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CEO at Pirate Bay buyer about to have assets frozen
- — 29 September, 2009 06:31
The CEO of prospective Pirate Bay buyer Global Gaming Factory X (GGF) is about have large parts of his assets frozen after a decision in the Stockholm district court. If his stake in GGF is frozen it could spell even more trouble for a deal that already seems to be doomed.
GGF's former CTO Johan Sellström claims that the company's CEO Hans Pandeya owes him about 3.3 million Swedish kronor (US$470,000).
The district court has found that there is enough evidence to freeze assets that equal the amount of the claim in anticipation of a future trial, the court said in a decision that was handed down on Sep. 24.
The matter of which assets will be frozen has been turned over to the Swedish Enforcement Authority, which has already confiscated property from Pandeya because of an outstanding tax debt.
Therefore it has a fairly good idea of what Pandeya's assets are, and will make a decision later this week, according to Tommy Harnesk, chief enforcement officer at the authority.
In general, the Enforcement Authority prefers assets that can be easily valued and eventually sold, if it comes to that. Stocks could be part of that, according to Harnesk.
Pandeya, who wasn't available for comments, has already contested the claim, and now has three weeks to appeal the decision in the district court.
On Aug. 27 the shareholders of GGF approved the company's acquisition of The Pirate Bay. The money is to come from about 40 people, according to Pandeya, who didn't not want to elaborate on the details.
But if the investor money isn't enough, Pandeya will use his shares in GGF to cover the difference, he said.
On Monday, GGF said ithad received a 2 million Swedish kronor loan from private investors. It's the first in a number of loans that will be used to finance The Pirate Bay acquisition, the company said.
The company isn't elaborating on the investors' details, but the loan will be paid for by issuing up to 20 million shares. That represents about 6 percent of the votes and the capital in GGF, it said in a statement.
A lack of funds has been a recurring theme for GGF since it announced plans to acquire The Pirate Bay for 60 million Swedish kronor in June.
The company was delisted from the AktieTorget exchange on Sept. 9, in part because it did not inform its stockholders about how it planned to fund the acquisition. It is now being traded at traded on Mangoldlistan, a much smaller Swedish exchange run by a securities brokerage company.
Sellström is also involved in bankruptcy proceedings against GGF. The sticking point here is an outstanding debt, of about 1.4 million Swedish kronor, to his company Advatar Systems.
A verdict on the proceedings will be handed down by the end of October or beginning of November, according to a spokeswoman at the Stockholm district court.