Helmets Looks like Skully's done

paulcb

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ST Gui

240Robert
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A damn shame that riders will lose a big chunk of ching. But this is the reason I avoid startups. I'm just too skittish.

Not to mention the people out of a job. I feel a little guilty enjoying that video so much. If it was my money was gone…
 

Blrfl

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The fat lady's probably warming up backstage, but I'm half convinced she isn't singing yet.

If the investors behave like most do, they're going to try and get someone else to buy the remains so they can salvage something. The position Skully was in before it shut down -- over the regulatory hurdles and into production -- makes the product almost turnkey and more attractive to a potential buyer than something that was half done. It isn't as if everything went POOF when the doors closed. The company will continue to exist until it is wound down (a months-long process), and if the management can find a buyer or a (different) group of investors before that happens, they could continue operating.

Or, if not, I'd expect to see someone else put something similar on the market in the next five years.

--Mark
 
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I was one of the people who preordered an AR-1 through Indiegogo. I'm disappointed to learn that Skully is going out of business. I knew it was a risk when I made the preorder and hoped it would work out. I felt it was important to put my money behind something I believed in. If not me, then who? I would have liked to receive my helmet, but there is nothing to be done.

I feel bad for the folks who just lost their jobs. They had more to lose than I did.

I hope another entrepreneur makes a go at this and is more successful. This is great technology and we will all benefit from it one day!

Joel
 

gmast1100

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That is NOT good reading. Looks like they had a good time on someone else's dime? If this is true, hope they pay dearly for it.
 

ST Gui

240Robert
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Incompetence is still the #1 reason for startup business failures in the US.
At this point I wouldn't dismiss the possibility of outright criminal fraud. Telling the book keeper to do some 'cooking' clearly shows intent at some point. Beside incompetence and fraud there's also negligence.

I'm curious as to how many functional helmets they had. At least one for the FTF with investors. Were there actually any sent out (for a price) to beta testers?

At some point did they decide "we can't make this work" and just do a Risky Business Whisky Tango maneuver and party on. Did they think there was no bottom to the piggy bank? It's stuff like this that puts me way off of doing any kickstart/indegogo type purchasing.
 

ST Gui

240Robert
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And the guy thinks he's going to get his money back? Good luck with that. Sad state of affair all around. So the brothers got booted out.

I'm still curious if criminal charges are an option and likely. Were there no SOX compliance protocols followed or even in place? Maybe not if the bookkeeper wasn't on the up and up.
 
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paulcb

paulcb

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Sad state of affair all around.
Agreed, but it was a huge risk from the get go... startup company using new technology trying to create a new market. 3 high risk indicators... too much risk for me.
 
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