Tag: bankruptcy

Fantasyland: Turkey to establish its own spaceport

10:11 am

If you believe this I have a bridge I can sell you cheap: According to Turkey’s state-run press, the Turkish Space Agency is now researching locations for its own spaceport, either in Turkey or in some other nearby nation such as Somalia.

According to information provided by relevant government agencies, efforts are ongoing to select a suitable location for the facility. Discussions are underway with countries near the equator, including Somalia, to maximize launch efficiency.

…Once operational, the spaceport will support independent satellite launches, marking a major step in Türkiye’s ability to access space without relying on foreign platforms.

Recently Turkey launched its first home-built smallsat on a SpaceX Falcon 9 rocket. It seems its space agency now believes it can quickly whip up its own rocket and launch it from a quickly built spaceport, likely in another country.

This announcement is nothing but government blather published to puff up these government officials so that they can garner more funding and build bigger more palatial offices.

1 comment

Senate schedules hearing to review Jared Isaacman’s nomination as NASA administrator

8:59 am

After months of delays, the Senate Committee on Commerce, Science, and Transportation yesterday finally announced it has scheduled for April 9, 2025 the confirmation hearing for Jared Isaacman’s nomination as NASA administrator.

I have previously speculated that the delay in scheduling this hearing was because there was opposition to Isaacman among Republicans both in the Senate and inside the White House, based on his past donations to the Democratic Party as well his previously strong support for Divesity, Equity, and Inclusion in his companies. It appears Isaacman must have eased those concerns when he began face-to-face private meetings with several Senate Republicans in the last two weeks, thus allowing the hearing to be scheduled.

Isaacman has been in Washington in recent days for one-on-one meetings with senators, a standard part of the confirmation process before a formal hearing. That included Sen. Jerry Moran (R-Kansas), who chairs the committee’s subcommittee on aviation, space and innovation, as well as the Senate Appropriations Committee’s subcommittee on commerce, justice and science, which funds NASA.

Moran said in an April 1 social media post that he met with Isaacman and discussed topics such as exploration and “a shared desire to beat our adversaries back to the Moon” as well as work on science and technology at NASA. “I am eager for the Commerce Committee to quickly conduct a confirmation hearing on his nomination to lead NASA,” Moran stated.

It now appears likely that this opposition is dissolving, and that Isaacman’s confirmation is likely.

0 comments

Starliner’s troubles were much worse than NASA made clear

11:51 am

Starliner docked to ISS
Starliner docked to ISS.

According to a long interview given to Eric Berger of Ars Technica, the astronauts flying Boeing’s Starliner capsule on its first manned mission in June 2024 were much more vulnerable than NASA made it appear at the time.

First, the thruster problem when they tried to dock to ISS was more serious than revealed. At several points Butch Wilmore, who was piloting the spacecraft, was unsure if he had enough thrusters to safely dock the capsule to ISS. Worse, if he couldn’t dock he also did not know if had enough thrusters to de-orbit Starliner properly.

In other words, he and his fellow astronaut Sunni Williams might only have a few hours to live.

The situation was saved by mission control engineers, who figured out a way to reset the thrusters and get enough back on line so that the spacecraft could dock autonomously.

Second, once docked it was very clear to the astronauts and NASA management that Starliner was a very unreliable lifeboat.
» Read more

22 comments

Sunspot update: NOAA scientists try to hide how wrong they have gotten things

12:00 pm

My monthly sunspot update today will have less to do with the Sun’s sunspot activity itself — which continues to show a very very slow decline from a peak in August 2024 — and more to do with more games-playing by NOAA solar scientists to fool the public into believing they know more than they do.

Below is my annotated version of NOAA’s monthly graph showing the amount of sunspot activity on the Earth-facing hemisphere of the Sun. This graph is significantly different from the graph that NOAA’s scientists have issued for the past few years, with all the changes designed to make it seem as if these scientists’ predictions are on the money, when they have been entirely wrong now for two solar cycles in a row.
» Read more

10 comments

CEO of rocket engine startup accused of bankrupting company by misuse of funds

9:10 am

Buyer beware: Christopher Craddock, the founder in 2014 of the rocket engine startup RocketStar, has now been accused by his former CEO of bankrupting the company by the misuse of funds for “pricey jaunts to Europe, jewelry for his wife, child support payments, and, according to the company’s largest investor, ‘airline tickets for international call girls to join him for clandestine weekends in Miami.'”

