Eye On Gambling has a forum thread about the fate of Golden Palace’s US operations. The official position is apparently that the company will announce a decision when the port security bill is signed by the president.

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MarketWatch reports that PartyGaming (PartyPoker) and 888 Holdings have announced that they will stop their internet gambling operations in the United States as soon as the port security bill banning transfer of funds to online casinos is approved by the president. UK shares of companies involved in online gambling lost as much as 75% of their value Monday and the total paper wealth loss is estimated at $7.5 billion. Online casino GoldenPalace.com/.net is a major sponsor of IFOCE events.

While Congress succeeded in attaching a completely unrelated measure to the port security bill, it failed to attach a provision to that legislation that would have barred serious felons from working in sensitive dock security jobs.

updated pokerplayernewspaper has an analysis of the legislation which mentions Golden Palace’s sponsorships

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The Washington Post reports that a measure banning US banks from making payments to online casinos was attached to a Senate port security bill that passed today. The House passed a similar measure earlier this year so the bill awaits presidential approval. The prohibition will not take effect until after a 270 day window for the financial industry to figure out how to prevent transactions to online casinos. Internet gamblers will still be able to use foreign financial institutions. The online casino / card game site GoldenPalace.com/.net is a major sponsor of IFOCE events.

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Bloomberg.com reports that billionaire dissident investor Nelson Peltz was elected to the Heinz board of directors. Peltz wants Heinz to market more actively and said the company should spend $200,000 to cosponsor Nathan’s hot dog eating contest. One other Peltz ally was elected to the board. Peltz had hoped to gain five seats on the twelve person board.

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(from bloomberg.com) Heinz announced that Nelson Peltz, who wants to pay $200,000 to cosponsor Nathan’s hot dog eating contest, may have won one or two seats on its board based on preliminary vote counts. Peltz had hoped to win up to five seats. Full voting results will not be announced until September 15.

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(from Reuters) Heinz announced that it will not announce the results of its voting at its annual meeting today or tomorrow. Nelson Peltz, who wants Heinz to cosponsor Nathan’s hot dog eating contest, is attempting to install 5 new board members. Heinz provided no date when it expected to announce the results.

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(From mosesnews.com)
Nathan’s Famous announces that quarterly profits increased by 19.4% in the quarter ending June 25. Sales increased 7.6% and sales of hot dogs to food service companies increased by 17.8% Other revenues (including TV fees) increased just 1.6% (with the increase in TV ratings for 2006, it will be interesting to see if that figure will increase)

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(from reuters) The shareholder advisory service ISS endorsed the Trian Group’s plan to install three members chosen by Trian to the Heinz board. Trian is run by Nelson Peltz, who wants Heinz to pay $200,000 to cosponsor Nathan’s famous hot dog eating contest. The Trian Group has put out a press release praising ISS’ endorsement. The Heinz board has set up an anti Trian website. Teresa Heinz Kerry will not have much say in the decision, as her family trust owns only about 4% of Heinz.

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The New York Times has an article about “activist investor/corporate raider” Nelson Peltz’s clashes with the management of Heinz. Peltz wants to market more actively than the current board of directors does:

Mr. Peltz also wants Heinz to spend more on advertising to try to help increase the market for ketchup instead of paying money to retailers for shelf placement, which he says reduces the company’s margins. As an example of how Heinz might be more skilled with its marketing, he excitedly described how there was no sponsor besides Nathan’s for the World Championship Hot Dog Eating Contest and how Heinz missed out on a big opportunity.

“Where was the condiments sponsor?’’ he asked. “For $200,000 Heinz could have had their name all over the place, but that’s not their way.”

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