November 01, 2013 founders to sell shares for New Jersey license

James Russell DeLeon and Ruth Parasol DeLeon whom were two of the original founders of PartyGaming have offered to sell their remaining shares in in an attempt to convince New Jersey regulators to issue the European based company its New Jersey online gambling license.

The couple who are going through divorce proceedings after marrying in 2003 had to go through separate licensing applications as major shareholders of an applying licensing company, to which they prefer not to do, so have instead offered to place their shares in trust for a three year period in which time they are to be sold.

In total the pair have just over 14% stake in the merged company and there were concerns that because of their background in partygaming and pre-UIGEA activities there could be some danger of the online gambling giant failing to receive a New Jersey online gambling license which they are partnering with the Borgata.

The start of online gambling in the state is slated for the 26th November, at present only 5 of the 12 casino operators in the state have been granted their licenses, however a gaming industry insider working in New Jersey expects a raft of license approvals over the next 5 days.

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