Onetime stockbroker Christopher Craddock established RocketStar in 2014 after financial regulators barred him from working on Wall Street over a raft of alleged violations. Craddock held the firm out as “an entity that intended to reinvent space exploration,” states a $6 million lawsuit filed by former CEO Michael Mojtahedi and obtained by The Independent.

….according to Mojtahedi’s complaint, RocketStar “is nothing more than a Ponzi scheme… [that] has been predicated on Craddock’s ability to con new people each time the company has run out of money.”

“Craddock recklessly and lavishly misappropriated for his lifestyle almost every cent RocketStar received from investors, running the company into the ground by August 2024,” the complaint says. “At that point, Craddock’s ‘keeping up with the Joneses’ lifestyle caught up with him, investor funds dried up completely, and his house of cards collapsed.”

Whether Craddock was the crook Mojtahedi say he was remains at this moment unproved. In a sense however this is beside the point. This story illustrates one reality about capitalism that no one should ever forget: Be careful with whom you invest your money. Make sure you know their background. And above all, investigate the company thoroughly before investing in it.

It sure appears that the wealthy people who invested in RocketStar did none of this research. They were the con-man’s perfect mark, innocently handing over cash to someone because what he said sounded good. Rocket science however ain’t easy, and merely sounding good is not enough.

2 comments

Boeing now faces criminal trial for two 737-Max crashes that killed 346

9:13 am

Boeing Logo

In a criminal case against Boeing that has been going on since two Boeing 737-Max planes crashed in 2018 and 2019, the company now faces a criminal trial scheduled to begin in June over its admitted lies to the FAA about the airplane’s technical flaws that led directly to those crashes.

[T]he criminal charge pending against Boeing arises out of two deadly crashes of Boeing 737 MAX aircraft in 2018 and 2019. A Justice Department investigation uncovered the fact that Boeing had lied to the FAA about the safety of the aircraft—lies that led directly and proximately to the crashes killing 346 passengers and crew. On January 7, 2021, the Justice Department filed a criminal information with a one-count conspiracy charge against Boeing, alleging that “From at least in or around November 2016 through at least in or around December 2018, in the Northern District of Texas and elsewhere, the Defendant, The Boeing Company, knowingly and willfully, and with the intent to defraud, conspired and agreed together with others to defraud the United States by impairing, obstructing, defeating, and interfering with, by dishonest means, the lawful function of a United States government agency.”

In 2021 Boeing admitted to these charges as part of a plea deal with Justice, whereby prosecution would be deferred for three years if Boeing took certain actions to clean up its act. When that deal expired in 2024, Justice determined that Boeing had failed to live up to its agreement. Rather than go to criminal trial however government lawyers instead attempted twice to settle the case by having Boeing pay a big fine, first $243 million and then $455 million. In both cases the deals fell through when lawyers for the victims’ families objected.

After many further delays, the judge in the case has now taken action and set a trial date of June 23, 2025.

The article at the link is written by one of the lawyers for the victims, so it of course has a very decidedly anti-Boeing slant. Nonetheless, the situation for the company is very dire. It has already admitted guilt in the 2021 plea deal. It will be practically impossible for it to avoid a guilty sentence at that trial, resulting in gigantic payouts that could very well bankrupt the company.

I wonder however if instead of charging just the company, a corporation, the Justice Department should also have indicted the specific individuals at Boeing who committed the fraud itself. Those people are the ones responsible, not the entire company. Leaving them out of the case allows them to literally get away with the equivalent of second degree murder for “depraved indifference.”

For example, the CEO of Boeing at the time of those 737-Max crashes, Dennis Muilenburg, was fired in 2019 shortly after the crashes, suggesting the company was aware of his culpability in the situation. And what about the specific managers who filed false reports with the FAA? Do they all get off scot free?

As it stands now, the case is likely to destroy Boeing itself, harming thousands of innocent employees who had nothing to do with this fraud or the 737-Max. It will also do great harm to Boeing’s many other contracts with the government, NASA, and other private airline companies.

Then again, maybe it is time for this company to go. It surely hasn’t demonstrated in the past decade any ability to build anything reliably.

