discuss the insider trading case involving former Amaya CEO David Baazov and thirteen of his associates, which include family, friends, and business colleagues. According to CTV News Montreal, two days of hearings in front of a financial sector independent tribunal began on Monday. Baazov has been hit with a number of charges, including “influencing or attempting to influence the market price” of Amaya stock and “communicating privileged information.” Quebec’s financial regulatory body, the Autorité des marchés financiers (AMF), has documented an entire scheme in which it alleges that Baazov and others traded insider financial information in exchange for kickbacks. LaPresse made the AMF’s allegations public, which said that the scheme was of a “high level of organization and sophistication.” The scheme, according to the AMF documentation, dates back six years, before Amaya acquired PokerStars’ parent company for $ 4.9 billion in June 2014. LaPresse