Saturday, April 28, 2007

GizMag's Steorn Writeup

If you haven't already, check out GizMag's writeup on Steorn. The article itself isn't completely accurate, such as the time when the jury is expected to report their results, but they do offer a few unique ideas of what may lie ahead for Steorn:

... Finally there are the 22 renowned scientists engaged to test the
machine; scientists who could possibly seek compensation from Steorn if it is
proven to have deliberately misled them.

I had never considered the potential lawsuits from the Jury, and possibly the SPDC if this were all contrived.


15-India-Street said...
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Tundrabog said...

Topic: Is Steorn Getting More Investor Money?

Much has been made of the claim that Steorn hasn’t been getting any investor money since they went public with their free-energy claim in August, 2006.

The recent newspaper article has Sean stating that 14 million Euros have been raised from investors.

The Annual Return filed by Steorn and stamped 13 Mar 2007 by the Companies Registration Office has the following information.

1. This Annual Return is made up to September 30, 2006.
2. Up to September 30, 2006, Steorn had collected 5,896,562.95 Euros from investors.

In other words, an additional 8 million Euros has been collected starting October, 2006. It sure looks to me like Steorn is still collecting investor money.

I’m sure many were fooled by Sean’s use of semantics. He’s really very good at that and manages to bullshit a lot of people. Steorn didn’t ‘seek’ investor money. It seems we’re expected to assume that 8 million Euro just rolled Steorn’s way.

Of course, it could be that Steorn screwed up their government submissions and misstated investments up to September 30, 2006. I’ve found some blatant screwups in Steorn’s returns, but that’s a topic for another day.

Anonymous said...

Sean said:

hehe, well I just reopened the membership thing so you get a change to get pcstru5 thru x now!

Anonymous said...

1) "July will be a demo of a real self sustaining OU device." (Sean)

Beutiful. Eat that skeptics!!

Anonymous said...

Oh my god - the floodgates are open again and more crazy conspiracy-theorists and cynics already started entering the forum. :shocked:

nleseul said...

Hey Thicket, I think you need to read a little more carefully. From the Irish Times article:

"STEORN, the Dublin-based company that advertised in The Economist magazine last summer for scientists to test its controversial “energy-creating” technology, has raised €14m since it was set up. Most recently it raised €8.4m to fund its energy project."

In other words, according to this author, only the most recent 8.4 million was raised specifically for the free energy project. The other 6.6 million he counts as being raised for other things.

And, if I remember and understand the financials correctly, the 5 million is the number raised from investment on the 2005 statement. There was another 3 million in investment income reported on the 2004 statement. That total meshes up rather nicely with the 8.4 million reported by the article. Which stands to reason, since downloading those financials is probably exactly where the author got his info.

15-India-Street said...
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Thicket said...


You are incorrect. The financials are clear.

The '2005' statement specifically states that reported investment is up to September 30, 2006.

Similarly, the investment in these statements are cumulative, not additive. This is obvious from the fact that the BES scheme investment of 77k Euros shows up in each and every year's financials.