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The Investment Lie?

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Fri May 11, 2007 1:23 pm PostPost subject: The Investment Lie?
Thicket
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Topic: The Investment Lie?


The Steorn claim of not raising any more investor money until technology validation is a fundamental pillar to the belief of many that Steorn truly has free-energy and isn’t simply after more money from gullible and naïve investors.

I’ve covered the subject of recent Steorn investments before, but I want to provide a more thorough analysis.

Every single piece of evidence that I’ve provided is in the public record.


Evidence Item 1:

Sean McCarthy interview with SkyNews – posted on YouTube August 29, 2006.

“From the day we issued the advert until the day the results are coming in, we will not commercialize in any way. We will not, you know, sell shares in the company. We’ve had hundreds of offers.”


Evidence Item 2:

The ‘advert’ was published in The Economist in August, 2006.


Evidence Item 3:

Sean McCarthy interview with FoxNews – Posted on YouTube September 10, 2006.

“We will neither raise money nor license the technology until the world of science has fully acknowledged that the results/published the results of the technology and shown this to work.”


Evidence Item 4:

The Guardian article – August 25, 2006

“And, until their claims have been assessed by the jury, McCarthy says they won't be accepting any investor offers.”


Evidence Item 5:

Irish Sunday Times article, April 22, 2007

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

“Steorn has convinced private investors to pump in just over 14 million Euros since it was set up, new Companies Office Filing reveal. McCarthy said that the company had decided not to raise more funds until it had proved the technology.”


Evidence Item 6:

From Steorn’s Annual Return stamped 12 Mar 2007 (fee paid 13 Mar 2007) by the Companies Registration Office. Return made up to September 30, 2006.

Ordinary -- 120,421 shares --- total amount paid 5,819,109.00 Euros
Ordinary ‘A” – 3,392 shares --- total amount paid 77,453.95 Euros

Totals 123,813 shares – total amount paid 5,896,562.95 Euros

(Note: I have reviewed the full set of official, submitted Steorn Annual Returns since their creation in July, 2000 and have verified that the 5.9 million Euro shareholder investment total is for the entire period of Steorn’s existence up to September 30, 2006.)

Analysis:

The difference between 14 million Euros (April 22, 2007) and 5.9 million Euros (Sept.30, 2006) is 8.1 million Euros. Irish Sunday Times says ‘just over 14 million Euros’ and ‘most recently it raised 8.4 million Euros’.

If these publicly available reports are correct, then Steorn has raised 8.1 – 8.4 million Euros in the September 30, 2006 – April 22, 2007 period.

This is a direct contradiction to Sean McCarthy’s statements about not raising money until the technology is proven.

Care to explain, Sean? Accounting errors? Did the media misquote you? Did you lie?
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Fri May 11, 2007 8:53 pm PostPost subject:
Thicket
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Thanks to Nleseul, I now have more current financial information.

Evidence Item 7:

Steorn financial statements stamped 3 Apr 2007 by Companies Registration Office and made on 26 March 2007 show that Steorn have recently sold 5,284 shares for a total amount paid of 8,377,433 Euros.

Gosh Sean, you seem to be slipping deeper and deeper into the muck. Explanation?
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Fri May 11, 2007 9:17 pm PostPost subject:
exco
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Whilst I understand (and share) your suspicion as to the existence of a financial scam, I would rather that steorn be exposed as scientific charlatans rather than financial crooks. I would not be surprised if they are both of course.

If you could get the whole company arrested and locked up for crooked accounting or theft, the unfortunate result is that the believers and potato brains in the spud club would conclude that the brilliant invention was being suppressed by the oil companies or something, and we'd never hear the end of it.

I'd like to see them exposed as failed perpetual motion inventers, then hopefully it can be quietly forgotten about.
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Fri May 11, 2007 9:54 pm PostPost subject:
Thicket
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The problem with exposing Steorn scientifically is that there isn't any science. You can't expose what isn't there. Sean can talk about magnetic viscosity, BH curves and time variance as much as he likes, they are hollow words.

Sean would love everyone to focus on the science and technology. He is forever trying to steer discussions in that direction. It's the magician's distraction of waving hands and lots of talk. It minimizes attention from where the action really is... the money.

Sean is dragging out the 'science' as long as possible, while continuing to fleece investors.
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Sat May 12, 2007 2:47 pm PostPost subject:
exco
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I think you're probably right as to his motives, but surely the crunch is going to come in july. If he does a stupid video of himself talking, and nothing else, even the blindly faithful will surely smell a rat.

Won't they?
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Sat May 12, 2007 4:52 pm PostPost subject:
Thicket
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There aren't many things that Sean says that I agree with, but this is one of them. In his interview with SteornTracker he predicted that after the July demo, the believers will still believe and the skeptics will still disbelieve.

The demo will probably be something with magnets that moves. Sean will say that this is a demonstration of free-energy. The believers will believe him. The skeptics will say bullshit.
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Sat May 12, 2007 9:38 pm PostPost subject:
exco
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All I can say is that I agree with you!
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Sun May 13, 2007 9:02 pm PostPost subject:
jwk
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Thicket

Great work mate. Could perchance make it more orderly. Create one thread here and post from start to finish your synopsis of steorns accounts so far and keep posting untill done ? As well as other places.

I for one would appreciate it.

It would be a usefull resource and anyone who might have some time on thier hands coming up soon would be able to make use of it.

Thanks

jwk
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Mon May 14, 2007 12:40 pm PostPost subject:
Thicket
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I'll try to collate everything into one thread later in the week, JWK Very Happy
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Mon May 14, 2007 12:41 pm PostPost subject:
Thicket
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Subject: The Investors – March 2007 Share Allotment

The Steorn Ltd 26 March 2007 Allotment of Shares has thirteen investors. Eleven of the investors already owned Steorn shares. Two of the investors are new. One is a private individual. The other is Crowley Millar Nominees. All thirteen investors are based in Ireland.

The submission presenter is Roger Hatfield of Unison Consultants. The submission is certified by Michael Daly, a Steorn director.

Michael Daly was allotted 100 shares according to this submission. There is no information on what he paid for the shares.

Average share price paid was 1585.43 Euros per share.
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