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Online Poker War Heats Up - Empire Sues Party For $1 Billion
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The gloves are off in the online poker feud between former partners Empire Online, who operate Empire Poker, and Party Gaming, who operate Party Poker. Empire is suing Party for $1 billion. Best of all, the war of words between the two is well under way, and some of the insults have been priceless.
Empire is suing Party for breach of contract. Party Gaming announced that skins such as Empire Poker, which used to share online poker tables with Party Poker players, would have to go it alone. The fact that Empire could no longer co-mingle players with Party Poker is the primary reason for the lawsuit.
Party Gaming congratulated Empire Online for "kick-starting the pantomime season." They also released a copy of a letter, sent to Empire way back in May, which mentioned that Empire Poker would no longer be a skin for the Party Poker network. That's a pretty scandalous document, since it would seem to prove that Empire knew about this well before they took their company public. Empire failed to mention this salient problem in their prospectus, even though it would appear that they were aware of the impending calamity.
Empire were quick to respond, saying in effect that Party Gaming was shooting itself in the foot by showing the world the letter. "It doesn't make it any less illegal if you write to me telling me you're planning to burgle my house."
Empire might be missing the point of the letter, however, namely the date it was written. In a war of ethics this company is unarmed and unmanned, and has won few allies with their duplicity so far. It also seems as though Party Gaming will brush them aside.
Meanwhile, the stock prices for online poker corporations continue their rather sudden correction. Empire Online has lost most of its value, and even Party gaming has dropped two billion pounds in total value. We would wait for the dust to settle and then buy shares low in the one genuine player here - Party Gaming - that's a free tip from the experts at poker analysis, even poker company analysis!
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