STAR CITIZEN BREAKING NEWS! (thread)
Twitter mangled my original thread. So here it is in the proper order of Tweets.
We are still investigating this, but finally CIG (UK) has filed their confirmation statement which lists owners, directors, investors etc.
It's an absolute doozy. For now, let me briefly lay out the context and implications of this.
Since Oct we have been discussing the suspicious issue surrounding the fact that they were VERY LATE in filing this statement.
Source statements were already swirling around some investment or a SALE of the company due to LACK OF FUNDS TO COMPLETE THE TWO PROJECTS.
We had suspected that if ANY of that was true, there is NO WAY they would have disclosed it during the whale milking period that is Q4 of every year.
Remember, unlike the US, these filings are public over in the UK. And that's how we get insight into their funding/expenses.
To be honest, I was absolute shocked that this rumor turn out to be true. But I was astonished that they have sold shares of this company to groups behind SHELL COMPANIES IN THE CAYMAN ISLANDS.
Our investigation is on-going, but these appear to be two of the groups in that list. Both in the Cayman Islands.
That's all for now. Meantime, we're still doing the research, and Goons have already jumped on the wagon.
Make no mistake, this is MAJOR and we're squarely in MONEY LAUNDERING territory now.
Remember how I kept saying they did NOT have the money to continue these projects?
I had long held that no serious bank would look at this project, see the amount of money raised, the burn rate, lack of tangible progress, and go "Yeah, we're totally going to lend you money". Heck, they basically took out a pay day loan less than 2 Summers ago - still unpaid.
And we only know about this because the UK filings are public. Since CIG is the parent, it stands to reason that the same thing has applied to the US company.
They're either looking to bail, or they're raising money because obviously they're not raising enough (through backers) to continue this farce for several more years.
We also don't know if these funds go back into the project or into the coffers of the execs.
Backers and investors who have put money into this, should see the signs right now, even if they were deliberately naive.
How do you claim to have raised $210M+, NOT deliver a SINGLE product in 6 yrs, with a burn rate of over $4M per month - and stay in business?
Remember that years ago, I wrote an article about the Gizmondo fiasco in which Chris and his pals in Star Citizen were involved in.
Same shady business once a project hit the rocks. @eurogamer
has a huge article about it.
This is my Oct article on the UK financials where I had noted (with a screen shot) how suspicious it was that this confirmation statement was so very late.
Specifically in the article, I said:
I will be back with more as this breaking story develops.