Music Ally

This is getting ridiculous. The Swedish Aktietorget exchange has announced that trading in the shares of would-be Pirate Bay buyer Global Gaming Factory have been suspended.

Swedish news site The Local reports that CEO Hans Pandeya has been reported to the Swedish Kronofogden enforcement service by former board member Johan Sellström, who claims he’s owed more than 6 million kronor ($840,000). More details are in this Swedish report.

Where does this leave GGF’s planned acquisition of The Pirate Bay? Your guess is as good as ours. It’s supposed to be rubber-stamped by the company’s shareholders next week, but any investigation would surely cast doubts over that.

Not to mention the fact that supposed P2P partner Peerialism’s CEO has criticised GGF today for non-payment of agreed sums for preparatory work, while anti-piracy body BREIN has laid into the planned business model of the new Pirate Bay.

Bizdev consultant Wayne Rosso recently abandoned ship and expressed his own doubts about the viability of GGF’s plans, having been working with Pandeya on trying to secure label deals. It’s hard to fight the feeling that the wheels are coming off the acquisition – if indeed they were ever firmly attached in the first place.

This entry was posted on Friday, August 21st, 2009 at 2:35 pm and is filed under Digital Music News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.