I thought they would have wound it up a year ago.
My guess is that Harry has spent the last decade playing the part of the "Ingenious Inventor" and simply can't admit his engine doesn't work. Doing so would be a public admission that he's a failure.
It sounds like the place is down to Harry and Frankie, with Harry still tinkering and hoping the next minor adjustment will suddenly make everything work perfectly.
Frankie seems to be concentrating on schemes to get more money out of people, such as the land speed car fundraising campaign, the PR announcing financial statements would be filed and the PR about the $42 million deal with a company that already imploded.
Schoell Marine took out two mortgages for more than the property is worth. As long as Harry and Frankie were able to transfer the cash out of Schoell Marine, defaulting on those mortgages and handing over the keys to the building is more profitable than just selling the place, so you can see a method to that.
The February letter to shareholders said they were negotiating with management consultants to monetize assets. Since Cyclone and the patents didn't go up for sale, the advice must have been there would be no buyers. Defaulting on notes probably had the greatest net present value among the options.
I'm waiting to hear the list of excuses and assignment of blame when the place does close. I'll bet the fact the engines just don't work won't come into it.
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