6 comments

UK government continues to dither about fixing its serious red tape issues relating to space

10:11 am

Proposed spaceports surrounding Norwegian Sea
Proposed spaceports surrounding Norwegian Sea

Three different news articles from three different British news sources in the past 24 hours strongly suggest that the factions within the government of the United Kingdom are still unfocused about fixing the serious regulatory red tape that not only bankrupted the rocket startup Virgin Orbit but has delayed for years the first launches from either of its two proposed spaceports in Scotland. The headlines might sound positive, but the details are far less encouraging:

The first article describes the comments of industry officials at a House of Lords committee hearing, where they pleaded with the government to help foster a British launch capability. Sounds good, eh? The problem is that such hearings have been held now repeatedly for the last several years, and Britain’s parliament has done nothing to reform its very cumbersome, complex, and byzantine launch licensing process. Getting approvals still takes months if not years.

It appears that this particular hearing is no different. While it provided government officials the chance to express sympathy for industry in front of news cameras, there is no indication parliament will do anything to fix anything.

The second article describes comments by the Labor government’s technology secretary Peter Kyle before the House of Commons. » Read more

10 comments

As Space Force switches to capitalism model for its satellites, it will also not name the companies it hires

9:58 am

Capitalism in space: The main reason President Trump got the Space Force established in his first term was because the Air Force resisted rethinking its space military operations. It insisted on building large government-built satellites that took years to complete and always went overbudget and behind schedule.

The creation of the Space Force gave new people the ability to push for a major change, switching to the capitalism model whereby the government designed and built nothing but instead acted as a customer buying what it needed from the private sector. In addition, it allowed a major shift from those big satellites — easy targets for destruction — to the large private constellations of many small satellites, cheap to build and launch and difficult for other militaries to take out.

The Space Force — in order to protect the satellite companies it hires to build these satellites — has now announced that it will no longer publish the names of those companies.

The U.S. Space Force plans to keep the names of commercial companies participating in its new space reserve program under wraps, aiming to protect them from potential adversary threats as commercial satellites play a growing role in military operations.

Col. Richard Kniseley, director of the Space Force’s Commercial Space Office, said companies signing agreements under the Commercial Augmentation Space Reserve (CASR) program can disclose their participation but are not required to. “That potentially puts a target on their back,” Kniseley told SpaceNews, underscoring the risk to private-sector firms providing space-based services during wartime.

Under this program, the Space Force has already signed contracts with four satellite companies, but the names remain undisclosed.

Though there is some logic to this decision, it carries great risk of corruption and misbehavior. Almost every time government bureaucrats and private companies are allowed to work in secret we routinely see kickbacks, bribery, and contract payoffs. And don’t expect congressional oversight to prevent such things, since there is now ample evidence from DOGE that our federal lawmakers have been quite willing to take their own payoffs to allow such corruption to prosper.

The switch to capitalism by the Pentagon is unquestionably a good thing. It will get more done for less. Letting it act in secrecy is a mistake however. Better to live with the risk of attack than allow our government and the companies it issues big money contracts to do things behind closed doors.

6 comments

NASA confirms DOGE contract cancellations totaling about $420 million

12:40 pm

According to Space News, NASA officials have now confirmed a DOGE post that described contract cancellations totaling about $420 million.

In a statement to SpaceNews late March 24, NASA press secretary Bethany Stevens confirmed a post by the Department of Government Efficiency (DOGE) that NASA had terminated about $420 million in “unneeded” contracts. “NASA is committed to optimizing its workforce and resources in alignment with the Department of Government Efficiency’s initiatives. As part of this effort, NASA has identified and phased out $420 million in contracts that were determined to be redundant or misaligned with our core mission priorities,” Stevens said in the statement.

…NASA did not answer questions about specific contracts selected for termination or details about how it determined those contracts were redundant or misaligned. The DOGE post, published just before midnight March 21, said only that it included three contracts worth $15 million each to consultancies for “Change Management Support Services.”

Though it is not yet clear what specific contracts were cancelled, the statements from both NASA and DOGE, as well as the research by Space News‘s own reporter, suggest strongly these contracts had nothing to do with space or aviation engineering, but were related to management and DEI related projects, all of which have nothing to do with NASA’s “core mission priorities.”

As always, the Space News genuflects to the swamp, implying these cuts are the precursor to the utter destruction of NASA’s science research. In truth, NASA — like all government agencies in the 21st century — is bloated and wasteful. There is plenty of room for cuts, without doing any harm to the work the agency does. If anything, by getting rid of the waste the agency will be more efficient, able to do science and engineering research more effectively.

