Global Gaming debts threaten Pirate Bay deal
p2pnet news view Freedom | P2P:- That unpleasant gurgling sound you hear is the Good Ship Pirate Bay foundering.
The supposed sale of TPB to Sweden’s Global Gaming Factory has been reported by some TPB supporters as golden, as all-but done, despite early warnings that everything in the garden wasn’t perhaps as rosy as company CEO Hans Pandeya wanted people to believe.
Other people have, however, been far less sanguine.
P2P entrepreneur Wayne Rosso was, for example, to have helped GGF win licenses from Hollywood and the Big 4 record labels.
But, “Red flags started popping up quickly and often,” he told p2pnet yesterday afternoon.
Something was seriously awry
In July Pandeya dismissed suggestions of problems, stating, Nobody is uncertain about anything.
But Rosso decided something was seriously awry, deciding to terminate his brief involvement with Pandeya.
As my conversations with Mr. Pandeya progressed, it became painfully clear that there was not a solid plan in place that I could embrace, he told p2pnet at the time. Consequently I and my colleagues lost more and more confidence in GGF`s ability to execute.
Now, Pandeya has been reported to the Swedish enforcement service (Kronofogden) for mounting unpaid debts, says The Local, going on:
“Johan Sellström, a Swedish IT pioneer and former board member of GGF, has reported Pandeya to the service asserting that he is owed more than 6 million kronor ($840,000), according to a report in business news website DI.se.
“Johan Sellström has also confirmed that he is considering suing Pandeya for the money he claims he is owed as the enforcement service procedure can take time, he told the newspaper.”
Pandeya also owes the Swedish government a substantial amount in back taxes, says The Local.
Trading in Global Gaming Factory X AB shares were, “immediately suspended,” it has independent equity marketplace Aktietorget stating in a press release yesterday afternoon.
Nor is this Pandeya’s first run-in with the exchange.
Shortly after GGF was listed on Aktietorget, it was, shut down the trading with the company`s stock after strangely large trading volumes and rapidly increased stock price – without any news released to explain the sudden interest for the relatively small company, said The Swedish Wire.
“I’m just glad that I got out when I did and have nothing to do with GGF,” Rosso told p2pnet. “I wasn’t about to lead anyone down the path that I saw coming.
“Little did I know how right I was at the time.”
‘ … he hasn’t paid anything …’
More than two months ago, “Pandeya hired Peerialism to begin doing some of the production work,” says CNET News.
He agreed to pay half the money up front and the other half when the job was completed, says the story, but, “That was two months ago but he hasn’t paid anything,” Johan Ljungberg, CEO of Peerialism, is quoted as saying.
“We have his signature on the contract, but he hasn’t paid and we haven’t done the work.”
Ljungberg says in the story »»»
From the beginning we asked to see a business plan, the names of his investors, or to see some (technical specifications).
We still haven’t heard a thing … the question marks are growing bigger by the day. We’re not quite comfortable with the situation. We had really high hopes and ambitions for our technology but I’m not sure if this is the right home for it.
‘ … already preparing his next move … ‘
Pandeya’s schemes for TPB were grandiose, if nothing else.
He`d claimed to “almost have a contract ready with one of them, ‘them’ being the Big 4 record labels, Agence France-Presse had Pendaya stating, avoiding saying which one of Vivendi Universal, EMI, Warner Music and Sony Music he` d been talking to.
Pandeya (right) also has/had Borg-like plans for TPB, setting his sights on, “other torrent sites, in the hope of expanding their business even further, said TorrentFreak.
As if the plans for the Pirate Bay haven`t generated enough publicity and controversy, Pandeya is, already preparing his next move,” it said.
Aside from The Pirate Bay, the company aims to take over several other larger torrent sites. We will try to buy as many torrent sites as possible.
Then GGF â which also said it`ll change its name to The Pirate Bay â hoped to, turn these sites into large media stores where users can download content with the full permission of copyright holders, it adds.
Behind-closed-doors
Slated to present his plan to Global Gaming’s investors and board, he didn’t respond to interview requests, says CNet.
However, the entertainment cartels would dearly love to see The Pirate Bay brought on board as a ‘legitimate’ corporate music sales site.
Will they try to save the deal with last minute behind-closed-doors negotiations and guarantees?
Meanwhile, as p2pnet reported yesterday, The Pirate Bay Mk II is well in hand.
Definitely stay tuned.
Jon Newton - p2pnet
First they ignore you, then they laugh at you, then they fight you, then you win ~ Mahatma Gandhi
Nobody is uncertain – Pirate Bay / Global Gaming ship still afloat, July 23, 2009
The Local – Debt collector hunts Pirate Bay buyer, August 21, 2009
listed on Aktietorget – New Pirate Bay owner `insider trading` charge, July 1, 2009
The Swedish Wire – Pirate Bay buyer suspected of insider trading, June 30, 2009
contract ready – Pirate Bay: hooking up with Big 4 label?, August 10, 2009
Agence France-Presse – Pirate Bay set to sell major label music, August 6, 2009|
TorrentFreak – GGF Plans Torrent Site Assimilation, August 5, 2009|
change its name – Will GGF become The Pirate Bay?, July 30, 2009
The Pirate Bay Mk II – The Pirate Bay clone on SourceForge, August 21, 2009
CNET News – Potential Pirate Bay buyer could lose P2P partner, August 20, 2009
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August 22nd, 2009 at 10:25 am
This is the first decent story I have read on the Pirate Bay fiasco. Good one.