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      CommentAuthorping1400
    • CommentTimeMar 9th 2012
     
    Unexpectedly the Steorn annual returns of 2009 and 2010 have been published.

    Sean and Michael are still members of the board ...


    By December 31 of 2010 the balance was 132,367 negative, therefor Steorn was technically bankrupt.
    On February 14 of 2011 there was a change in the board, and the farmers took over.



    Roundup of Steorn burnrate:

    2005 2.0 million Euro
    2006 4.0 million Euro
    2007 3.5 million Euro
    2008 3.0 million Euro
    2009 3.0 million Euro
    2010 1.6 million Euro

    In total 17.2 million Euro has been burned away in 6 years time.
    And by December 2010 it was all gone.
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      CommentAuthorDuracell
    • CommentTimeMar 9th 2012
     
    Ouch! Good stuff ping.
    • CommentAuthorBigOilRep
    • CommentTimeMar 9th 2012
     
    How do I invest?
  1.  
    17.2 million burnt and absolutely no tangible output. They make it look so easy too.

    Why is it always so much harder to make an honest wage?
    • CommentAuthortensor
    • CommentTimeMar 10th 2012
     
    Posted By: ping1400Unexpectedly the Steorn annual returns of 2009 and 2010 have been published.

    Sean and Michael are still members of the board ...

    Roundup of Steorn burnrate:

    2005 2.0 million Euro
    2006 4.0 million Euro
    2007 3.5 million Euro
    2008 3.0 million Euro
    2009 3.0 million Euro
    2010 1.6 million Euro

    In total 17.2 million Euro has been burned away in 6 years time.
    And by December 2010 it was all gone.


    "A dirty, filthy job.....
    but someone has to make a pretty good living, doing it."
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      CommentAuthorDerrickA
    • CommentTimeMar 10th 2012
     
    Posted By: gravityboots17.2 million burnt and absolutely no tangible output. They make it look so easy too.

    Why is it always so much harder to make an honest wage?



    To top it all off, they probably had more fun too. Sean and Michael clearly amused themselves by making their signatures flipped mirror images of one another.
    • CommentAuthordixiepnum
    • CommentTimeMar 10th 2012
     
    Lets see how newstwit responds to this!

    "if they were only given a few more months, they could have got there. Alas, they got trapped by the snakeysnakes and the MIB"
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      CommentAuthorAngus
    • CommentTimeMar 10th 2012
     
    Almost ... what a tragedy!
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      CommentAuthoraber0der
    • CommentTimeMar 10th 2012
     
    Could someone please start a crowdfunding project on Kickstarter for Steorn? All the FE enthusiasts out there would certainly give some money, no? If not Steorn, who else could move perpetual motion to the market, soon?

    And just imagine: Never having to recharge your phone, because you can't afford one. Never refuel your car, because you'll have none. Never pay for heating or electricity, because you live under a bridge. Isn't it worth it? 007?
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      CommentAuthorDerrickA
    • CommentTimeMar 10th 2012
     
    Posted By: aber0derCould someone please start a crowdfunding project on Kickstarter for Steorn?

    Absolutely. Even though I already gave at the office to the "New Porsche for Sean fund" ( Finding out Sean drives a Porsche that's over a year old breaks my heart, and I just can't bear seeing him as a trifler). Tomorrow, I should be able to cash in some of my valuable Greek bonds to help cover his expenses.
    • CommentAuthorjoshs
    • CommentTimeMar 10th 2012
     
    Posted By: ping1400Unexpectedly the Steorn annual returns of 2009 and 2010 have been published.

    Sean and Michael are still members of the board ...


    By December 31 of 2010 the balance was 132,367 negative, therefor Steorn was technically bankrupt.
    On February 14 of 2011 there was a change in the board, and the farmers took over.



    Roundup of Steorn burnrate:

    2005 2.0 million Euro
    2006 4.0 million Euro
    2007 3.5 million Euro
    2008 3.0 million Euro
    2009 3.0 million Euro
    2010 1.6 million Euro

    In total 17.2 million Euro has been burned away in 6 years time.
    And by December 2010 it was all gone.
    And Sean and Michael were heard to say: "Thank you sirs! May we have some more?"
    • CommentAuthorjoshs
    • CommentTimeMar 10th 2012
     
    Posted By: aber0derCould someone please start a crowdfunding project on Kickstarter for Steorn? All the FE enthusiasts out there would certainly give some money, no? If not Steorn, who else could move perpetual motion to the market, soon?

    And just imagine: Never having to recharge your phone, because you can't afford one. Never refuel your car, because you'll have none. Never pay for heating or electricity, because you live under a bridge. Isn't it worth it? 007?
    Sean liked to say that Steorn followed a Victorian science approach. Either the farmers are brain dead, the money was always intended to go to someone else in little brown paper bags, or they may fancy Sean and Michael going to a Victorian debtor's prison.
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      CommentAuthorAngus
    • CommentTimeMar 10th 2012
     
    Or maybe the Byzantine version. You got to stay there for a month. If you hadn't cleared your debt by then, they hanged you.
    • CommentAuthorscience
    • CommentTimeMar 10th 2012
     
    Wowwwww. The companies and startups that I know could have really taken that huge amount of cash and made something of it.

    Fuck you, Steorn.

    I'd love to know exactly where it all went, perhaps in a fast paced movie format.
    • CommentAuthorjoshs
    • CommentTimeMar 10th 2012
     
    Posted By: scienceWowwwww. The companies and startups that I know could have really taken that huge amount of cash and made something of it.

    Fuck you, Steorn.

    I'd love to know exactly where it all went, perhaps in a fast paced movie format.
    $25 million buys a lot of Guinness and t-shirts with stupid sayings.
    • CommentAuthorjoshs
    • CommentTimeMar 10th 2012
     
    At least eight million of those euros can be blamed on the investors themselves. Even ignorant farmers shouldn't have allowed Steorn to spend a single dime after Kinetica. Yet the money just kept going out the door. Sean and Michael probably enjoy the John Mellencamp song: "Brown Cash Sacks".
    • CommentAuthorcwatters
    • CommentTimeMar 10th 2012 edited
     
    Obviously investors paid someone to validate the claims before they invested all that money.....no wait they couldn't get anyone to do that could they...

    http://web.archive.org/web/20070102060731/http://www.steorn.net/en/technology.aspx?p=5

    During 2005 Steorn embarked on a process of independent validation and approached a wide selection of academic institutions. The vast majority of these institutions refused to even look at the technology, however several did. Those who were prepared to complete testing have all confirmed our claims; however none will publicly go on record.
  2.  
    17.2 million for fuck all. Remind me again why I spend so much time messing with grant proposals? Even with our little departments modest resources I could put on a much better dog and pony show than those idiots and still have plenty of time for real work. I have all sorts of stuff that looks like a perpetual motion machine in the right light with the wrong 'scope settings.
    • CommentAuthordixiepnum
    • CommentTimeMar 10th 2012
     
    So newstwit, stand up and be accounted for!

    "would you trust steorn with your hard- earned savings?"

    Yes or No answer only!
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      CommentAuthorAngus
    • CommentTimeMar 10th 2012
     
    Posted By: hairykrishna17.2 million for fuck all.


    Chickenfeed. Remember Vietnam, Iraq, Afghanistan?