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Pirate Bay potential buyer loses control of his assets

28 September 2009 22:23 by James "Dela" Delahunty | 2 comments

As if things weren't bad enough for the proposed acquisition of the Pirate Bay by Global Gaming Factory X, the company's chief executive officer Hans Pandeya has lost control of his assets. A Swedish court found that Pandeya owes about $400,000, including interest, to Johan Sellstrom, a former business partner in Global Gaming. The court ruled that the state will take control of his assets until enough can be sold to pay back Sellstrom.

"I was pleased to find that the Court has ruled that my promissory note is indeed genuine," Sellstrom said in an e-mail to CNET. "More importantly, they agreed that a lien against Pandeya's net assets had to be put into effect immediately in order to prevent evasive measures on his part. I look forward to a hasty process in order to minimize the damage that Hans Pandeya has caused the share holders of GGF and wish them all the luck with the acquisition."

Pandeya called the claims "bogus" and says he paid back Sellstrom already in a property deal that eventually went bad. He went on to say that the court's decision may harm GGFX' acquisition of the Pirate Bay website, since affect his ability to raise capital. Pandeya had said he would use his own assets as security on any loan he received to help the company acquire the Pirate Bay.

"The application appears to be a measure to ensure payment of a claim but the approval of a lien will seriously damage (Global Gaming) and its shareholders," a letter to the court reads. "Pandeya's real estate assets and shares are being used to guarantee the acquisition. If Sellstrom is awarded a lien the acquisition will become more difficult and the value of Pandeya's assets decreased."

Permalink to this article

Pirate Bay trial appeal moved to next summer (20 October 2009)

Microsoft launches "Starter" edition of Office 2010 (10 October 2009)

The Pirate Bay headed for Ukraine (3 October 2009)

Google temporarily removes The Pirate Bay from search engine (3 October 2009)

Swedish ISP will appeal order to cut off Pirate Bay (16 September 2009)

The Pirate Bay buyer kicked out of stock exchange (10 September 2009)

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Discuss this article!
prutsos (Member) 29 September 2009 2:54
god who knew it would be this much just to buy a company these new people got to have their crap straight [ + quote]
Tarsellis (Newbie) 6 October 2009 9:37
Yeahhhhhh, we can't see Lehman Bros going down, or anything wrong with AIG and Goldman Sachs perpetually making and profiting on bubbles, but we can find economically harass one tiny little guy repeatedly who just happens to pose a threat (in their mind at least) to the business model of the media mafia?! Freedom, it was nice knowing you. Too bad you didn't even get an obituary. [ + quote]