Trading in GGF shares stopped, company CEO facing scrutiny

In the latest instalment of ThePirateBay’s acquisition soap, things are looking increasingly dark for GGF. It is only two days before the deal is supposed to be finalised, but all is not said and done.

GGF’s CEO Hans Pandeya is being attacked from multiple sides, with people citing numerous debts, that together may run as high 1.000.000 Euros. Johan Sellstrom, a former friend and GGF’s former CTO, claims that Pandeya owes him alone around 600.000 Euros.

Pandeya, in response, reports that he has gathered all the funds he needs to conclude the acquisition. He lashes out against all that accuse him, suspecting conspiracies to prevent the take over from taking place. Also, he tries to diminish the allegations of debts by either denial or stating that they are a result of a recent administrative error on his side. If rumours about mounting debt are true, Pandeya’s efforts looks more and more like an elaborate business version of a Ponzi scheme, where increasingly big investments are needed to cover debts in the past.

Meanwhile, the technical community is getting worried about GGF’s intentions, as its supposed partner for supplying the technology, Peerialism, is also backing out, stating not to have been paid. Also, there have been no signs of GGF building a new site for distributing ThePirateBay’s content. "What that means is that there isn\'t a credible alternative to launching the site for a week from now," Sellstrom said. "If they haven\'t even started building the site, that says something about credibility."

As a result of this financial controversy and in response to an inquiry into insider trading, trade in GGF’s shares has been halted since last Friday.

ThePirateBay’s users, to prepare for the future (whatever it may hold), have created backups of TPB’s index files and uploaded it. The file has allegedly been downloaded over 2000 times already. However, backing up TPB’s index files is not a new phenomenon, says an MPAA spokesperson.