Pirate Bay saviour faces more trouble
Deal hangs on a thread as GGF shareholders mull takeover
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Global Gaming Factory X (GGF) could be delisted from the Swedish stock exchange.
AktieTorget, the Swedish exchange, suspended trading in the company on 21 August. It has now called in a disciplinary committee to consider having GGF's listing removed from the exchange altogether.
The move comes on the same day that GGF is due to meet with its shareholders to decide whether to proceed with acquiring BitTorrent tracker site The Pirate Bay.
The exchange has little faith in a deal being reached, however. AktieTorget officials met with GGF bosses on Wednesday when the firm admitted that it was unable to disclose the amount needed to buy TPB.
"AktieTorget concludes that it [GGF] can not be judged to have the ability to inform the correct, relevant and reliable manner," confirmed the Swedish stock exchange's veep Peter Gönczi in a statement (in Swedish) today.
"If such a capability is missing, there is no scope for an efficient trading."
AktieTorget halted trading in GGF last week after the company failed to provide sufficient details about how it planned to fund its proposed buyout of TPB.
Until the disciplinary committee reaches a decision about the company's fate - which could take several weeks - GGF trading will remain suspended, said Gönczi.
GGF today hit out against accusations that the company's bid to buy TPB was merely a "bluff" to increase its stock price.
CEO Hans Pandeya said (in Swedish) the "allegation" was "completely false," before adding that such claims had severely unsettled GGF's investors.
GGF has courted much controversy since offering to buy TPB for 60m Swedish kronor (£7.7m) in June this year. Later today shareholders in the firm will give the proposed acquisition the kiss of life... or death. ®
COMMENTS
No laughing from a prison cell
The TPB boys ain't getting any money from the proposed deal - if it goes through, as it would be obtaining revenue from criminal acts. The money would go to the RIAA and others whos copyrights were infringed.
Funding not a problem
"AktieTorget halted trading in GGF last week after the company failed to provide sufficient details about how it planned to fund its proposed buyout of TPB"
GGF were going to ask each of the loyal Pirate Bay members for a small donation
New Economy mas ass
Spend millions of pounds, kronor, whatever on a company with no revenue model, and guess what? You loose your money. TPB guys must be laughing all the way to the bank.
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