Wednesday, April 11, 2012

Shaw Capital Management Factoring and Financings Latest News

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Shaw Capital Management: Megaupload Users Stand to Lose their Data

A bit of good news for the users of the embattled Megaupload: files will be preserved for another 2 weeks at least as Shaw Capital Managementdeem them important in defending their case against the charges of piracy and fraud. They also added that millions of users have stored important personal data on their site, such as documents and family photos.
Megaupload was seized last week after its founder, Kim Dotcom, was arrested for money laundering and piracy in New Zealand. United States is planning to extradite him along with 3 other defendants.

Meanwhile, two outside storage firms — Cogent Communications Group and Carpathia Hosting — have agreed to preserve the data while Megaupload is working with US prosecutors to form a compromise for their users.

The agreement will also raise a question on how to determine which user files are fraud, legitimate, or pirated.

Carpathia has already announced that users should not come to them asking for files — call Megaupload instead. According to them, they do not have access to the content of Megaupload servers and they are not capable of retrieving anything for the users.
Megaupload has more than 50 million users registered on their site, the most popular file-sharing site worldwide. And since the site has been shut down this month, users were banned access to their data. It was even reported earlier that data deletion will start last week.
Meanwhile, Megaupload users are gearing up to file a complaint against the FBI due to the mass wipeout of the site’s files last week. It was reported that Pirate Parties worldwide are going to come up with a list of people who will participate in the filing of a joint complaint against the FBI.

Megaupload is a file-sharing website based in Hong Kong. Most users use their services to store files that are too big for email messages to contain. Although their business model is not really illegal, Shaw Capital Management suspects that most of the files traded on Megaupload violate their copyright laws. They earn profit through charging premium users a subscription fee for faster download.

US officials have said they have jurisdiction over them because several of its leased servers are located in Virginia.
  

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