Sweden Launches Criminal Probe of Pirate Bay Sale

uolamer writes with word that the Economic Crimes Bureau in Sweden has opened an investigation into the upcoming purchase of The Pirate Bay by Global Gaming Factory X. Quoting: "The Swedish newspaper SvD reported Saturday that authorities are looking for possible insider trading after Global Gaming's stock jumped a week before they announced plans to acquire The Pirate Bay. Trading of Global Gaming shares was halted by AktieTorget, a Swedish exchange, on Friday after officials there requested proof that Global Gaming had enough money to complete the sale. Global Gaming has yet to produce the required documentation. Until officials get the proof they need, they said they won't allow the stock to be traded again."

Comments

Stocks ROSE?

[h4rm0ny]

Okay, I can believe in insider trading, it happens. But why on Earth would stocks rise on the news of such a numbskulled idea as buying the The Pirate Bay. Are investors that daft that they think this is a good idea? The Pirate Bay made money, not huge amounts but enough to make it worthwhile, by selling advertising without having to charge for product (they co-ordinated the downloading of other people's). How can this potential buyer possibly expect to make money from the site when they're no longer facillitating the downloading of copyrighted material? If they try to charge for their service, which is what elsewhere has been said is the intention, then they'll find the users of the Pirate Bay vanish in short order. People used it because they got stuff for free that they'd otherwise have had to pay for. That's not a market that you can suddenly slap a paid service on top of.

Buying the Pirate Bay is a terrible business decision. They're better off being blocked from it by the courts if they don't have the sense not to themselves! ;)