Rosso Pulling Out of Pirate Bay Acquisition Deal

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Rosso Pulling Out of Pirate Bay Acquisition Deal
By Kevin Parrish, published on July 29, 2009 at 12:00 AM

" Wayne Rosso has walked away from the Pirate Bay acquisition.

Former Grokster president Wayne Rosso was originally hired on by Global Gaming Factory to negotiate legal music and film deals for the company once it purchased The Pirate Bay and launched a legitimate (legal) download service. However, News.com is now reporting that Rosso has walked away from the project, stating that be believes the Swedish company doesn't have sufficient funds--$7.8 million in fact--to purchase the notorious BitTorrent tracker website.

"I and my colleagues have very strong doubts that the funding is in place," Rosso said. "And there are other issues regarding Mr. Pandeya's credibility that trouble us greatly." Rosso is referring to Hans Pandeya, Global Gaming's CEO.

Rosso also added that Pandeya and Global Gaming have not met payment deadlines to Rosso and his staff. In addition, talks with four major record labels and the music industry's worldwide trade group have been "blown up." Conversations with many alleged Global Gaming investors have left him suspicious.

But Global Gaming's CEO doesn't seem phased by Rosso's departure. "Everything is going to plan," Pandeya said. "We have plenty of investors that are interested in this and Wayne is just one of our many consultants...he might have been too impatient. We pay everyone we do business with." "

:source: Source: http://www.tomsguide.com/us/Pirate-B...news-4329.html

Another source: ThePirateBay Dead In The Water

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“We decided that we’re not going risk our reputation further,” Rosso told TorrentFreak. According to Rosso he and his partners never received the payments promised to them and Mr. Pandeya made several other promises he couldn’t keep either.

“The more time we spent with Mr. Pandeya, the less confident we were,” Rosso said, adding that he feels the funding required to close the deal is not going to be raised based on the current lack of workable plans.

Not all was bad though. The support and enthusiasm of at least one record label was something he had never seen before according to Rosso. Unfortunately, it now seems that this enthusiastic response was based entirely on false promises.

“I don’t think there’s going to be any money raised with GGF’s current (lack of) plans,” Rosso told TorrentFreak. Besides Rosso and his partners, the people who were supposed to finance the acquisition were also misinformed.

When confronted with the news, a Pirate Bay insider said they would give GGF a week to get insurance from the investors, otherwise the deal is off. Pirate Bay spokesman Peter Sunde told us that he doesn’t know what will happen to the Pirate Bay in the future, when the deal is off the table. Time will tell.

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Thought that said Rossco Pulling Out of Pirate Bay...

Ahhaa too bad for them, but i knew it LOL...
someday some company will buy it, but when it will be really dead
i suppose, like this they will spend the less amount possible on it :lol:

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Originally Posted by Hairbautt

Thought that said Rossco Pulling Out of Pirate Bay...

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They misspelled my name.;)