Thread by @dsmart

Star Citizen {thread}. Let's go!

On the morning of June 24, 2017 - a year ago - I broke the news about how Foundry 42 UK took out a loan with Coutts & Co

https://twitter.com/dsmart/status/878642386351665153

As the very notion of them needing to take out a loan was big news, of course I had to follow-up that Tweet with a blog which I published the next day after speaking with some sources.

dereksmart.com/2017/06/star-c…

That blog caused a major uproar.

In a very rare appearance, Ortwin, the co-partner of Chris Roberts in the on-going Star Citizen scam, released a statement on the official forums.

On a SUNDAY!

robertsspaceindustries.com/spectrum/commu…

As backers and haters will attest to, since 2016 CIG has been using every trick in the book to rip backers off, even as they continued to increase the scope of the project.

It was also during 2016 that they made the decision that 3.0 was going to be released and be the MVP

In Oct 2016, curious as to what that loan was all about, and why they even needed, I wrote a blog detailing their financial filings.

dereksmart.com/forums/reply/5…

Basically they literally took out a payday loan (against tax credits) in the form of a measly 4M.

That article came following my previous article in which I was looking into the ramifications of a bank holding the Star Citizen assets as collateral.

To be clear, they gave EVERYTHING as collateral for a measly 4M loan. That's not hyperbole.

dereksmart.com/forums/reply/5…

That loan would be the second one to be taken out by a studio that was burning through over 75% of the yearly funding, even as the execs cash themselves out by taking money OUT of a company that needed to take out loans to shore up operating expenses.

That's not hyperbole.

And I'm not even joking about that last part. I've covered it before.

https://twitter.com/dsmart/status/1001594168572043264

As the time, an ex-banker also chimed in on this loan fiasco.

During that period, they also had to restate finances due to a multitude of discrepancies in prior year filings.

In Dec 2017, they shortened the tax filing period from Dec 2017 to June 2017. So they filed the accounts in Jan 2018.

That change meant they had to file a full year of accounts right about now.

So it comes as no surprise that today they filed paperwork to shorten the period back to Dec 2017. Which means they have to file accounts only for 6 months ending Dec 2017

beta.companieshouse.gov.uk/company/087038…

That both loans are still in their public filings, and can only be removed by the banks, means that they're still carrying over 5M in loans on their books.

The project has thus far raised over $190M, execs have cashed out, and they are debt BOTH here in the US and in the UK.

For those of us paying attention, all the events since 2016 to now, including the cut-off of refunds (which I cover in my video below), means that they DO need to keep raising & borrowing money in order to prolong the scam for as long as possible

They even recently unveiled a medical ship JPEG last week which was never a part of the design and for which NO game or engine functionality exists.

And it's not selling. Maybe backer whales have finally come to their senses; but who knows?

robertsspaceindustries.com/funding-goals

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