Stock exchange gives Pirate Bay suitor the boot

Published: 10 Sep 09 11:03 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/21994/20090910/

Global Gaming Factory (GGF), the Swedish tech company which is set to purchase The Pirate Bay file sharing site, has been thrown out of the Aktietorget stock exchange, further jeopardizing the proposed deal.

Pirate Bay suitor: 'Deal done next week' (28 Aug 09)
Investors abandon Pirate Bay suitor (27 Aug 09)
Pirate Bay cites Churchill in online comeback (26 Aug 09)

Aktietorget, an equity exchange for smaller companies not listed on the Stockholm stock exchange, decided to immediately halt trading in GGF shares, claiming that the company and its CEO, Hans Pandeya, have misled the market.

“Pandeya hasn’t been able to back a number of claims in the press releases he’s sent out since the deal became known at the end of June. Among other things, GGF can’t prove the promised loans from investors or the informal offers from Napster-founder John Fanning or Russian interests, among others” said Akietorget vice president Peter Gönczi to the TT news agency.

As a result, Aktietorget claims, several investors have made decisions based on faulty information.

“We’re sorry for the small investors who made trades based on bad information. They are the ones who are affected most,” said Gönczi.

Aktietorget previously halted trading in GGF shares at the end of August after the company’s board formally decided to go ahead with the purchase of The Pirate Bay without proof that investors or funding were in place.

The announced purchase price for the popular file sharing site was 60 million kronor ($8.5 million).

Despite having his company tossed out of Aktietorget, GGF’s CEO remains adamant that the deal will take place.

“This doesn’t affect the purchase at all. The decision is just weird,” Pandeya told the Svenska Dagbladet (SvD) newspaper.

TT/The Local (news@thelocal.se/08 656 6518)

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13:59 September 10, 2009 by Jan M

'The decision is just weird'. How is asking for proof that someone is telling tall stories and then penalising them when they fail to provide it 'just weird'. Some juveniles need to become adults quickly.

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16:10 September 10, 2009 by eZee.se

I (almost) always support TPB, but the fact is this moron is not TPB and had he got his hands on it he would have ruined it in spirit and in every other way.

He's been constantly lying and side stepping major questions, i think he's just reaping what he sowed.

The best thing is, TPB is the same....

(A note of safety to my fellow 'pirates': Use a VPN when accessing the bay now, just to be safe from the turds from the antipiracy organizations like the IFPI etc)

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10:54 September 11, 2009 by ikki

hahahah... lol

entering the stockmarket and selling shares for say 100 millions, manages to pay the 60 millions for the site... or even forgets about buying the site at all...

Just straight profit.

Wouldnt be the first time nonexostant companies gather up capital, but this is quite unique in its publicity!

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