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Pirate Bay buyer admits doubts over deal

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Internet Security Threat Report 2014

GGF, the troubled Swedish firm aiming to buy BitTorrent tracker the Pirate Bay, has admitted the deal may be crocked.

"At present, GGF cannot discern whether the acquisition will be completed regardless of the outcome of the trial," it said in a statement, referring to its ongoing travails in the bankruptcy courts.

In September, GGF, a publicly traded company, was hit with a winding up order by one of its creditors, a former director. The firm's shares were suspended in August after it failed to demonstrate funding was in place.

Despite the obvious problems, GGF's boss Hans Pandeya had continued to insist its $7.7m Pirate Bay deal will go through.

Today GGF struck a different tone. "The acquisition process stalled because of a bankruptcy filing against GGF and despite several attempts by GGF to clarify the situation uncertainty remains," it said.

The firm had planned to take Pirate Bay legit by negotiating licensing for the hundreds of thousands of illegally-shared files it tracks.

A bankruptcy hearing is scheduled in November. ®

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