Prospective Buyer of The Pirate Bay Finds New Exchange
The stock of prospective Global Gaming Factory X (GGF) will from Wednesday be traded on Mangoldlistan, a Swedish exchange run by a securities brokerage company. But GGF's new home, on an exchange that lists only seven companies, hasn't answered any of the questions about its proposed acquisition of file-sharing site The Pirate Bay.
The central issue is whether GGF has the funds to acquire The Pirate Bay. It said it would pay 60 million Swedish kronor (US$8.64 million) in cash for the site.
GGF declined to comment on the listing or the status of the proposed Pirate Bay acquisition, said Janne Lundqvist, music business relations manager at GGF.
The company was delisted from the AktieTorget exchange on Sept. 9, because it lacked the ability to inform its stockholders about the proposed deal in a correct, relevant and credible way, the stock exchange said. Irregularities were related to the way GGF informed the market about the funding of The Pirate Bay acquisition, possible other bids and negotiations with an unnamed global company regarding music rights, the exchange said.
On Aug. 27, GGF's stockholders approved the acquisition. The money for the deal was supposed to come from about 40 people, according to GGF CEO Hans Pandeya, who declined to elaborate on details. If the investor money wasn't enough, Pandeya would use his shares in GGF to cover the difference, he said.
On Wednesday Pandeya wasn't available for interviews, according to Lundqvist. "He's too busy," said Lundqvist.
Pandeya has seen his fair share of trouble lately. Recently, his boat, BMW and Harley Davidson were confiscated because of an outstanding tax debt.