Feeds

Space elevator business plan crashes to Earth

Cease, and desist

High performance access to file storage

Today we bring you the surprising news that space elevators are not yet a viable business concern, as the Department of Financial Institutions Securities Division (DFISD) in the state of Washington issued a cease and desist order against LiftPort.

The LiftPort Group (motto: Change the world or go home) was founded in 2003 with the specific goal of building a space elevator; a common piece of equipment in science fiction universes that is proving more difficult to construct in the real world.

The simplest description of the elevator is that it is a long, extremely strong cable suspended from a geostationary satellite, and fixed to a "spaceport" of some kind on Earth. The idea is that we could use gravitational potential energy to lift equipment and people out of our gravity well.

This would be far cheaper than fighting our way into space on rockets, and could potentially transform the way we could explore and exploit our solar system.

But turning the idea into reality is proving tough for LiftPort. The firm's founder, Michael Laine, recently told The Space Show back in May that he wasn't sure the firm's new venture "Tethered Towers" could survive on its own as a going concern, but that it would be unethical for him to ask for more cash from his investors.

And in its filing against the firm, the DFISD says:

The Statement of Charges alleges that Respondents raised at least $117,000 from at least 85 investors, nine of whom are Washington residents, by offering and selling unregistered securities in LiftPort, Inc., a company formed for the purpose of developing a space elevator.

The Securities Division alleged that the Respondents acted as an unregistered broker-dealer and/or securities salesperson.

The Division also alleged that the offer and sale of securities by the Respondents violated the anti-fraud provisions of the Securities Act of Washington. The Securities Division ordered the Respondents to cease and desist from violating the securities registration, broker-dealer and/or securities salesperson registration, and anti-fraud provisions of the Securities Act of Washington.

The Securities Division gave notice of its intent to collect fines and charge costs. The Respondents have a right to request a hearing on the Statement of Charges.

What this all means, according to SpaceElevator.com, is that after four years of research and development, LiftPort and Tethered Towers have until September this year to start generating revenues of $25,000 per month, or it will be time to go home. ®

High performance access to file storage

More from The Register

next story
Video games make you NASTY AND VIOLENT
Especially if you are bad at them and keep losing
Russian deputy PM: 'We are coming to the Moon FOREVER'
Plans to annex Earth's satellite with permanent base by 2030
Solar-powered aircraft unveiled for round-the-world flight
It's going to be a slow and sleepy flight for the pilots
Elon Musk's LEAKY THRUSTER gas stalls Space Station supply run
Helium seeps from Falcon 9 first stage, delays new legs for NASA robonaut
LOHAN's Punch and Judy show relaunches Thursday
Weather looking good for second pop at test flights
Discovery time for 200m WONDER MATERIALS shaved from 4 MILLENNIA... to 4 years
Alloy, Alloy: Boffins in speed-classification breakthrough
India's GPS alternative launches second satellite
Closed satnav system due to have all seven birds aloft by 2016
Curiosity finds not-very-Australian-shaped rock on Mars
File under 'messianic pastries' and move on, people
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.