INTERNET ENTREPRENEUR Kim Dotcom has thrown in the financial towel and admitted bankruptcy, almost three years after the infamous raid on the Megaupload business and his home.
Dotcom was speaking live on video at an event in London when he revealed that his cupboards are bare, and that he has the music copyright cartels to thank for his situation.
"After I invested money into [politics], the MPAA [Motion Picture Association of America] sued me civilly to try to seize those assets, so I'm officially broke right now," he said.
The interview happened at UnBound Digital, and lasted for about half an hour. Dotcom said that he was unprepared for the attacks on his company by the US copyright industry and US government.
Dotcom might also have underestimated the loyalty of his lawyers, claiming that they abandoned him after taking some $10m in fees.
"My legal team resigned because I ran out of money after I spent $10m to try and defend myself. They have managed to drain my resources," he said, adding that an upcoming bail hearing, which he will face alone, could end his liberty.
Dotcom said on Twitter that he will apply to have more of his assets released. However, he accepts that he is a soft target for the copyright cartels because of his lifestyle.
I guess I'm going back to court soon to get some of my assets unfrozen for legal fees and living expenses. To be continued...— Kim Dotcom (@KimDotcom) November 26, 2014
"I'm an easy target because of my flamboyance, you know. I live the big life. I travel around on super yachts and private jets. It's hard to keep a low profile when you own number plates with 'God' and 'Stoned' and 'Mafia'," he said.
He added that Hollywood has a fascination for German villains, which has presumably made its way into the real world.
Mega.co.nz is still operating with some 15 million registered users, and plans to launch on the stock exchange.
The Mega business could be worth $210m, according to Dotcom, who explained that he does not have a single share in the company, but that the rest of his family does. µ
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