Steorn’s liquidator announced and statement of affairs published

A couple of recent articles in the Irish press have some details about the ongoing carving up of Steorn.

The first, an article from the Feb 26th issue of the Irish Times, reveals that Steorn’s liquidation is to be handled by David Van Dessel (pictured above) of the accounting firm Deloitte.

Sunday Times article about Steorn liquidation

The second, from the March 5th Sunday Business Post, briefly reviews the familiar Steorn story and lists several amounts of money that Steorn is owed, and that they owe to others, as revealed by a recent statement of affairs of the company. Steorn is owed €296,915 by the Irish government in tax credits intended to stimulate innovative Irish research. On the other side of the balance sheet, Steorn owes €343,869 to various creditors, including €156,933 to staff, and €186,936 to trade creditors including investor Pat Corbett and the Bolton Trust (from whom they rented their office space at Docklands Innovation Park). Steorn has tangible assets (including equipment and inventory) that it values at €40,000, but only expects to recoup some €10,000 for these assets through the liquidation process.

Sunday Business Post article about Steorn’s statement of affairs

One interesting point here is that Steorn only values its tangible assets at €40,000. In a number of videos leading up to the failed launch of their OCube and OPhone, Steorn showed off different parts of their office space and basement workshop. There was always quite an array of expensive looking oscilloscopes and other kinds of laboratory equipment scattered about. I would be surprised if the value of all of that equipment, in addition to office equipment and computers, and so on, were only to add up to €40,000. Is it possible that some of Steorn’s assets were plundered for other purposes before the rest was handed over for liquidation? If so, I wouldn’t imagine that Steorn’s creditors would look too kindly on that.

Just a few of Steorn’s tangible assets

Thanks again to Aidan Sullivan for providing both of these articles.

7 thoughts on “Steorn’s liquidator announced and statement of affairs published

  1. I’ll buy an Orbo, but never for $1,300. $13 maybe. I’d pay up to $10 for the “CEO vs COE” shirt, but it has to be washed.
    Where is this David Van Weasel guy located, anybody have his phone number? I guess the employees appear to have stripped the offices of everything of value, hopefully the Orbos haven’t all been chucked into the land fill.
    Maybe they fly-tipped that trash onto somebody’s property, it may yet appear on eBay at some point in the future! Hopefully!

  2. First, yes, I would also like to offer my thanks for all the updates. It has been great. Much appreciated.

    I met my friend who used to work in Steorn last week. I asked him to come forward and talk. He said he would think about it. So we might have a bit more information there.

    I wonder what happened to all those Steorn OCubes that were shown in the Irish Times video. They seemed to have hundreds. As well as the battery packs. I wonder if it is possible to pick up one of those in the liquidation sale. Would be a nice to get one.

  3. Looking at the photo (above) showing some of Steorn’s “tangible assets” I can’t imagine their value of €40,000—more like €400. A water cooler, a few desk lamps, a couple of chairs and a desk, an oscilloscope, and some rolls of bell wire. Hardly indicative of a high-tech company which played the suckers for €20 million-plus! Although I was forgetting several dozen 9V batteries that actually powered Steorn’s toys LOL.

    I also love [sic] the claim that Steorn is owed €296,915 by the Irish government— in tax credits intended to stimulate innovative Irish “research”! Do McCarthy and his partners in crime truly think the taxpayers are gonna cough up another quarter mil because Steorn was genuinely researching over-unity energy, rather than milking gullible investors.

    Shouldn’t McCarthy and his criminal cohorts be dragged through the courts in an endeavour to recoup some of the investors’ money? What about Irish trade practices legislation or the like, or is there no legal avenue to follow?

  4. Thanks for this series of dispatches (across a whole decade now). It’s sad that the saga is ending with a whimper rather than a bang, as I’d always expected we’d finally learn either the depth of self-delusion or the diabolical ingenuity of the true scam. Short of an inside kiss-and-tell it looks likely to be just an odd footnote to sit beside the likes of polywater.

    • I agree, it seems increasingly unlikely that we’ll ever find out what was really going on. Unfortunate if such an intriguing mystery just fades away without any answers.

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