Terry Blanton wrote: > On Fri, Dec 19, 2008 at 10:31 AM, OrionWorks <[email protected]> wrote: > >> Why did he do this? > > Considering their last round of financing was over 1 year ago and they > only got $1.3M, it's probably time to take a dip.
If it's true that they've burned through their venture money, this bodes ill for them. With the galumphing worldwide depression apparently in progress, they may find it less easy to find people willing to invest in totally off the wall projects -- as Jed pointed out earlier, it's at the tail end of a "bubble economy" that investment money starts getting channeled into Ponzi schemes, perpetual motion machines, and other money pits, while plausible -- or at least possible -- investments, like electric car design and cold fusion development, get short shrift. In hard times people are less concerned about how to get rich quick than they are about how to just stay afloat -- and potentially high return but apparently impossible schemes are less likely to be popular. At this point Steorn may not be able to raise much more money unless they can actually demonstrate something real, which works, and is salable. Call me a pathological skeptic, but I don't for 10 seconds believe they can actually do that. They may need to go out and get real jobs, tra la... Perhaps they should go back to chasing fraudsters, eh? Funny that their apparent real area of expertise is in detecting scamming techniques; that does, if you think about it, require a deep understanding of how to run a successful scam.... FWIW the last update on the "validation process" which is listed on their website dates from April of 2007.
