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Analysts said the guilty verdict in the closely-watched test case could help music and film companies recoup millions of dollars in lost revenues, though they doubted it would stem the tide of illegal downloading. In a broadcast on The Pirate Bay's website one of the four defendants, Peter Sunde, taunted the court, holding up a mock IOU note for 31 million Swedish crowns ($3.6 million) followed by the initials "JK" -- Internet lingo for "just kidding." "That's the closest they're going to get to getting money from me," Sunde said. International trade body IFPI, which represents some 1,400 record companies across the world, reported earlier this year that about 95 percent of music downloaded in 2008 was illegal. On its website, The Pirate Bay scorned the ruling, calling it a "crazy verdict." "It was lol (laugh out loud) to read and hear," the message read. "But as in all good movies, the heroes lose in the beginning but have an epic victory in the end anyhow. That's the only thing Hollywood has ever taught us." IFPI Chairman John Kennedy welcomed the court sentence which he said in a statement provided a "a strong deterrent" against copyright infringement. "This is good news for everyone, in Sweden and internationally, who is making a living or a business from creative activity and who needs to know their rights will protected by law," he said. The men linked to The Pirate Bay -- Sunde, Gottfrid Svartholm Warg, Fredrik Neij and Carl Lundstrom -- were charged early last year by a Swedish prosecutor with conspiracy to break copyright law and related offences. They denied the charges. Companies including Warner Bros., MGM, Columbia Pictures, 20th Century Fox Films, Sony BMG, Universal and EMI also sought damages of more than 100 million crowns ($12 million) to cover lost revenues. The Stockholm district court said in a statement the four were found guilty of breaching copyright laws and each sentenced to a year in prison. APPEAL Lundstrom's attorney, Per Samuelson, told journalists he was shocked by the verdict and the severity of the sentence. "That's outrageous, in my point of view. Of course we will appeal," he said. "This is the first word, not the last. The last word will be ours." Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Phishers get more wily as cybercrime grows Also on Reuters Video Video: Reading the economic signs Yahoo and Microsoft approach endgame on search Volkswagen may oust Toyota as world leader More Technology News Phishers get more wily as cybercrime grows U.S. cybersecurity review done, heads to Obama soon Sony Ericsson says Android phone to take time Intel and Google results don't light investors' fires YouTube in Sony content deal, sees more More Technology News... Video Pirate Bay founders appeal verdict Play Video Jail for internet pirates More Video... 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