Lyle Berman tells about the success of his new business.
The World Poker Tour Enterprise sold its famous poker tour along with it poker-related resources to PartyGaming. They were left with $28 million in cash with a desire to make a new project.
During that time, there were no public statements on the direction they are taking. However, Steve Lipscomb told Carol Player what the dissolved company plans to pursue and it involved something that is not in any way related to the poker industry.
The look of the new project has become much clearer in less than a year and everything has been “so far, so good” for the World Poker Tour’s former owners.
A special feature was published on the Los Angeles Business Journal this week and it featured Voyager and Gas which is an energy company based in Montana. This has become Lipscomb’s new project along with the other founders, Lyle and Brad Berman of World Poker Tour Enterprise.
When Lipscomb and the Bermans sold the WPT, the $28 million could have been distributed to its shareholder for approximately $1.40. However, they decided on renaming the company instead to Ante4Inc (NASDAQ : ANTF) and searched for another company. They ended up entering the oil and gas business.
The Business Journal had described their move as an “odd turn.” They have however acknowledged its successful although unlikely transition. The company has merged after subsequent research with an oil-leasing firm from Montana and created the new Voyager Oil and Gas Company.
Stock shares have more than doubled since the merger. The trading for ANTF is currently at $3.44 per share.
Lyle Berman told the publication, “I do not think we have many unhappy shareholders.” He also said, “We thought if we could find a company with a great business model that needed cash, the stock would trade significantly above $1.40 and we have fulfilled that mission.”
Having never worked in the energy industry before, there are no day-to-day responsibilities for the Bermans and Lipscomb with the new company. It has however become apparent that they have an eye towards good investments.
This is the same eye that landed them in the poker industry. Back in 2002, they launched the World Poker Tour and stepped away from it when PartyGaming finalized their deal last year.
Lipscomb told Carol Player last December, “As I go into a different phase of my life, it is time for me to thank everyone in the poker community.” He also added, “I know we have made decisions that were contentious and hard, but through all of that, I think there has been a tremendous amount of grace shown by the people in the poker community.”