Progressive Gaming Yet to Pay for Patents
20th February, 2009
A 74 year old owed $1million by Progressive Gaming International Corp.
According to reports in Las Vegas, The Progressive Gaming International Corporation still owe 74 year old Dale Hill $1million for the patents he sold for than four years ago.
Back in December 2004, Mr Hill sold the patents to Progressive Gaming for $2.7million. However, Mr Hill has so far only received $1.7million from the sale and hasn’t received anything else since October 2008.
Mr Hill began to worry about the outstanding amount when he discovered that the patents were purchased by International Game Technology on 16th January. It transpired that the slot machine manufacturer acquired most of the assets of Progressive Gaming in a liquidation sale.
Mr Hill spoke out, saying , “There is a lot of potential in these patents. I just want to be paid what I’m owed.”
Andrea Greene , associate general counsel for Progressive Gaming, wrote, “I understand that money is owed for the patents. Unfortunately, (Progressive Gaming) is in a situation where it cannot pay its creditors.”
She went on to add, “The company is not conducting business and expects to file chapter 7 bankruptcy, as such regrettably PGIC cannot make any payments owed for the patents”.
By Rommon
