More woes for LiftPort

Over at the Space Elevator Reference, Marc Boucher is reporting that the State of Washington issued (on April 18th of this year) a “Statement of charges and notice of intent to enter order to cease and desist, impose fines, and charge costs” order against Michael Laine and LiftPort.  Marc links to the Securities Administration document; you can also find it here.

I don’t know what the “record” is for these types of orders; how many of those that are issued which actually get enforced, but this certainly can’t be good news for LiftPort, whatever the outcome.

I’ve emailed Michael Laine to ask him for his comments on this; knowing Michael, I’m sure he’s not going to duck the issue…

2 thoughts on “More woes for LiftPort

  1. Michael Laine

    nope, not gonna duck the issue. we can talk further this weekend. there are a couple of points that really piss me off!

    1) i had offering documents, and they did state – some – of the risks.

    2) we dont know all the risks, and that was also disclosed…

    so, the real problem here is that i misfiled the freaking paperwork. it’s not that i didnt provide the paperwork, its that i didnt register in with the state in the first place… so, for that lack of filing, i am fined $20k (10 for me and 10 for LPG), where we only raised $5k in this state in the first place.

    so, while it comes at a bad time, its not the drama that marc is spinning it into. ive got the same problem in 2 other states. exactly the same documentation, and roughly the same result.

    i didnt file the paperwork with the individual states. but i did have it, and every investor signed off, acknowledging the risks and the unknown risks.

    i’d be happy to send you documentation to support the above statements. they are public documents now.

    believe it or not, this is actually good news. i know it doesnt seem that way, but it is. now that this is cleared up (its been hanging over me for 15 months) we can actually get on with investments – correctly this time…

    call me this weekend, i will be working.

    and stay tuned for more updates. some interesting stuff is brewing… 🙂

  2. Neil Farbsterin

    Hey Michael Laine! Vulvox has been developing the world;s hardest toughest materials that can make space leevator cable with gigapascal or even terra pascal strength. Why dont you or your cohorts sign an NDA and read my report? If you’re serious about a space elevator, you should read it.

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