Finally someone in the media has scrutinized this overhyped company! Great article!
Shanda's valuation is ridiculous considering they have had no intellectual property and are mired in disputes with licensors (game developers). The Koreans have practically no recourse due to the lack of judicial process in China and the fact that Shanda's shareholders have such weighted political influence. This sends a very negative message to businesses in North America and Europe who are considering partnerships in Asia.
It gives the gaming industry in Asia a bad reputation which is such a shame since there is truly an abundance of talent in Asia as well as a fast growing consumer market.
I just hope this Shanda bubble won't burst the prospects of other companies in Asia trying to compete in the online gaming industry.
Keep up the good investigative work!