Over the course of the last month, a legal dispute has arisen between PlayUp, an expanding sports betting brand in the US, and a former executive Dr Laila Mintas. According to reports, PlayUp has accused Mintas of working to undermine a $450m takeover attempt by the cryptocurrency exchange FTX.
Mintas has vehemently refuted these claims and argued that she has worked only to protect PlayUp shareholders. Following the filing of her case to the court, we take another look at the situation.
According to Mintas, the central accusation by PlayUp, that Mintas worked to undermine the FTX takeover of the company, can be disproved by two key documents.
In her filing, Mintas alleged that PlayUp’s Global CEO, Daniel Simic, worked to add $170m in side-deals to the FTX asking price and then attempted to “scapegoat” her as the reason for the deal falling through. The alleged evidence for these claims can be found on page 43 of Mintas’ court filing.
Moreover, Mintas highlights an email, found on page 47 of her court filings, that was reportedly sent by FTX, and allegedly confirms that her actions had no impact on the acquisition.
The email, sent by Ramnik Arora of FTX on November 24, states: “After much consideration we’ve decided against a full acquisition. There are a few concerns from our side.”
Some of these reasons found in the email include a disconnect within the team and the board on valuations, a mistrust and lack of communication between the US and global business. Additionally, it cites conflicts of interest among the global leadership regarding the PlayChip brand.
Previously, PlayUp had promptly rejected suggestions made by Mintas, claiming any legal action taken was in an effort to safeguard the interests of the company. The sports betting group refused to make any further comment due to the matter presently being before the courts.
Evidently, this is a complicated case and the courts are yet to decide in favor of either party. As more details are revealed, we will work to keep readers updated.
