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Pirate Bay acquisition gets approval

Written by Andre Yoskowitz (Google+) @ 28 Aug 2009 23:41 User comments (6)

Pirate Bay acquisition gets approval Global Gaming Factory X (GGF) stockholders have approved the company's decision to purchase the torrent tracker The Pirate Bay today, a non-surprising event given the fact that CEO Hans Pandeya owns the majority of the shares.
The buy price is 60 million Swedish kronor ($8.2 million USD) but questions still linger as to where the money will come from, and whether the stock will be delisted if the acquisition does go through. Trading in the company's shares have been halted since August 21st. The stock exchange recently said that "GGF lacks the ability to inform its stockholders in a correct, relevant and credible way" as to the acquisition and therefore "cannot be allowed to be traded."

Pandeya says the financing for the deal is secure however, although a few of the original investors did leave the venture to avoid all the media attention.

There is also questions as to whether the new legal Pirate Bay can actually work. Let's see if the acquisition goes smoothly first.

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6 user comments

129.8.2009 0:13

Quote:
There is also questions as to whether the new legal Pirate Bay can actually work
if in your world tree's talk, pigs fly and dragons exist then sure a legal pirate bay will work.

229.8.2009 0:43

"There is also questions"???


Yes, there be some. ;-)

329.8.2009 14:05

There IS a single question.
There ARE multiple questions.

429.8.2009 17:45

Ah again we hear the deal is back on, or is it the deal is now off. There is no deal!!!!!! This plonker from GGF just had his car and motorbike repossessed from the swedish tax-man. And all this nonsense over funding? There is no funding. And all the nonsense over directors voting whether the deal will go ahead? Hans and his wife own more than 60% of GGF's shares, so where does a vote take you? GGF used this whole charade to do a bit of insider trading, thats why the swedes have suspended trading for them and are considering pulling the plug on the company. TPB boys were along for the ride and to make the cartels think they would get the money from the sale to pay the fines owed to them. The cartels took it hook line and sinker and the boys are laughing at them. If anyone would like to follow whats going on then head over to www.torrentfreak.com theres a plethora of news there on this over there.

530.8.2009 6:01

i just wish they'd sell and fail already and then we wouldnt have to hear about it anymore ..

61.9.2009 1:46

I have a feeling if The pirate bay goes this way it will become the next napster and it will lose massive amounts of traffic.

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