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« Utah Phillips | Main | Culture Change »

May 28, 2008 |Permalink |Comments (0)

Why I Blog: Reason 229,495,832

A little while back I did a post about how I had outgrown the desire to own a flying car.

I posted a video of a prototype vehicle trying to ----fly.

The commenter known as hypotheek offered this gem in response...

Very cool thing... but in 2003, the SEC sued Moller for civil fraud for making unsubstantiated claims about the performance of the Skycar. Moller settled by agreeing to a LIFETIME! injunction and paying $50,000. In the words of the SEC complaint, "As of late 2002, MI's approximately 40 years' of development has resulted in a prototype Skycar capable of hovering about fifteen feet above the ground. Maybe the "insurance company required" cable provides electric power, because the device is has no battery or alternator

to bad to bad... but still, cool movie and idea!

hypotheek's comment led me to the SEC filing...

1 This matter involves a fraudulent, unregistered offering and the filing of a fraudulent Form 10-SB by Moller International, Inc. ("MI" or "the company"), a California company engaged in the development of a personal aircraft known as "the Skycar."

2 From at least 1997 until October 2001, Paul S. Moller ("Moller"), a university professor and inventor, sold unregistered shares of MI stock directly to the public, raising approximately $5.1 million from more than 500 investors.

3 MI fueled investor interest through materially false and misleading statements about the company's imminent listing on the New York Stock Exchange ("NYSE") and the Nasdaq Stock Market, the projected value of MI shares after such listing and the prospect for product sales and revenue.

4 Later, in September 2001, MI filed with the Commission a Form 10-SB registration statement, which contained misleading claims about patents held by the company relating to Skycar technology.

Paul S. Moller

Wikipedia adds...

Moller has been claiming to be attempting to build a flying car since 1974, constantly promising delivery dates that are just "around the corner". [9] Each time the deadline approaches, Moller has postponed it.

The only demonstrations approaching flight have been hover tests performed by a Skycar prototype that for insurance reasons was tethered to a crane.[10]

Why blog? One reason is that it allows me to communicate with smart people like hypotheek. His comment offered me a new perspective and led me to take another look. I like things that lead me toward a more complete understanding of the world in which I live.

Thanks hypotheek!

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