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Thread: Martin Jetpack

  1. #531
    Legend minimoke's Avatar
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    I am not do sure martin was lucky.

    NZ'ers could see this thing was never going to fly (see my earlier thread )

    It was only the dumb Aussies that saw this thing get off the ground. Hot Copper was melting down with ipo excitement with this one.

    That it was never going to fly ought to have been known to KS - which is why i have always questioned their involvement.

    You'll see previously i used the term "widow maker". That in part is aimed at the nuts who dreamt of flying one of these things. It apples equally to those who put their life savings into this black hole.

    Now look at the rats leaving the sinking ship. Who is going to turn out the light in the wigeam shed?

  2. #532
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    What I meant by 'Mr. Martin being lucky', was his 'ability' (together with his team of venture capitalists) to list this company on the ASX, then exiting as a millionaire and joining the public speaking circuit. I don't know if you should call us Aussies dumb, nuts or rats, especially considering that the almost $60 Million provided to Martin Aircraft Company, at least in part helped to support the struggling Christchurch economy through payroll taxes & local spending. Regarding the lights in Wigram and barring a miracle, they will most likely be turned off by administrators at the end of August. If this disruptive outcome can be postponed by a few more months, with yet another $10m financial injection, remains to be seen. Miracles do happen, but given that KuangChi Science also owns a big chunk of UK based GILO Industries (the company who supplied the current unsuitable engine), their immediate technological sourcing options are somewhat limited as well.
    Last edited by Deceived; 17-07-2017 at 07:02 PM.

  3. #533
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    Quote Originally Posted by Deceived View Post
    What I meant by 'Mr. Martin being lucky', was his 'ability' (together with his team of venture capitalists) to list this company on the ASX, then exiting as a millionaire and joining the public speaking circuit.
    r
    Yes, ability is an interesting word.

    I think he had no ability at all to do so. The people who tried spruiking in nz didn't have the ability either - unless nzers weren't so gullible. But the Aussie listers certainly had loads of ability. I am Still surprised they managed to get the thing off the ground.

    I don't see martin walking away as a millionaire as an ability. It probably doesn't cover his actual and opportunity costs for all the years he spent in his back shed.

    As for being on the speaking circuit - why?
    He's essentially a commercial failure. Perhaps a success as a shed potterer but we all make stuff in our back sheds. I see nothing of interest in this story other than a yarn about a guy who strapped two big fans on his back in an attempt to fly. Interesting over a beer or two but i wouldnt pay to hear the story.

    What is interesting is the affect of ramping and market manipulation which i am sure there is plenty happening in the life of MACL.

  4. #534
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    $9.7m cash as at end of june. $4.3m is theirs leaving $5.4m with no commercial path and no viable engine. They can draw down another $2.1m to give them breathing space till October 2017. $3.5m the expected burn through to end of September. No sign of revenue after that. Cant really understand why good money is being thrown after bad - other than it has given the shareprice a bounce. Also cant see where all the R&D money is going - staff costs are covered so what does $2.4m get spent on?

  5. #535
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    minimoke ...... A theory (of mine) is that they are now just interested in raiding their last piggybank & more specifically, their Hong Kong based subsidiary, before administrators knock on their door in just a few weeks time. NZ$4.3m have been 'parked' with Hong Kong based, KuangChi Martin Jetpack (KCMJ), originally intended to develop & market jetpacks for the Chinese market.

    Attachment 9083

    But why not now distribute this money in New Zealand, in the form of wages and perhaps a bonus here and there in preference for it to go to shareholders.

    There was talk of Martin Aircraft Company asking for another $10m directly from KuangChi Science (Martin Aircraft's 52% majority owner), but no relevant announcements have been made by KuangChi, even after an amended board composition ruling (sought by KuangChi Science) was successful, now allowing 'international talent' to replace the current 'expertise'. In seeking this amendment, KuangChi also mentioned that it would conduct some due diligence on the viability of the entire project and who can blame them, having sunk almost $50m into this project. Martin Aircraft Company knew for at least a year that the P. Coker (former CEO) sourced rotary engine was an unsuitable power plant for a commercial jetpack. But apparently nothing had been done to obtain an alternative.

