Former Amaya CEO David Baazov Sells $98.6 Million Worth of Stocks

Amaya's ex-CEO David Baazov has sold seven million common shares amounting to $98.6 million. Baazov founded the Montreal-based gaming company and once acted as its CEO, but encountered legal troubles.

The sale leaves Baazov's with 17.6 million shares. This represents a 12.1% overall stake in the company's issued and outstanding common stock.

Baazov made a bid to buy PokerStar's parent company last year for around $4.1 billion to which he later withdrew the offer.

The former CEO has been charged by the Autorité des marchés financiers, Quebec's securities regulator, with multiple counts of illegal insider trading, including stock manipulation. The charged is said to be in connection with Amaya's $4.9 billion acquisition of Rational Group. He pleaded not guilty on the charges filed against him.

Amaya has confirmed it has repriced and retrenched its US dollar and Euro denominated first lien term loans and has revised the applicable credit agreement. This repricing will enable the company to save $15.4 million of interest expense on loan each year.

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