Steorn's Q1 Update
The Highlights:
- There are 22 Scientists on the Jury vs. the assumed 12
- The Jurors are reviewing the technology, and will start a test phase in the next couple of months
- A public demo will take place in July in London, with a webcast for the rest of the world
12 comments:
The video was underwhelming. Sean's hair is growing back in and we can see his receding hairline... Lol.
Sean was his usual charismatic self, but there was little content.
22 jurors instead of 12. That's cool. It does toss out one my pet theories. I always suspected that Steorn had more than 12 jurors, but thought they would handpick the best 12 results out of a larger group. Maybe that was their intent but they got cold feet. It would have been almost impossible to keep a larger jury size confidential.
The July public demonstration is confirmation of what we already know. Nevertheless, it's Steorn's next big credibility test.
I think we should expect 'validation' to get dragged out. Sean already hinted at validation in early 2008.
I guess we wait until later today to see how Sean delivers on the commitment "Detailed technical specifications will be made available at the end of Quarter 1, 2007."
Topic: Steorn Nominees – Part 2
I thought the Steorn Nominees topic was finished, but thanks to an anonymous poster on Free Energy Tracker, there is additional information.
Nominee Structures are used in Ireland and the U.K. for international tax planning. A “Nominee Company” like Steorn Nominees acts on behalf of an Offshore Company. The Offshore Company is the Principal in all transactions and the Nominee Company acts as an agent.
The only income the Nominee Company has is a fee for providing its services. An audit of the Nominee Company shows only its fee income and its expenses. The trading income does not generally form part of the account. The fee paid by the Offshore Company has to be chosen carefully. Some Nominee Company taxable income is desirable so as not to attract the interest of the tax authorities.
If questions are asked by the tax authorities about the structure, the Nominee Agreement between the Nominee Company and the Offshore Company provides sufficient protection.
I have no idea what Offshore Company, if any, Steorn Nominees is dealing with. The Patmore Group is the only offshore investor listed in the Steorn Ltd. 2004 and 2005 filed statements. All other investors are Irish.
Steorn Nominees has no income up to the end of 2005, but we don’t know what has happened since then.
If you’re interested in more information about Nominee Companies, here are some links.
http://www.offshore-manual.com/nominee_structures.html
http://www.offshore-tax-haven.com/nominee-structures.html
http://www.ils-world.com/library/structures/download-002.pdf
JTerry also posted some good info on Nominee Companies on the Free Energy Tracker website.
Next Topic: One way to make millions from 100,000 Orbos
Note: While I have some knowledge on financial matters such as this, I’m not an expert. Corrections are welcome.
meta:Thanks Sean,
Have fun on your big day today!
Steorn - Hi Meta, lol not sure that this is a big day! We simple stated that we would provide some form of an update, and we are doing that. There is going to be no 'big' news at all, I have said that several times in here over the course of the last few months, so I imagine that most people will be disappointed.
Sean
Bullshit. The Steorn website has had a page proclaiming "detailed technical specifications will be released at the end of the first quarter" for the last three months. Sean is a LIAR.
To be accurate this is the 'exact' wording;
Detailed technical specifications will be made available at the end of Quarter 1, 2007.
Anonymous, You're quoting Sean out of context. He's stated multiple times that he'll be posting Tech Details today.
ST
Appologies to you and Sean then, assuming you are correct. Please put my comments on hold until the bottom falls out later.
As I understood Sean there was to only be the video release, no data.
Was it not during the Gabbly chat that he said so?
Thicket, you are so correct. Sean is a serious bullshitter, playing fast and loose with the truth. Prone to embellishments.
In the video he claimed that just under a thousand certified scientists applied for the jury, the website has consistently said less than 500 applied.
He said that only the jury can prove it works, then said it works for sure.
He said in July the demos would take place in the US and UK, now it's just London.
So it goes.
JJ
they would handpick the best 12 results out of a larger group
You are kidding, aren't you?
Do you think the rest 10 would just sit and see their opinions trashed and only the positive ones chosen for publishing? Can you show me a line in the NDA that says you are not allowed to say anything while we (steorn) decides what to publish and what to not?
And, it wouldn't be easy to keep this info suppressed for even one second once the jury comes out in open. That means only one thing for steorn - failure and may be jail.....
They won't take this risk.
But on the matter of 22 instead of 12, its funny and shows that the decision makers are not sure of what they are doing. Because if the thing works, all are going to say it does, 12 or 22, its not important.
@vlan
*shrug*
I felt that Sean might try to ensure that the Jury result was positive by having more than 12 members and picking the best. I said so on the Steorn forums.
I didn't think he'd get away with it, so I was hoping he'd try.
With the info leaks recently, Sean could also have realized that secrecy was going to be impossible.
You're welcome to check the forum posts. I think you'll find I speculated about there being more than 12 Jury members. Seems I got that part right.
A more probable scenario would be that steorn will simply cut short the testing and announce "inconclusive results" with the names of highly respected and bright scientists.
To general public and greedy investors "inconclusive" almost sounds like no one could understand how the device works.
Steorn can then utilize this ambiguity to sell their snake oil. Now they have 22 names to 'support' the product rather than 12, much better.
Seeing from the video that no testing has begun, I'm expecting "guys the testing is canceled due to xyz reasons" kind of announcement in near future.
Old time trackers will remember that steorn was going to post a series of flash presentations and test data. This was cut short just after one flash animation and an excel file showing some baseline test.
It could not stand the criticism from pennies_e and she was banned immediately. Sean's reason for banning her was - "She is actually 'they' and they don't have good intentions about steorn"
Regarding Steorn Nominees, on page 3 of the NationStates forum thread you referenced earlier:
http://forums.jolt.co.uk/showthread.php?t=523589&page=3
About 1/3 down the page, Sean writes that, "Steorn Nominees was a holding company for our investment in Orbo Ltd."
So, Orbo, Ltd., another company to keep track of. And possibly additional investors not noted in the Steorn filings.
Orbo Limited is indeed another company to keep track of. They are too new and don't yet need to file financial statements so they will be a mystery for quite some time.
The way it looks right now is that Steorn Ltd. is the parent company, Steorn Nominees is the holding company who has links with an unknown offshore company, and Orbo Ltd. is the subsidiary.
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