SMAIS, the Icelandic branch of the Motion Picture Association, has filed for bankruptcy. According to TorrentFreak, the anti-piracy organization was forced to file for bankruptcy after its board of directors revealed that it had suffered from mismanagement and embezzlement. The charges of mismanagement and embezzlement are being aimed at the group's CEO Snæbjörn Steingrímsson, who admitted already that he had been very naughty with the organization's pennies.
This case is now under review by the Special Prosecutor, who will ultimately decide if a criminal investigation will be launched against the anti-piracy chief.
The MPAA has not uttered a peep about this story and it is unlikely that the top anti-piracy Hollywood-based trade group plans to any time soon. The real questions is whether a new anti-piracy group will be put in the SMAIS's place...