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Dissension in the Ranks

CryptoLogic has had a pretty major about-face in recent years and most especially within the last several months. Reports out of the company recently have indicated that CryptoLogic is in a pretty tight spot financially and is currently attempting a pretty ambitious restructuring of the entire company – right from management down to the company’s products and offerings. All of these changes at CryptoLogic have caused a few murmurs in the industry – CryptoLogic was once a giant among the casinos and now the company is orchestrating a major cut-back plan. All of this aside though, or perhaps as a result of all of these changes, the news that former highly respected CEO Javaid Aziz is petitioning for an emergency shareholders meeting is not exactly the best news to come out of this company as of late.

The global financial crisis has caused some pretty strong problems at online casinos around the globe, not just with software development companies like CryptoLogic. In times like this, where companies are still reporting profits but having a hard time staying up with the times (new technology on a regular basis, new demands from gamblers, and more) it’s unfortunate that CryptoLogic is adding to its problems with a money dispute with Aziz.

The entire situation is a bit unclear really – more will likely be disclosed at the extraordinary shareholder meeting that CryptoLogic corporate is fighting tooth and nail. CryptoLogic is seeking to take back Euro 1.5 million that is currently in escrow but was given to Aziz as a part of his severance package. Aziz feels he is still entitled to the money – CryptoLogic alleges that he has broken the terms of his severance.