After investigation by Swedish officials, Global Gaming Factory, the company trying to buy and legalize The Pirate Bay, has been delisted from the Swedish stock exchange AktieTorget. The grounds are that GGF violated transparency principles and lied to shareholders about its resources. So it looks like that suspension really did end up going somewhere. Anyway, GGF looks like it’ll be unable to buy The Pirate Bay at this point given all the regulations it currently has to fight.
Of Course This Happened!
First, did anyone think that this would actually work? I’m not talking about the idea of a legal torrent site in general, but this specific idea. GGF wanted to pay users to share files. Yet Hans Pandeya, CEO of GGF, never outlined a business model that seemed feasible. Oh, and then there was that whole bit where Wayne Rosso, the former president of Grokster, bailed on the deal because he was convinced that Mr. Pandeya didn’t actually have access to money to make the acquisition. This is what happened to Grokster. When former high-up from a company like that is running scared, you know that there are problems.
