Bingo.com owner of the popular online gaming community http://www.bingo.com, today announced that Praetorian Capital Management LLC has sold all of its 8,675,999 shares representing 13.58% of the issued and outstanding shares of Bingo.com, Ltd.
Harris Kupperman, CEO of Praetorian said “We would prefer not to be exiting this investment at this time,” he added “However tax considerations played a significant part in our decision and its timing.” Tax considerations. Right. Certainly the major drop in profits for Bingo.com’s Q3 must have had a part to play, or perhaps the 17 straight quarterly losses had something to do with it.
Poor Tarrnie Williams, CEO of Bingo.com, had to play the gracious loser, adding,”We would like to thank Praetorian Capital Management LLC for their assistance in the development of Bingo.com over the last several years and look forward to a similarly productive relationship with the purchasers of their holdings.” It’s certainly far from champagne bottle popping in the Bingo.com camp.