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.

30 Investors

Back in August of 2006, in the Guardian Unlimited Article "These men thing they are about to change the world", the author makes this statement:

Last week, frustrated that they couldn't persuade scientists to take their work seriously, McCarthy, Walshe and the other 28 shareholders of Steorn, a privately owned technology research company, took out a full-page advertisement in the Economist. In it, they called upon scientists to form a 12-member jury to decide whether their free-energy system is real, hoaxed, imagined or incorrectly well-intentioned.

Someone here recently quoted that number, which made me realize that I should go take a second look at Steorn's Financials [google docs link] [excel link] (thanks anonymous). If there were more than 30 investors listed, I'd know that Steorn took additional funding, like the March 2007 document suggests.

What I found was that there are exactly 30 Steorn investors, two of which hadn't invested until the latest publication. I think this is reasonable evidence that Steorn has not taken any additional funding after their declaration. What do you think?

Update: As you can see in the comments, Thicket points out that according to the spreadsheet, there are actually 34 stock holders. I missed the three class B share holders and also the BES Scheme investment. Unfortunately, the numbers don't add up in either direction now. I guess I'm not that surprised things don't add up ;-(.

Finances and Physics

Today in the forums most of the activity was centered around Dr. Mike's experiment in the Sv Experiment thread. Sean chimed in pretty late tonight, he must be having some trouble sleeping! Also, ebswift took the time to render Dr. Mikes sketches in 3D. Thanks ebswift!


Now on to some finance information. Today 15-india-street posted this spreadsheet which combines the past seven years of Steorn's public investment data into one easy to read page. I still haven't had a chance to review the CRO documents myself, but this makes it much easier to see the big picture. It's mind boggling that Steorn will need to be worth more that 200 million euros before certain investors break even on their investment.

Hot Topics For Today: Financials and Banning

Steorn was active today in the thread Sean can u clarify the financials? over in Steorn's forum. Steorn starts off by repeating their position:

There has been no new investment since August, I said this yesterday and for the past six months. Its that simple.

nleseul asks:

So is that new CRO document just reporting various transactions that happened during the first part of 2006, as crank is suggesting?

And Steorn replies:

Yep, this whole thing is what happens when you have a cynic trying to check accounts with no knowledge at all of what he is talking about - lol, its in a long list of errors that he has made on the subject, including accusing me of selling 750k's worth of shares.

There still seems to be some technical details regarding the dates of these transactions that are unclear based on what I've read here and in the forum. I haven't had a chance to review the CRO documents myself, so I'll wait to comment until I get a chance to read through them.

Also in the same thread Sean discusses the bannings of Ping and Big Oil Rep:

Well you cant really call pings banning a banning since he had set up a load of accounts, so its a bit of fun to be honest. Father Luke is a different matter.
...
FLD/The Pope/BoR had crossed the line one too many times. ping has many accounts set up (they all have the same avatar), so thats just playing around.
...
Lol, I could ban all of pings accounts in a few mins, but I have not seen anything recently that he has done that is ban worthy (you can always of course ask the question if one person should have multiple accounts). As for BoR he has posting information about Steorn that is factually incorrect, he could phrase this kind of stuff as a question, but the point he posted info that is stated as a fact and is just untrue and I strongly suspect that he knew it was untrue.

I apologize again for not getting a chance to transcribe the interview today. I listened to the interview while driving, and I especially want to pull out some of Sean's comments regarding Magnetic Viscosity and Sv.

One final note, if you didn't get a chance to view the UCD debate, I noticed that Dispatches from the Future has links to working versions of the videos on YouTube. Check it out while they last!

More Bannings, Financial Questions

Today "a" aka Ping1400 was banned in the forums for the umpteenth time, Big Oil Rep was also banned. They were most likely banned due to the discussion on Steorn's financials, which started when Big Oil Rep quoted Thicket's questions in the forum here. At first I wasn't connecting Thickets dots, but then nleseul dug this up:

I withdraw my earlier argument. Steorn filed a document with the CRO on April 3, 2007 showing an allotment of 5,284 ordinary shares for a total of 8.4 million euros cash on March 26, 2007.

crank may have an explanation:

Shares can be issued up to three years after the money has changed hands, as far as I know. I checked with an accountant friend when that article was published, and the share issue things were downloaded, to see if the shares would have been paid for at the time they were issued. He laughed at me

It would be nice to get a clarification from Steorn on this one. In regards to the phone interview, I didn't get a chance tonight to pull out the good quotes. Hopefully I'll have some time this weekend. If anyone else feels up to the challenge, it would be greatly appreciated!

A Slow Start to April

This has been a painfully slow week here at SteornTracker. Here's one of the more interesting discussions going on in the forums while we wait to hear from Steorn. keelymoto points us to Steorn's latest financial filings in the discussion Annual Return:

From what I can gather HERE;

http://www.cro.ie/search/submissionse.asp?number=330508&BI=C

it seems Steorn made submitted their latest Annual return on 12 March 07 - has this been flagged before, Sorry for causing yawns if it has.

I've yet to look at the actual accounts - has anyone done so yet? Seeing as were waiting for other info, I wondered if anything can be gleaned...

Also note that April first has come and gone. At least that removes one of the more wackier theories of what has been going on with Steorn. There were plenty of great April Fools pranks online this year, but none of them had to do with Steorn.