GGF faces bankruptcy; Pirate Bay may not be bought after all
21 replies, posted
Source:
[url]http://www.thelocal.se/22158/20090918/[/url]
[quote]A creditor of Global Gaming Factory X, the potential buyer of The Pirate Bay site, has asked a court in Stockholm to declare the company bankrupt.
The bankruptcy suit for the Swedish advertising and software company has been submitted to the Stockholm District Court, according to a report in Svenska Dagbladet. Global Gaming Factory X grabbed international headlines when it announced on June 30th its intention to take over The Pirate Bay.
Global Gaming Factory X was due to pay Advatar System 1,378,525 kronor ($200,204) by July 25th this year - a debt which today remains unpaid.
Johan Sellström - a former board member of the Global Gaming Factory X and Advatar Systems' Managing Director - is reportedly now tired of chasing the overdue debt. The suit states that "the debtor canot legally pay its debts, and such incapacity cannot be regarded as 'temporary'."
Global Gaming Factory X's ambitious plans to acquire Pirate Bay now seem likely to be put on hold due to question marks over the company's lack of capital.
Stockholm district court will hear the case in November, according to a spokeswoman at the court.
Global Gaming Factory has been in trouble since August 21st when trading of its shares was suspended after it was accused of financial irregularities. On September 10th, the company was kicked off equity market Aktietorget when regulators concluded it had misled investors with claims that it was set to buy Pirate Bay.
Media reports have suggested its announcement on June 30th to buy the site was merely a bluff to boost its share price.[/quote]
Pirate days been ruined I hope they're happy.
I'm sure they are.
[QUOTE=Jimesu_Evil;17384405]I'm sure they are.[/QUOTE]
They are what?
I bet the government or maybe game-companies had a lot to do with this.
This is good news.
Lol.
Pirate Bay get so lucky it's not even funny.
Yeah.
I heard that there were never any really serious plans to buy TPB, GGF just did it for the publicity, well knowing they didn't even have the money. I read this a month ago btw, so this doesn't come as a surprise to me.
So this means I won't be able to legally pirate things?
THIS CHANGES EVERYTHING!
Hey everyone, it's Talk Like A Pirate Day! Let's talk like pirates! I'll start.
The government is so oppressive, always trying to get us down. People want something in return for their work. God damn corporations.
[QUOTE=DainBramageStudios;17384366]Global Gaming Factory has been in trouble since [b]August 21st[/b] when trading of its shares was suspended after it was accused of financial irregularities. On September 10th, the company was kicked off equity market Aktietorget when regulators concluded it had misled investors with claims that it was set to buy Pirate Bay.[/QUOTE]
Cool, my birthday got 'em in trouble. Yep, must be that.
There shall be much rejoicing.
[QUOTE=Simski;17385733]So this means I won't be able to legally pirate things?
THIS CHANGES EVERYTHING![/QUOTE]
Legally pirate?
Impossible
Well isn't this swell?
[QUOTE=Zeke129;17396798]Legally pirate?
Impossible[/QUOTE]
does not compute.
[QUOTE=UnidentifiedFlyingTard;17400418]does not compute.[/QUOTE]
1/0.
Compute that. :v:
