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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."

7 of 65 comments (clear)

  1. yar by networkconsultant · · Score: 3, Funny

    Thar be a conflict of intrest thar!

  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.

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  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. Re:Pirate bay is off-line already. by JustinOpinion · · Score: 4, Informative

    FYI, you can use DownForEveryoneOrJustMe.com to check these kinds of things. It appears that the Pirate Bay is indeed offline right now.

  5. Re:What after TPB? by j.sanchez1 · · Score: 4, Informative

    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?

    http://openbittorrent.com/

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  6. Pirate bay disconnected by order of Swedish court by Svenne · · Score: 4, Informative

    Swedish Internet bandwidth reseller Black Internet has been ordered today by the swedish court Tingsrätten to cut of access to The Pirate Bay, or face a fine of 500000 SEK (approx. $70870.5).

    http://www.idg.se/2.1085/1.242518/pirate-bay-borta-fran-nate (link in swedish).

    The same as above machine translated by Google

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