Pirate Bay Sale Hits Rough Waters as Potential Buyer Backpedals in Court
Published Jul 22, 2009Another day, another chapter in the Pirate Bay saga. Now it seems the popular file-sharing site's impending sale to Swedish company Global Gaming Factory might not be as firm as we all thought.
According to an Associated Press report, Global Gaming Factory was in court Tuesday (July 21) after being named a party in European copyright group Stichting Brein's suit against Pirate Bay.
Two days ago, we reported that the music industry is still looking to collect millions from a lawsuit against the Pirate Bay's founders. Now it looks as if Global Gaming may be backing off due to the possibility of getting dragged into the site's past legal troubles.
A Global Gaming lawyer told the court that the impending $7.8 million sale "is very much in question" to go through unless there's a clear way the Pirate Bay can be turned into a "legitimate business."
And other statements the lawyer made in court Tuesday raised more questions about the deal. First and foremost, Global Gaming needs to raise the funds to finance its purchase of the site. Next, an effective business and marketing plan needs to be written to explain how the site can be profitable and legal under copyright laws. And, lastly, Swedish stock exchange officials are currently investigating whether insider trading took place before the sale of Pirate Bay was announced.
So yeah, seems like kind of a mess.