Saturday, November 24, 2007

Another Round of Investment...

On November 22nd, Steorn submitted another allocation of shares document to the Irish Government. Steorn raised another 1.08 million Euros. Three existing investors, Eamon McKinna, James Murphy, and JJ Sullivan bought a total of 661 shares of Steorn for 1640 Euros each. These three are the top investors in Steorn, investing more than a combined 9 million Euros. Thanks go to 15-India-Street for pointing us all to the latest allocation of shares document. Note that nleseul also mentions that Steorn's annual return has been filed, but has not yet been scanned for all to see.

19 comments:

Anonymous said...

What say ye non believers!!????

{sound of crickets}

What more proof do you need? Why would people invest 9million euros without seeing the device first? ORBO IS REAL, CAN YOU DEAL?

grommit said...

"What say ye non believers!!????"

I say, Why would you jump on this as proof of anything but that Sean lied when he said they would accept no new investment?

If the Orbo technology is real, let's see some scientific proof, not this convoluted reaching for reasons that it must be real.

History is replete with examples of fools and their money no longer being together.

Show me the energy!

Anonymous said...

What more proof do I need that Steorn has outright lied about not taking investments? None.

Anonymous said...

Didnt they say that they weren't going to accept any more investments until the jury returned with a decision?

I hardly call this proof that Orbo is real, at least in the OU sense. There is a saying that a fool and his money are easily parted.

Anonymous said...

LOLNOOB

Thicket said...

... because they are gullible, naive and stupid, like the few true believers that still delude themselves.

Go back to playing with your butterfly net.

drmike said...

I wish I could get funding for fusion reactors that easily!! A few million Euros would go a long way toward a real energy source. Reality is harder to explain :-)

Anonymous said...

A HTML version of the updated Steorn Shares spreadsheet can be found here.

An excel version can be found in the Files section of the Steorb Google Group.

15-India-Street said...

As nleseul pointed out, there is no new shareholder. The name of the owner of 10 new shares was misread. It is not a new person, it is the existing shareholder JJ Sullivan.

Corrected sheet:
http://www.4shared.com/dir/3055930/f6372710/Public.htm
Please update your links and spreadsheets.

After the 2006 annual returns have been scanned by the CRO, maybe some questions can be answered. Looks like their burn-rate is higher than earlier estimated.

Anonymous said...

Here's a video, apparently from a former SPDC member. It shows him demonstrating a device and questioning Steorn's reasons as to why the demo failed, i.e., the bearings:

Video link

drmike said...

Here's another scam operation:
http://www.eetimes.com/news/latest/showArticle.jhtml?articleID=202805164
(you might have to skip past the advertising)

At first it looks really cool and amazing! Real quantum computers! A little digging though and you find a Steorn like operation - the demos don't quite hold up.

They have raised $44 million. Better than Steorn! They may have some probability of success, but most quantum physicists don't think so.

At least they are not violating any laws of physics. Just making claims that are a bit ahead of their time.

bc said...

Did anyone notice this?

"A discovery that could give the world access to vast quantities of energy with minimal damage to the climate will be shown off for the first time at a glittering gathering of the famous, rich and influential next Friday night."

This refers to the Fortune Forum meeting on 30th meeting, starring Al Gore. It somehow involves failed inventor Kane Kramer, another flop on the cards?

SteornTracker said...

Here is a link to the article:
http://environment.independent.co.uk/climate_change/article3191512.ece

maryyugo said...

@steorntracker

That link now returns an error 500 (internal server error).

ben said...

9 million more euros in investment after demonstrating OU by showing a non-moving plastic wheel in a box?

I need to meet these investors, I have some magic beans they may be interested in.

Anonymous said...

"Our image-matching demonstration, the core of which is too difficult for traditional computers, can automatically extract information from photos--recognizing whether photos contain people, places or things, and then categorize them by visual similarity" said Geordie Rose, D-Wave founder and CEO. "

The London police have been using face recognition systems on traditional computer for several years. They identify violent people at football games.

Anonymous said...

Are there only Steorn management that have bought shares or has any ordinary employees bought shares.

When was the last time an ordinary employee spent his money on Steorn shares ?

bc said...

It's true Newham Council deployed face recognition software, but it has been a dismal failure. Over a period of several years, it never matched a single face.

I don't know if they still run it, I suspect not.

ez ezz said...

The D-Wave guys are much more credible than Steorn.

1) They've had multiple successful demos
2) They recognize the potential their solution won't scale
3) They actually know their quantum mechanics, you can even chat physics with them on Geordie's blog

I have yet to see anything sketchie. They may very well be wrong, but I doubt they're a scam.