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While your fear of hidden code is probably well-founded, I don't think it's piracy to redistribute the WooThemes. They have been released under the GPL. (http://www.woothemes.com/2009/06/woothemes-gpled/ and http://www.woothemes.com/terms-conditions/) For what it's worth, I've happily paid for the WooThemes I use.

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Not to mention that even if they haven't been explicitly released under the GPL, they are derivative code upon a GPL-licensed piece of software and thus GPLed themselves.

One might argue. Plenty of others, including lawyers, have argued that isn't so. There are even court decisions to support that WP themes and plugins may not be derivative works. Nobody can say definitively until there are some actual cases resolved in court to provide guidance.

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