Published Jul 30, 2009It looks as if the Pirate Bay ship might be sinking after all, according to various media reports.
Recently, the pending acquisition of the popular and controversial file-sharing site by Sweden's Global Gaming Factory has been stalled by money problems and other operational struggles over how to make the company legitimate in the eyes of the music industry.
Now, newly hired consultant Wayne Rosso (the former CEO of file-sharing site Grokster and long-time music blogger) has quit Global Gaming, saying in an interview with CNET that he's lost confidence in the company's ability to secure the funds needed for the acquisition of Pirate Bay. Rosso was also quoted as saying he's received "troubling" new information about Global Gaming owner Hans Pandeya's credibility.
Pandeya fired back, saying everything about the buyout is on schedule, despite legal threats made last week to pull Global Gaming into the whole mess surrounding Pirate Bay's ongoing legal troubles.
Pandeya also dismissed Rosso's sudden departure, saying he was only one of many consultants hired by the company and that he should have been more patient with the financial issues that have come up. One of which, it turns out, was Global Gaming's slow payment of Rosso's agreed consultant fees, according to CNET.
Industry insiders are claiming the Pirate Bay has given Global Gaming a one-week deadline to come up with the funds or the deal is off. It sounds as if more rocky waters are ahead.