The Pirate Bay deal: leaky ship
p2pnet news view Freedom | P2P:- Is Global Gaming Factory X now seriously regretting buying Swedish entertainment cartel nemesis The Pirate Bay?
The company snapped TPB up for 60 million kroner (about $C9,025,310)
Then came the news GGF was suspected of insider trading.
Don`t worry – be happy! – blogged TPB`s Peter Sunde when news of the acquisiton was announced.
But, Worry, Global Gaming may be thinking now because, following up, “a lot of unanswered questions about the company`s exact business model remained unanswered,” says TorrentFreak, going on:
“Possibly related, the shareholders lost faith as well and earlier this week the share price dropped below where it was before the Pirate Bay buy-out was announced.”
Whether or not GGF, “will be able to come up with a viable business model is still uncertain at this point,” says the story, adding:
“However, their first priority is to get the funding needed to make the acquisition, while convincing the shareholders that it`s a good deal.”
No kidding.
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First they ignore you, then they laugh at you, then they fight you, then you win ~ Mahatma Gandhi
snapped TPB up – Gaming firm buys The Pirate Bay, June 30, 2009
insider trading – New Pirate Bay owner `insider trading` charge, July 1, 2009
TorrentFreak – Pirate Bay Buyer`s Stock Back to Square One, July 12, 2009
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July 13th, 2009 at 3:17 pm
Good fu**ing riddance to lot of them, tossers.
July 13th, 2009 at 4:45 pm
Yeah, err, not that anyone predicted this or anything. . .
It’s a simple pump-and-dump scheme and has been from Day One – announce the reverse merger, bask in the press adulation, count on the press not to actually look at the transaction itself but rather play celebrity obsession, sell boatloads of insider stock into the resulting market volume, call off “purchase” because “shareholders” don’t approve it, retire rich.
The ONLY question here is whether TPB knew about the scheme and is directly involved, or if they’re just so utterly self-absorbed and ignorant of how actual business operates that they walked into this like preening kittens into a meatgrinder. Either way, it shows them to be in way, way over their heads – they are either terrible crooks, or utterly naive. Given their repeated lies about the Ipredator/relakks vaporware (and their willingness to grab money from customers on the basis of those lies), personally I’d put my money on a degree of crook-ery if you asked me. When you catch someone lying about something, you can bet that there’s 10 other things they’re lying about you haven’t yet caught.
Q.E.D.