Global Gaming Factory X, the Swedish company that plans to buy The Pirate Bay for approximately $8 million USD, has recently held an “Extraordinary General Meeting” to announce the deal’s approval.
The actual purchase, however, is somewhat complicated. GGF has been under scrutiny from the AktieTorget stock exchange for anomalies in disclosure and over doubts that the company could raise the funds necessary to acquire The Pirate Bay.
Indeed, the AktieTorget exchange has announced today that it will soon hold a delisting hearing to determine if GGF should be removed from the AktieTorget stock exchange. This would be a significant setback for the company as its chief exec Hans Pandeya vowed to cover the cost of the acquisition with his own stock, if necessary. Should GGF get delisted from the exchange, the value of Pandeya’s shares would immediately evaporate.
Should GGF come to own The Pirate Bay, the site will be converted to a subscription model that credits users for offering bandwidth to lighten the distribution load faced by studios and networks. The new model will also allow big copyright to approve or reject torrents at their discretion, while providing new opportunities to harness BitTorrent for legal file distribution.
It is not immediately clear if GGF has established deals with copyright lobbies to support this model, or if the firm even has the money necessary to act on the approval.
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