1 comment

Rolling Stone provides more details about Jared Isaacman and his nomination as NASA administrator

10:08 am

Jared Isaacman
Jared Isaacman

This article from Rolling Stone published yesterday provides a wealth of new information about Jared Isaacman, Trump’s still unconfirmed pick to become NASA’s next administrator.

Two key details: First, the article quotes Isaacman saying he opposes NASA’s policy of signing up two companies, SpaceX and Blue Origin, to build manned lunar landers.

I will try to help, but this is why I get frustrated at two lunar lander contracts, when will be lucky to get to the [Moon] a few times in the next decade. People falsely assume its because I want SpaceX to win it all, but budgets are not unlimited & unfortunate casualties happen.

In other words, he opposes using NASA to develop an aerospace industry with multiple companies capable of doing things NASA needs done. He also appears to dismiss the value of redundancy that two landers provides.

Second, the article provides links to the financial [pdf] and ethics [pdf] disclosures that he submitted to the government after being named as nominee. In the financial statement he indicates he paid SpaceX more than $50 million for providing the transportation for his multi-mission Dragon/Starship Polaris Dawn manned program. In the ethics statement he asserts he would end that contract if confirmed as NASA administrator, with SpaceX refunding any monies for services not yet rendered. The program itself would be suspended until Isaacman completes his term as administrator.

The Rolling Stone article, though detailed and fair-minded, appears to strongly endorse Isaacman, and thus joins a growing public campaign from many insider Washington players — a large number of whom have been passionately hostile to Donald Trump — to get Isaacman approved. At the moment however his nomination appears stalled because the Trump administration has not yet submitted to the Senate the paperwork needed to allow that body to schedule hearings.

The strange campaign by many of Trump’s opponents to endorse Isaacman continues to suggest to me that the Trump administration has had second thoughts about its NASA nominee. The swamp now wants him, and this is raising hackles inside the administration, which thus explains the slow-walking of his paperwork.

25 comments

NASA drops its DEI emphasis on race and sex in describing who will fly on first Artemis lunar landing

8:55 am

Not surprisingly, considering Trump’s executive orders demanding all government agencies discontinue their racial and sex quotas based on the bigoted Diversity, Equity, and Inclusion (DEI) policies, NASA has now deleted any mention of launching the first “woman and person of color” on its first Artemis lunar landing mission.

The Artemis landing page of Nasa’s website previously included the words: “Nasa will land the first woman, first person of color, and first international partner astronaut on the Moon using innovative technologies to explore more of the lunar surface than ever before.” The version of the page live on the website on Friday, however, appears with the phrase removed.

During the Biden administration every single press release about this first Artemis lunar landing touted these racial and sexual qualifications, as if it was the only thing that mattered in choosing the right astronauts for the job. It was not only illegal discrimination against men and whites, it was insulting to minorities and women.

This change in language does not mean that NASA will now purposely exclude “women or people of color” from that mission. Instead, it ends the emphasis on race and sex. The astronauts NASA chooses for the flight will now be picked based on more important considerations, such as experience and talent. Picking someone because of their race or gender is like picking someone because of the color of their eyes or hair. It is stupid and misguided. Trump has now ended that stupidity.

Or at least he is forcing NASA’s management make its bigotry less obvious. We should not be surprised if that management still intends to make race and sex a major criteria. They will simply no longer blast that decision with a bullhorn.

8 comments

The insane left keeps shooting itself in the foot!

1:41 pm

Tesla vandal identified and arrested
Click for video.

The recent string of vandalism of Tesla vehicles as well as swatting attacks on well known conservatives by leftist crazies might be scary, horrifying, and disgusting, but if you take a step back from these emotions for a second to look dispassionately at the situation, you will realize these attacks are only the dying screams of a bankrupt political movement that has no proposals, no ideas, and no goals except the obtaining of power — now through the use of violence because its political support has dropped to such record lows.

First, the attacks are beyond senseless. In the case of the vandalism of Teslas, the attacks are actually doing harm to those who in the past were most likely to have supported the Democratic Party’s leftist political agenda. Conservatives in general have not been buying electric vehicles, because they have no need to virtue signal leftist climate goals. So, by damaging Teslas owned by innocent bystanders, just because the car was built by a company founded by Elon Musk, the vandals are not only not winning converts to their cause, they are making enemies of people who were once on their side.
» Read more

14 comments
1 … 21 22 23 24 25 … 239