TITLE

Skadden warns US off gaming IPOs

AUTHOR(S)
Begum, Husnara
PUB. DATE
September 2005
SOURCE
Lawyer;9/12/2005, Vol. 19 Issue 35, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on the warning given by Skadden Arps Slate Meagher & Flom LLP to investment banks to avoid flotations in the booming online poker sector. Most US investment banks including Credit Suisse and Merrill Lynch & Co. Inc., are already steering clear because of fears that actions may be brought against them for aiding and abetting illegal transactions. The situation remains unclear. The Federal Wire Act prohibits the use of telephone communication to facilitate any betting on a sporting event. It is argued that banks should realize that the risk is minimal, but there may be concerns over reputational risk.
ACCESSION #
18345856

 

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