It is looking increasingly unlikely that the world's largest entertainment companies will be able to recover any significant amount of money from the individuals convicted in the Pirate Bay trial. After a movie studio moved last month to have Pirate Bay co-founder Fredrik Neij made bankrupt, former Pirate Bay financier and multi-millionaire businessman Carl Lundström has filed for bankruptcy under his own steam. The focus of the studios now falls on former site spokesman Peter Sunde.

Following their earlier convictions for copyright infringement, Pirate Bay co-founders Gottfrid Svartholm and Fredrik Neij, former site spokesman Peter Sunde, and financier Carl Lundström all owe a considerable amount in damages.

Collectively the four originally owed 46 million kronor ($7.03m) to the movie and recording company plaintiffs in the case to compensate them for their claimed losses. However, as revealed earlier this year, due to added interest that amount has been growing since May 31, 2006.

By February 2012 it had reached 73 million kronor ($11.16m) but today another 3 million kronor can be added to that, making a total to date of $11.62m.

But despite these ever-growing telephone-number sized figures, it’s looking increasingly unlikely that the recording and movie studios will recover any significant amount from any of the four.

Last month, movie company Yellow Bird asked the Stockholm District Court to declare Fredrik Neij bankrupt in the hope of recovering at least some funds from the Pirate Bay founder. Neij informs TorrentFreak that there’s not much to take.

And now, former Pirate Bay financier Carl Lundström has effectively given up on his existing financial position by filing for bankruptcy in Switzerland, his home since 2008. He submitted his application during the summer and the date for creditors to submit their claims has now expired.

Lundström made a fortune in the 1980s when the Wasabröd family business was sold for around 77 million kronor ($11.77m). He made another 35 million kronor ($5.35m) when his telecoms company Port80 was sold to Phonera. However, a string of deals gone wrong over a 15 year period saw Lundström lose an estimated 50 million kronor ($7.65m).

But now it seems that the eyes of the entertainment industry are turning towards former Pirate Bay spokesman Peter Sunde. Movie studio lawyer Monique Wadsted has written to Sweden’s Enforcement Authority asking them to look into Sunde having financial interests in micro-payment company Flattr.

“[The facts suggest] that Peter Sunde Kolmisoppi receives dispensable salary / consulting fees and / or directors’ fees for his services,” Wadsted wrote.

“He still indirectly, probably through Karbon Ventures Ltd and its owner The Chromatic Trust, owns shares in Flattr and / or has received compensation for sale of shares in Flattr.”

Speaking with Ny Teknik, the head of IT company Kvittar AB confirmed that Sunde also has an interest in her business.

“His company Karbon Ventures owns 15 percent of the shares,” CEO Anna Oscarsson said.

For years, Sunde and his co-defendants have insisted that the plaintiffs in the Pirate Bay case will not see a penny of the damages they were awarded. Time will tell if that prediction comes true.