Little over a month ago, Global Gaming Factory (GGF) announced that its shareholders had agreed to buy The Pirate Bay – the only thing that stood in their path was the actual money transfer. Today the deadline to transfer the money passed silently, putting an end to the deal and three turbulent months.
Just as the payment deadline for the Pirate Bay deal is set to expire, its intended buyer Global Gaming Factory (GGF) faces yet another setback. Former director and board member Johan Sellstrom is owed hundreds of thousands of dollars by the company and has now requested bankruptcy for his former employer.
Global Gaming Factory (GGF), the company that says it is set to buy The Pirate Bay, has been kicked off the Swedish stock market following several serious violations. Since half of the payment for The Pirate Bay acquisition would be in GGF shares, it is uncertain whether the deal will now go through.
In a press conference a few minutes ago, GGF CEO Hans Pandeya confirmed that the Pirate Bay acquisition will go through. Earlier today the financing and legalization plan was presented to the shareholders, who unanimously decided to give the acquisition the green light.
Just hours before Global Gaming Factory (GGF) is scheduled to acquire The Pirate Bay, the company says it has lost several investors due to all the media controversy surrounding the deal. Meanwhile the equity marketplace Aktietorget suspended trading in GGF’s stock until further notice.
From the moment it was announced, the Pirate Bay acquisition by Global Factory Gaming (GGF) has been surrounded by controversy. Now, less than a week before the deal is supposed to go through, GGF’s CEO is accused of not paying a former director and one of its potential partners. As a result, the equity marketplace shut down trading of GGF’s stock.
In an attempt to convert The Pirate Bay into a site with a seal of approval from the entertainment industry, Global Gaming Factory (GGF) said it will install a torrent removal/approval system. However, the Dutch anti-piracy outfit BREIN said today that GGF has to come up with a better plan if they want to avoid legal issues.
A week before the Pirate Bay acquisition is set to take place the board of Global Gaming Factory (GGF) has presented plans for the site to its shareholders. If the deal goes through, GGF plans to install a torrent management system for the rights holders, which will allow them to remove infringing files or ‘authorize’ them.
Roughly a week before it acquires The Pirate Bay, Global Gaming Factory (GGF) outed its first entertainment industry partner. The Swedish Performing Rights Society confirmed negotiations with the company and sees a legal Pirate Bay as a “window of opportunity” to make up for the “heavy losses” it suffers from file-sharing.
Global Gaming Factory (GGF) is set to acquire The Pirate Bay by the end of August, but once the deal is closed they will set their sights on other torrent sites, in the hope of expanding their business even further. In time, GFF hopes to buy as many torrent sites as possible and turn them into ‘legit’ businesses.
The future Pirate Bay owners have big plans for the site and according to the CEO there is no doubt that the sale will go through. Since most interest thus far has come from the US, the company plans to get a listing at the NASDAQ, making it easier for people to trade stock in addition to files.
