Orbo goes on demo (sale?) .. breaks physics :-/

JTMan

If Steorn investors stump up yet more cash the company might keep going. If they don't then the company will fold.

nomdeboardie

JTMan wrote: »

Sunday Business Post reports:
- Devices sold last year did not work.
- Shaun McCarthy gone as CE.
- 23 million taken from investors. Looking for more money from investors.
- Company will wind up if it does not get more money.
- AGM in August.
- Might take another 7-10 years to develop the technology.

So, Steorn have taken 23 million from shareholders (including rural farmers according to reports) and do not have a working device a decade later.

Thanks for that , especially as SBP have it behind a paywall.

Looks like the ex-CEO hasn't got around to updating his LinkedIn yet

Pizzle

I just saw that too.

Surely this has to be called as a scam at this stage? They claimed to have a working product, people put orders in, either they didn't arrive or failed when they did...hopefully Shaun McCarthy puts out a statement or something in the coming days.

seamus

I would just like the record to show how well I called it last year

If McCarthy has been replaced as CEO, I imagine the investors are going to try and push on with building some actual working electronics, but target the "ultra-premium" market of people who will pay exorbitant sums of money for things that are stylish and overpriced - i.e. the people beyond the Apple market; millionaires and similar.

nomdeboardie

seamus wrote: »

I would just like the record to show how well I called it last year

If McCarthy has been replaced as CEO, I imagine the investors are going to try and push on with building some actual working electronics, but target the "ultra-premium" market of people who will pay exorbitant sums of money for things that are stylish and overpriced - i.e. the people beyond the Apple market; millionaires and similar.

Ha, situation seems consistant with that so far, though I wonder whether any customers (if there really were any) have even asked for a refund and, if so, recieved it

zg3409

nomdeboardie wrote: »

Ha, situation seems consistent with that so far, though I wonder whether any customers (if there really were any) have even asked for a refund and, if so, received it

There is a mention of one, persistent, person who ordered, getting refunded. It is not surprising even if it is a scam to do this, as one refund might encourage others to hang on. It is common in pyramid schemes to refund vocal complainers while the money is still coming in.

See:
http://dispatchesfromthefuture.com/2016/07/steorn-still-hard-at-work-successful-refund-is-reported/

It has every hallmark of a long con scam. One of my friends got a free t-shirt from them. The only positive outcome!

nomdeboardie

zg3409 wrote: »

There is a mention of one, persistent, person who ordered, getting refunded. It is not surprising even if it is a scam to do this, as one refund might encourage others to hang on. It is common in pyramid schemes to refund vocal complainers while the money is still coming in.

See:
http://dispatchesfromthefuture.com/2016/07/steorn-prospects-dim-investors-told-to-chip-in-more-or-lose-it-all/

Yes - saw that recently

zg3409 wrote: »

It has every hallmark of a long con scam. One of my friends got a free t-shirt from them. The only positive outcome!

Some poor investor is down ~5 euro because of that :pac:

Maybe they gave them out to the investors too...in which case they could
add "I invested in" above the logo and "and all I got was this lousy t-shirt" below :P

JTMan

The AGM was due to be held this month to decide if Steorn should be liquidated or not. Hopefully, the media report the outcome of this soon.

nomdeboardie

JTMan wrote: »

The AGM was due to be held this month to decide if Steorn should be liquidated or not. Hopefully, the media report the outcome of this soon.

Used magnets and 'potting' goo anyone? Going cheap

Irish model looking to fill gap in scheduele

etc

vibe666

if any steorn investors are reading this, I have a bridge for sale if anyone is interested.

JTMan

Steorn are not giving refunds ... https://orboblog.wordpress.com/2016/09/29/me-v-steorn-limited/

zg3409

I have asked for the court date. It could be a boards.ie meetup!

Maximus Alexander

Wow, people are mental. There are commenters on that blog that still think Steorn discovered magic but just haven't been able to harness it properly yet. How do people's minds get so twisted?

JTMan

Steorn has gone into liquidation. All staff have been let go. Shareholders have been notified. 23 million euro down the drain.

Source: Sunday Business Post (article behind paywall).

nomdeboardie

JTMan wrote: »

Steorn has gone into liquidation. All staff have been let go. Shareholders have been notified. 23 million euro down the drain.

Source: Sunday Business Post (article behind paywall).

Gaah - I wish the SBP would offer a modest-fee per-article viewing option , esp as it seems no one else is interested enough to publish anything on it.

For what it's worth, there was more weird stuff on the ex-CEO's ramblings, this time passing the blame to an alleged major investor or something, mentioned here a month ago:
http://dispatchesfromthefuture.com/2016/09/mccarthy-re-emerges-exposes-break-with-head-investor-pat-corbett/
(I wasn't interested enough to read more than a little of the now-dismal in(s)anities :pac:)

gctest50

They nearly have it, just another 23 million euro

Water John

On the SBP, I think they should have an access code on the paper. If you buy the paper you access extra stuff on the website.
The Irish Farmers Journal does this.
SBP run stories that others don't, good paper.

lawred2

TallyRand wrote: »

This is what I would have thought, however, they seem to have stepped up their "marketing" and seem to be actually launching a tangible product imminently.

Surely they believe they have something, could this be the longest winded scam of all time?

How would Apple or even NASA not be all over them if they were the real deal instead of pub launches which is laughable!

I'm scratching my head but can't let it go at the same time

that would be organised religion

Water John

Karma that it goes belly up, just coming into Science Week.

zg3409

You can view it here:
http://dispatchesfromthefuture.com/2016/11/steorn-liquidates/

Water John

I think the CEO said at one point that they drew a lot of their rounds of funding from farmers.
They obviously did not approach any one who would have done a full scientific check. Took it from the gullible, like a pyramid scheme. It may McCarthy thought he was onto some thing and kept digging whilst others threw money into the hole.

nomdeboardie

Water John wrote: »

On the SBP, I think they should have an access code on the paper. If you buy the paper you access extra stuff on the website.
The Irish Farmers Journal does this.
SBP run stories that others don't, good paper.

Thanks (though it was too late for me to buy the paper when I posted; update: now I see zg3409's post below for the scan )

nomdeboardie

zg3409 wrote: »

You can view it here:
http://dispatchesfromthefuture.com/2016/11/steorn-liquidates/

Thanks
(they didn't have it up when I posted yesterday)

ETA: The replacement interim CEO appointed just before liquidation was also CEO of “Irish e-cigarette company Liquid Solutions” :pac:

Gwynston

For anyone who missed Prime Time's report and interview with McCarthy, here's the RTE Player link:
Prime Time Extras: Steorn Report

nomdeboardie

Gwynston wrote: »

For anyone who missed Prime Time's report and interview with McCarthy, here's the RTE Player link:
Prime Time Extras: Steorn Report

Thanks – wasn’t aware of that

(Are these PrimeTime ‘Extra’ segments broadcast on TV or just internet?)

Water John

It was on Thursday last, after the News RTE 1