It's being reported that Global Gaming Factory X has been served with bankruptcy proceedings by its former director and board member Johan Sellstrom, who claims that he's owed 1.3 million Swedish kronor - a debt which should have been paid in July.

Brief recap for those who haven't been following this story. Earlier in the year, it was announced that Swedish software company Global Gaming Factory X would be buying the notorious Pirate Bay bittorrent tracker and attempting to turn it legitimate.

Against all the odds, the takeover of the Pirate Bay has been given approval by the shareholders of Global Gaming Factory X. The news comes following reports of executives walking out, allegations of insider trading and the site itself going down following...

The Pirate Bay, having seen its connection terminated by a Swedish court yesterday, is already back online and running normally. As previously reported, Stockholm's district court instructed Black Internet to take the site off the web under threat of...

Hope you got all those episodes of Lost downloaded in time - the Pirate Bay has been taken offline by its ISP - Black Internet. The ISP was ordered by a court to take the site down or face a penalty of 500,000 Swedish kronor - about £43,000.

Despite a confident statement to the contrary earlier in the week, it looks like the sale of notorious Bittorrent tracker The Pirate Bay to Global Gaming Factory X might be in serious trouble. All trading in the company's shares have been suspended by...

Global Gaming Factory X, the company set to take over the Pirate Bay, has defied its critics and published the full proposal that it's due to give to its shareholders on 27 August.

It's also planning to pay for the purchase fully in cash,...

The Pirate Bay is due to be handed over to its new owners in a matter of days, assuming nothing derails the deal before then. In preparation for the move, an anonymous uploader has released a full copy of the site, complete with 873,671 torrents.

Peter Sunde, Pirate Bay founder and site spokesperson has quit his post in advance of the site's sale to Swedish company "Global Gaming Factory X".

He posted on his personal blog, Copy me happy, "I have decided to not be the spokes person...

The closing of the multi-million-dollar Pirate Bay buyout is due within a week, but there are signs that the deal may be on the rocks following the walkout of Wayne Rosso - the man responsible for making it happen.

Rosso joined Global Gaming...

In shock news, Swedish software company Global Gaming X has agreed to buy infamous Bittorrent tracker The Pirate Bay in a deal worth 60 million Swedish Kronor - about £4.7 million at current exchange rates.

Global Gaming Factory X has also...