Pala Interactive in the news:
Pala Interactive adds new content and payment method to NJ site
Pala Interactive, the iGaming arm of the Pala Band of Mission Indians, is adding 65 online and mobile games to its New Jersey licensed iGaming offering, alongside a new payment method to ease player deposits.
read full article here-->Pala Interactive adds new content and payment method to NJ site
Also:
New Jersey iPoker Down 2.8% to $1.91m in October
Continuing to lead the Garden State’s iPoker market is the Borgata (PartyPoker/Pala Interactive) with $1,079,478 in revenues last month, while Caesars Interactive (888/WSOP) was a little further behind on $833,925.
Read Full Article Here-->New Jersey iPoker Down 2.8% to $1.91m in October
Winner winner chicken dinner - per caps raise all around next year for PBMI members!
If you want to read the $100 Million MOU setting up Pala Interactive go here.
Here are some excerpts:
NGS3 pursuant to the Development Agreement and for the period of time in between the
Development Agreemcnt and the Operating Agreement and all License Fees and License
application and processing fees for the initial License, in exchange for a 62.5% Percentage
Interest:
(b) NGS3 will contribute the Technology and associated IP. business plan and
expertise in exchange for a 28.5% Percentage Interest.
3.3 "Additional Membership Interests" will be issued as follows:
(a) 5% to the CEO of Pala Interactive: and
(b) 4% to PBMI designated Management.
(c) The Additional Membership Interests will be subject to customary vesting
and other provisions in order to avoid adverse tax consequences to additional Members. the
Additional Membership Interests will be structured as profits interests which will entitle the
Additional members to participate in operating profits and any increase in the equity of Pala
Interactive beyond the initial $100M Capital Contributions through ongoing "Distributions
from Operations" and "Distributions from Capital Transactions'" as defined below.
d) The Board of Directors will have authority to issue additional Membership
Interests in the future, for such consideration and upon such tenns and conditions as they shall
deem prudent, subject to the consent and approval of a Super Majority of the Board andlor the
Members, as further described below. To the extent additional Membership Interests are Issued
in the future, beyond the CEO and PBMI Management contemplated above. all Membership
Interests will be proportionally diluted; provided NGS3's 28.5% interest shall not be subject to
dilution. unless and until PBMI( has contributed its full $70M Capital Contribution.
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(d) Profit Sharing Interests. It is anticipated that Pala Interactive will
establish a phantom stock or other profit sharing plan (the "'Phantom Plan") for key employees
and/or Independent Contractors, pursuant to which those employees will also share in
Distributions of Distributable Cash from Operations and Capital Transactions in accordance
with their respective interests in the Phantom Plan.
3.5 Management. The day to day business and affairs of Pala Interactive will be
managed and conducted by the Managers/Directors. who will function as a Board of Directors.
(a) There will be 5 Directors, 3 to be appointed by PBMI (one of whom will
be the Chairman of PBMI) and 2 to be appointed by NGS3. Generally. decisions of the Board
will require the consent or approval of a majority of the Directors. However, certain "Key
Decisions" will require the consent or approval of "Super Majority" (4 of 5) Directors.
#
(b) The Operating Officers of Pala Interactive are set forth below. Each
Officer will receive a salary and may be eligible to participate in the Phantom Plan~ in
accordance with policies and guidelines to be adopted by the Board. The specific responsibilities
and authority of each Officer will be determined by the Board as well.
ChiefExecutive Officer - Jim Ryan (pending)
ChiefOperating Officer - Reeve Collins
Chief Marketing Officer - TBD
ChiefFinancial Officer - Shauna Anton
ChiefCommunication Officer - Kasey Thompson
ChiefTechnology Officer - Dean Abramson
ChiefStrategic Officer - Bill Bembenek
