23rd of February 2016 Author: Glo Wood
The case of Kentucky versus Amaya continues as the gaming company appeals the court's ruling requiring it to pay $870 million as PokerStars' allegedly offered its services to Kentucky players illegally from 2006 to 2011.
The case that was initially based on a $290 million claim was blown up to three times that amount following Amaya's request for the reconsideration of Judge Wingate ruling on November 20th, which prompted him to triple the judgement against the company. Amaya isn't taking this lying down as the company revealed that is has filed a $100 million supersedeas bond to delay the judgement 'during the pendency of the appeals process' and it will 'continue to vigorously challenge the trial court's order'.
'In late January, pursuant to and in accordance with the procedures set forth in the merger agreement governing the acquisition of the PokerStars business, a subsidiary of Amaya submitted a notice of claim to the sellers' representative and escrow agent seeking indemnification for losses and potential losses caused by breaches under the merger agreement,' stated Amaya.
'Amaya has since received a notice from the sellers' representative initially disputing all claims set forth in Amaya's notice of claim. The disputed indemnity claims and release of the escrow funds will be resolved in accordance with the provisions of the merger agreement and escrow agreement.'
Amaya will be required to pay 12% in annual interest until the amount has been remitted in to the state in full.
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