Patti Hart Purge: IGT Proxy Fight Makes the Wall Street Journal

Written by:
Aaron Goldstein
Published on:
Jan/28/2013
Patti Hart Purge: IGT Proxy Fight Makes the Wall Street Journal

An intense proxy fight at online gambling behemoth IGT has made it to the pages of the Wall Street Journal.

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Gambling911.com reported last week that Ader Investment Management’s Jason Ader has nominated three new directors - Charles Mathewson, Raymond Brooks and Daniel Silvers - to take the reigns of power away from current IGT CEO Patti Hart as part of the said proxy fight.  Ader’s group currently owns a 3 percent investment in IGT.  Hart has yet to express any intention of giving up her position. 

Ader is a gambling analyst turned investor and has been outspoken on the need for online gamling to be made legal.  Ader is also a member of the board of directors of Sands.  The irony is not lost here in that Sands CEO Sheldon Adelson is one of the few casino moguls dead set against legalizing Web gambling in the US. 

One of the biggest snafus over the past year as mentioned in the Wall Street Journal article involved current managament, led by Mrs Hart, spending $500m to buy social gaming company DoubleDown Casino after only a year earlier investing $115m to buy Swedish online gaming operator Entraction.  That business was shut down just months afterwards.

- Aaron Goldstein, Gambling911.com

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