Steorn Liquidates
Date: Monday, November 14, 2016 @ 18:38:49 EST
Topic: Legal

by Michael Ferrier (Dispatches from the Future): Ten years after introducing itself to the world with an ad in the economist that claimed they’d discovered a way to defy the laws of physics and provide unlimited free energy, Steorn has announced that they’ve laid off their staff, and are liquidating their assets and winding up the company.

This was reported in today’s issue of Ireland’s Sunday Business Post. The online article is behind a paywall but the print version can be viewed here: [Sunday Business Post article on Steorn liquidation]

Former CEO Shaun McCarthy said of Steorn’s investors, “We took their money. We raised their expectations and it fell flat on its fucking face. They’ve a right to be angry about that.”

McCarthy has moved on to a career as a professional online poker player. “Oh, I’m unemployable. The general perception is (that I’m either) a con man or an idiot because clearly the tech can’t work.” McCarthy maintains that there is value in the Orbo technology, and hopes the liquidation process will lead to a bidding war...

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