On February 2nd, 2009, a lot of US facing online gaming operators will be forced to close down their mobile betting options for their players after Phantom Fiber Corporation announce that they will default their debt obligations and are planning to terminate their employees. Victory Park Credit Opportunities Master Fund serve notice to the Phantom Fiber Board after the organization failed to make payments due under the terms of forbearance agreement entered into on May 31st, 2008.
Phantom Fiber has been unable to produce enough cash from gaming operations or equity financing to fulfill its cash obligations and has also been unable to modify the terms of the Agreement with Victory Park. Phantom Fiber Corporation was founded in January 2002 by Chief Executive Officer Jeff Halloran after discovering the limitations of an existing wireless technology during the implementation period of an online banking system for a Canadian bank.
From this experience, Phantom Fiber's one-of-a kind Advanced Wireless Platform was made, designed to give important data, transactions and customer presentations features to mobile devices on worldwide communication networks. Some of the directors/principals that resigned from the company include Stephen Gesner and Dennis Logan who served as the Chairman of the Audit Committee of Phantom Fiber's Board of Directors.
Konstantine Lucas and Shimon Constante served on the Compensation Committee of the group's Board of Directors. CEO Jeff Halloran is the only remaining officer of Phantom Fiber. Phantom Fiber services mobile wagering platform for online gaming software providers like Digital Gaming Solutions, Realtime Gaming, Parlay Entertainment, IQ Ludorum and Excapsa.
February 25, 2009