Japanese investor sues Excalibur Almaz
The billionaire investor in the company Excalibur Almaz is suing the lawyer in charge for fraud.
Using the $49 million the billionaire invested, the lawyer purchased several Soviet-era capsules and a Almaz space station module from the Russians, claiming they would use this equipment, once refurbished, to establish a commercial space company. What the lawyer, Art Dura, did not tell anyone was, as the lawsuit explains:
“The purchase contracts had to be approved by the Russian government, and unbeknownst to plaintiff … expressly excluded the right to modify the Russian hardware, thus relegating it to display uses only! The items were only museum pieces, a secret Dula would keep until well after he acquired control of plaintiff’s investment.”
Dula’s vehicle for the scheme was Excalibur Almaz Limited, an entity he set up in the Isle of Man, into which he transferred Horie’s $49 million investment, according to the complaint.
What I find amazing is that the company, Excalibur Almaz, also put out a lot of press releases describing how they were going to use this Russian equipment as part of their space effort. I reported on these releases myself. That Dura was able to keep the contract terms secret, that even the Russians didn’t publicly protest his false statements, is most interesting. Apparently, the Russians were glad to take his money and even help with the fraud, by not revealing the truth when Dura made public claims that were impossible according to the contract.
This story illustrates one of the less obvious investment risks inherent in a new industry such as commercial space. Not only can vehicles crash and burn, there are also a lot of con artists out there willing to take advantage of naive individuals who are so passionate about space exploration that they don’t look closely at what they are doing.
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In 2020 when the world panicked over COVID I wrote that the panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
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The billionaire investor in the company Excalibur Almaz is suing the lawyer in charge for fraud.
Using the $49 million the billionaire invested, the lawyer purchased several Soviet-era capsules and a Almaz space station module from the Russians, claiming they would use this equipment, once refurbished, to establish a commercial space company. What the lawyer, Art Dura, did not tell anyone was, as the lawsuit explains:
“The purchase contracts had to be approved by the Russian government, and unbeknownst to plaintiff … expressly excluded the right to modify the Russian hardware, thus relegating it to display uses only! The items were only museum pieces, a secret Dula would keep until well after he acquired control of plaintiff’s investment.”
Dula’s vehicle for the scheme was Excalibur Almaz Limited, an entity he set up in the Isle of Man, into which he transferred Horie’s $49 million investment, according to the complaint.
What I find amazing is that the company, Excalibur Almaz, also put out a lot of press releases describing how they were going to use this Russian equipment as part of their space effort. I reported on these releases myself. That Dura was able to keep the contract terms secret, that even the Russians didn’t publicly protest his false statements, is most interesting. Apparently, the Russians were glad to take his money and even help with the fraud, by not revealing the truth when Dura made public claims that were impossible according to the contract.
This story illustrates one of the less obvious investment risks inherent in a new industry such as commercial space. Not only can vehicles crash and burn, there are also a lot of con artists out there willing to take advantage of naive individuals who are so passionate about space exploration that they don’t look closely at what they are doing.
Readers!
Please consider supporting my work here at Behind the Black. Your support allows me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Only now does it appear that Washington might finally recognize this reality.
In 2020 when the world panicked over COVID I wrote that the panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
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