Global Gaming Factory's shareholders have approved a deal to buy Pirate Bay in a deal that outside analysts claim is a bit fishy. Analysts have been wondering how GGF was going to buy the file sharing outfit when it seemed to be a bit short of cash.

Netherlands-based copyright cops Stichting Brein have added GGF to its lawsuit against The Pirate Bay and a new lawsuit was launched in late July by a group of film companies who want to see Pirate Bay shut down permanently.

GGF appears confident about finding the readies from the shareholders themselves, although "several" investors had pulled out of the deal over the mounting negative publicity. GGF said it also intends to buy Peerialism, a file-sharing technology company that will power the new Pirate Bay, which will add another $14 million to the price tag. Napster co-founder John Fanning has offered $10 million to buy the company once GGF has acquired it, although GGF denies this.

GGF's former chief technology officer has sued the company claiming that he is owed $800,000. Swedish officials have halted trading of the company's shares while it investigates suspicious trading activity.