Too legit to quit? Megaupload was headed for billion dollar IPO before Feds shut it down

Apparently Megaupload founder Kim Dotcom is under the impression that when companies go public, it means they are a legitimate business (see Enron, Groupon, etc). Pirate news site TorrentFreak reports that before it was shut down by U.S. authorities, Megaupload was preparing for a billion dollar IPO, and had contacted major accounting firms to have its business audited.

Megaupload founder out on bail, banned from Internet and helicopters

Megaupload founder Kim Dotcom was released on bail Wednesday in New Zealand, after a judge ruled he was no longer a flight risk. Dotcom is not allowed to access the Internet while out on bail, and he cannot use a helicopter. Additionally, he’s confined to his Coatesville house, where police took him into custody last month after finding him in a safe room with what appeared to be a sawed-off shotgun.

Arrest fallout: Kim Dotcom drops to No. 2 rank in Modern Warfare 3

Getting arrested for the illegal downloading of copyrighted material hasn’t done wonders for Kim Dotcom, also known as MEGARACER, who is now the former No. 1 player in the world for Call of Duty Modern Warfare 3. In the past day, MEGARACER slipped from No. 1 to No. 2 when he was overtaken by a player named Arazos. Mr. Dotcom undoubtedly has more pressing things on his mind.

VBWeekly: Megaupload, Kodak and iBooks

In this week’s installment of our weekly video show, Christopher Peri and I talk about one of the most entertaining news stories so far this year: The colorful indictment of alleged pirate content site Megaupload.com. The site’s founder, Kim Dotcom, is an amazing character, who lived large (in a New Zealand mansion surrounded by gorgeous, rare cars) and became the #1 ranked Modern Warcraft 3 player, amazingly enough. We’ll be watching this story closely to report on the allegations and Megaupload’s spirited defense.