Post details: sort of sad

sort of sad

posted by ben on 07.06.06 at 05:49, null, technology, 1 comment Permalink

Remember the conversation about space elevators? Well, it doesn't look like they're doing terribly well:

"...LiftPort has all but run out of funds, and the State of Washington's Securities Division has entered a Statement of Charges against LiftPort Inc. dba LiftPort Group and founder Michael Laine."

Comments:

Comment from: Brian Dunbar [Visitor] Email · http://www.liftport.com/progress/wp
The post on /. is correct but the snip above omits some of the details.

The incidents are not related, which might be non-obvious from the post. The Securities Division action has been ongoing for nearly two years. We've complied with the terms of the statement for at least that long. This was the formal notice of how much the fine is. It also means we can attempt to raise funds via investment now, which we could not while the matter was pending.

We've run out of funds because for two years our operating budget was driven by the revenue from the office building Michael (our CEO) owned. This was foreclosed on last month, depriving us of a) income and b) an office.

So, yes. We're in a pickle.
Permalink 06/06/07 @ 07:47

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Comment from: Brian Dunbar [Visitor] · http://www.liftport.com/progress/wp
The post on /. is correct but the snip above omits some of the details.

The incidents are not related, which might be non-obvious from the post. The Securities Division action has been ongoing for nearly two years. We've complied with the terms of the statement for at least that long. This was the formal notice of how much the fine is. It also means we can attempt to raise funds via investment now, which we could not while the matter was pending.

We've run out of funds because for two years our operating budget was driven by the revenue from the office building Michael (our CEO) owned. This was foreclosed on last month, depriving us of a) income and b) an office.

So, yes. We're in a pickle.
Permalink 06/06/07 @ 07:47