Copyright Law

Pirate Bay Buyer Faces Court Over Debt

By soulxtc

Swedish court asked by creditor to declare Global Gaming Factory (GGF) bankrupt so that it can recover 1,378,525 kronor ($200,824 USD) it’s been owed since late July.

Global Gaming Factory (GGF), which just recently found a new home for its stock after being formally delisted a few weeks ago, is now facing mounting pressure over its inability to satisfy debts owed to lenders

GGF is trying to acquire the Swedish BitTorrent tracker site the Pirate Bay and turn it into a legal online media store where ?content providers and copyright owners get paid.?

Ex-GGF CTO Johan Sellström’s company, Advatar Systems, has been owed 1,378,525 kronor ($200,824 USD) since July 25th and he’s grown weary of chasing GGF CEO Hans Pandeya around to try and collect it.

He decided to petition the Stockholm District Court to force GGF to declare bankruptcy so that it can collect the money it’s owed. The lawsuit says “the debtor cannot legally pay its debts, and such incapacity cannot be regarded as ‘temporary’.”

The proceedings are expected to take four to six weeks, which means that a verdict will be handed down by the end of October or beginning of November, according to a spokeswoman at the court.

Pandeya has already seem a number of his personal assets seized to satisfy back taxes owed to the Swedish govt,

Stay tuned.

jared@zeropaid.com

Full post as published by ZeroPaid on September 19, 2009 (boomark / email).