Pirate Bay acquisition appears to be unraveling

The Pirate Bay has always attracted a lot of controversy but now investigations and scrutiny have cropped up around the company bidding to take over the famed BitTorrent tracker.

The Stockholm-based company that whipped the media into a frenzy in June by announcing it would acquire The Pirate Bay, has come under scrutiny after numerous questions were raised about its ability to complete the transaction. The personal financial dealings of the company's CEO have also caused concern among many of those involved.

Global Gaming Factory X is the Swedish software company that has said since June it plans to acquire The Pirate Bay for $8 million and turn it into a "legitimate site." On Friday, trading in Global Gaming's stock was halted by Aktietorget, a Swedish stock market, while it investigates whether Global Gaming possesses enough money to complete the purchase.

Separately, Swedish newspaper SvD said authorities are investigating possible insider trading involving Global Gaming's stock.

The uncertainty now hovering over The Pirate Bay's would-be acquirer appears to make it unlikely that a new version of the site will launch next week or anytime soon.

:story: Full story: c|net