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Pirate Bay Buyer Chairman Resigns

Posted by CmdrTaco on from the not-a-good-week-for-them dept.

Xemu writes "Global Gaming Factory X (GGF), the company that plans to purchase Swedish file-sharing site The Pirate Bay, has encountered an additional setback. Last week trading in GGF stock were suspended due to suspected insider trading. On Friday, Magnus Bergman, GGF chairman, submitted his resignation to the Swedish Companies Registration Office. Bergman's resignation is the latest in a series after the previous departures of board member Johan Sällström and adviser Wayne Rosso. The CEO of GGF, Hans Pandeya, is being pursued by the Swedish enforcement service for mounting unpaid debts. In an interview with the Swedish business daily 'di.se' today, CEO Hans Pandeya says that the deal is still on."

6 of 65 comments (clear)

  1. Re:In a totally unexpected scenario... by Krneki · · Score: 2, Insightful

    I don't think there are yet on this part.
    All I can see is some media and business hysteria going on. The pirates are still active in Somalia.

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    Love many, trust a few, do harm to none.
  2. Re:In a totally unexpected scenario... by Kjella · · Score: 4, Insightful

    Whatever trouble GGF is in, it's not because of TPB. Not yet, anyway. This sounds like a classic last-ditch attempt business model of "Let's announce how we'll take over the world and secure VC funding for it on the hype". Kinda like how SCO announced they were suing IBM and licensing Linux, which both were puffs of smoke. As the house of cards appears to collapse a little too fast, I'd be very surprised if the deal ever happens.

    --
    Live today, because you never know what tomorrow brings
  3. pure speculation by rs232 · · Score: 4, Insightful

    "It looks almost as if they publicized the whole PB deal just to inflate the shares of the company, and then one by one leave the company (with the proceeds in their pockets maybe?)... Classical case of Enron-itis"

    Pure speculation on your half and Enron was never about falsely inflating the stock but outright fraud as in they cooked up fake trades that were actually between subsidiaries of Enron, a classic shell game.
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    1. Re:pure speculation by nedlohs · · Score: 3, Insightful

      Was just a copy-n-paste from the comments on the source article, so "on your half" doesn't really apply to the anon coward...

      And it's actually the Swedish stock exchange and other authorities who brought up the "mmm this look like an internal pump and dump, and that would be insider trading" when they suspended trading in that stock: http://news.cnet.com/8301-1023_3-10315020-93.html?tag=mncol;txt

      But yes, different than Enron.

  4. didnt make sense from the get go by zcold · · Score: 2, Insightful

    The whole deal never made any sense anyways. Like many of you said, why would people start paying for something they originally got for free. Because now it would be legit? The people downloading illegally never wanted to be legit in the first place..otherwise they would have gone to a store....

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  5. Re:What after TPB? by Krneki · · Score: 2, Insightful

    I wonder what will happen if The Pirate Bay is closed down or turned into a site for legal torrents. A lot of the other torrent sites relies on the Pirate Bay tracker. What other large, public bittorrent trackers (not just .torrent mirrors) are there?

    No worries, there are plenty of open trackers out there, but the first rule is, never talk about torrents.

    --
    Love many, trust a few, do harm to none.