Thread by @dsmart

{thread} Buckle up ladies, the next shoe in the Star Citizen fiasco is about to drop in the coming weeks. And it's huge.

Forget about the Cayman Islands companies who are now investors in the project.

First, in case you missed it, barely 48 hrs ago, we found out about investments made by 3 off-shore companies. I did a YT video which lays it all out, links to docs etc.

The 3rd company btw, is also incorporated in the British Virgin Islands. This is the co which specializes in bridge/gap financing for projects. Chris & Ortwin worked with them in the past when they owned Ascendent Pictures.

icpcredit.com/Companies/Infa…

The assessment of all these 3 entities leads us to speculate that Infatrade was maybe an emergency bridge loan (they did the gap financing on Lucky Number Slevin). Indus was the money source to pay that off. Erloch was probably the broker that got a fee.

i.imgur.com/0j5LSzU.png

This would also explain why Chris, Erin, Ortwin - the three directors - ended up giving shares to Infatrade rather than from the book pool; while the shares to the 2 other entities were from the company share pool.

If you are wondering why a co that CLAIMS to have raised over $210M from crowd-funding is doing stuff like this, aside from the loans they have on the books, you should think maybe 1) they really didn't raise that much 2) they are burning cash 3) they have NO cash reserves

Let's review that funding chart analytics while we're at it.

If you are a programmer, financial analyst, or just the bean counter at a publisher or dev who follows financial analytics, see if you think this is perfectly normal.

Aside from the fact that it has NO way of tracking refunds, investments, loans, tax deductions etc, we've long held that the funding chart is pure and utter bs that's designed to show growth & interest.

It's a MASSIVE LONG CON CONFIDENCE SCHEME

robertsspaceindustries.com/funding-goals

The problem with cons is that at some point you either run out of money or you deliver something.

That Chris Roberts is notoriously incompetent at getting ANYTHING done when he's in charge, unfortunately for him, he started running out of money due to his inability to deliver.

Had he not gone off track but had actually stuck with the original vision for the games, NONE of this would matter and he wouldn't now be on the verge of burning every single person who ever gave him money for Star Citizen.

But that's how these things go.

@nickmon1112 once wrote an excellent and well sourced article about this Chris Roberts phenomenon. If you haven't yet, it's worth the read.

gameranx.com/updates/id/700…

The folks over @Kotaku_UK also delved into the history and wrote a lengthy five part series back in 2016.

kotaku.co.uk/tag/inside-sta…

As far as these shenanigans with off-shore companies go, we just got notice that the statement of capital related to these shares has been filed and should be public in a matter of days. These will hopefully shed more light on things like value etc

beta.companieshouse.gov.uk/company/088152…

The bottom line is this. The funding chart is bs. They're literally burning more cash than they are making. And they are fully leveraged in loans and taking on more investors to stay afloat long enough to foist on backers whatever it Squadron 42 ends up being.

Speaking of SQ42, the single player game to Star Citizen. The dev schedule was promised in Dec 2017. Instead backers got another trailer then and this past Oct. Then 24 hrs ago, the newsletter was announced as delayed. Seriously, I'm not even joking.

robertsspaceindustries.com/comm-link/citi…

So now we have to wait and see if the dev schedule is actually released this month as promised or if they're just going to pretend Chris never made that promise THREE times in a row over THREE years.

If they do release it, chances are that just as they have done with the Star Citizen dev schedule, it will be bs designed to placate backers, and which they will just keep changing in the months to come.

I remember back when I wrote that the public dev schedule for Star Citizen was pure bs, and that the actual dev schedule sources told me went beyond 2020.

That was in 2016 when they claimed the dev was almost "finished".

Next thing you know, they change the schedule format again, removed all previous promises and acted like nothing happened.

The dev schedule then started going only to year end.

Then hilariously, mere months ago, they reveal tasks well into Q2/2019.

The Star Citizen "game" is still barely 25% complete. And NO signs of life in SQ42 thus far.

We're now entering year 7 with a dev schedule that goes to Q4/2019.

i.imgur.com/jh8ROUg.jpg

robertsspaceindustries.com/roadmap/board/…

But don't worry though, I'm sure everything is fine.

But as @jodymacgregor wrote in his latest article (the comments are a thing of beauty), the hardcore backers are perfectly OK being in their golf club environment. The rest of us just get to lol.

pcgamer.com/how-star-citiz…

{end}

@threadreaderapp unroll