    So what are the chances that just a couple of millions of dollars would be the catalyst for a turnaround at Martin Aircraft Company, when:

    1) The old board composition remains the place (despite the recent vote)
    2) The current CEO & former company accountant remains in charge
    3) Almost 100 employees (including 5 board executives) need to be paid
    4) A new engine is yet to be sourced, tested & integrated
    5) A commercial pathway is to be established & demonstrated
    6) All IPO roadmap milestones, relating to the delivery of commercial jetpacks have not been met
    7) More than 35 years & in excess of $60m could not produce a commercial jetpack
    8) There is no palpable enthusiasm & endeavour to keep the market informed on a much more frequent basis

    I so wish that things would be different, but time, money & intellectual resources are quickly running out.
    Last edited by Deceived; 14-08-2017 at 03:08 PM.

  6. #536
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    This story is getting more bizarre by the week. More than 35 years of 'development', lots of historical internal conflict, in excess of $60m wasted & current funding running out in Q4/2017. Now falling out with neighbours and considering a move to the USA*. Wonder what Martin Aircraft's 52% majority Chinese owners are thinking about this proposal*? For more about Martin Aircraft Company: https://twitter.com/FearlessFarang/media
    Last edited by Deceived; 15-08-2017 at 06:56 PM.

  7. #537
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    Quote Originally Posted by Deceived View Post
    This story is getting more bizarre by the week. More than 35 years of 'development', lots of historical internal conflict, in excess of $60m wasted & current funding running out in Q4/2017. Now falling out with neighbours and considering a move to the USA*. Wonder what Martin Aircraft's 52% majority Chinese owners are thinking about this proposal*? For more about Martin Aircraft Company: https://twitter.com/FearlessFarang/media
    Cant say I have the least bit of sympathy for fearless farang. Should have read this thread from the beginning before investing.

  8. #538
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    Quote Originally Posted by Deceived View Post
    minimoke ...... A theory (of mine) is that they are now just interested in raiding their last piggybank & more specifically, their Hong Kong based subsidiary, before administrators knock on their door in just a few weeks time. NZ$4.3m have been 'parked' with Hong Kong based, KuangChi Martin Jetpack (KCMJ), originally intended to develop & market jetpacks for the Chinese market.
    The money go round and share price movement is a total mystery to me. Never understood who KS were from the beginning or where they came from. Someone was behind the ridiculous ramping at the start and I'm presuming someone is keeping shareprice above water at the moment

  9. #539
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    Thank you for your empathy, minimoke. I understand where your allegiances are and long live the corporate frauds community, with support like this. Trust that you will never be in a position like myself. ..... Of course you won't, with your foresight and expertise!
    Last edited by Deceived; 17-08-2017 at 09:26 AM.

  10. #540
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    Quote Originally Posted by Deceived View Post
    Thank you for your empathy, minimoke. I understand where your allegiances are and long live the corporate frauds community, with support like this. Trust that you will never be in a position like myself. ..... Of course you won't, with your foresight and expertise!
    If you think for a moment i support MJP you obviously haven't read my posts. It is a mystery to me why anyone would have invested from day one - it struck me as patently obvious this thing would never fly.

    Some how at ipo it got lift off perhaps with the help of folk like robbo who were spruiking 100% (and then appears to have sold and remained silent since) and people on HotCopper.

    If people had read my posts (and others) from day one this would never have been a "corporate fraud". They wouldnt have put thrir money in.

    You cant say i haven't done my bit to prevent a persons money going into this stock!

    Edit: Heres what I said back in September 2010: "I reckon it will go under" I reckon Martin will crash and burn"
    Last edited by minimoke; 17-08-2017 at 09:27 PM.

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