Pulse2 Technology and Social Media News » Aktietorget http://pulse2.com Sat, 26 May 2012 21:27:32 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 The Pirate Bay “Buyer” Gets Kicked Out From Smallcap Stock Exchange http://pulse2.com/2009/09/09/the-pirate-bay-buyer-gets-kicked-out-from-smallcap-stock-exchange/ http://pulse2.com/2009/09/09/the-pirate-bay-buyer-gets-kicked-out-from-smallcap-stock-exchange/#comments Wed, 09 Sep 2009 22:03:46 +0000 Amit Chowdhry http://pulse2.com/?p=20046 Continue reading →]]>
Late last month the shareholders of Global Gaming Factory X approved the acquisition of The Pirate Bay. This took place shortly after GGFX Chairman Magnus Berman stepped down. GGFX announced in late June that they would buy out The Pirate Bay for about 60 million kronor which is now the equivalent to $8.5 million. However during the government’s due diligence process, it turns out that several of the financial facts were misstated thus causing GGFX to be kicked out of the smallcap stock exchange in Sweden called Aktietorget.

Global Gaming Factory X breached transparency principles by indicating that they actually had the money to buy out The Pirate Bay, but it turns out that they didn’t raise the funds yet. Takeover offers have not been verified and any negotiations with the music industry were early stage in making The Pirate Bay legit.

Gunther Marder, the head of the Swedish Shareholders’ Association said Global Gaming Factory X has not presented the names of the investors involved with the buy out of the website. Hans Pandeya, GGFX CEO said that he made a mistake when sending out a press released with unconfirmed information, but he claims that he did not lie.

According to The Associated Press, Pandeya said that he will buy The Pirate Bay himself if the investors back out and even called the Aktietorget officials “very weak people.”

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