Author Topic: Introducing Firefly Space Systems  (Read 340699 times)

Offline ringsider

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Re: Introducing Firefly Space Systems
« Reply #600 on: 02/19/2017 07:04 pm »
I found this review on Glassdoor.

To be balanced there were several positive reviews, but I post this one as it gave some interesting insight e.g. "numerous full company furloughs" and most interestingly, "As of December 1, 2016 company was permenatly shut down."

---

"Was a good place while it lasted”

Former employee - Engineer in Cedar Park, TX (USA)

Doesn't Recommend
Negative Outlook
Disapproves of CEO


I worked full time at Firefly Space Systems (less than 1 year)

Pros

Friendly coworkers, a few office perks, located in a great city, and you get to work on Rockets!! You get a lot of experience in a short time. As of December 1st, company no longer exists.

Cons

Incompetent upper management that could not secure funding due to personal legal issues and lack of faith in Fireflys choice of approaching technical challenges. Never enough money or time to do the engineering required. Lack of concern for employees, numerous full company furloughs and then rehires, then complete layoffs again. No stability or trust in the way the company was being run. Firefly no longer exists as an engineering company as of December 1st.

Advice to Management

Please don't try to resurrect the company, too many lives where destroyed, companies financially burned, and dreams shattered. As of December 1, 2016 company was permenatly shut down.

---

That also sounds like some suppliers were left in the lurch.

Source: https://www.glassdoor.com/Reviews/Firefly-Space-Systems-Reviews-E1313222.htm
« Last Edit: 02/19/2017 07:26 pm by ringsider »

Offline russianhalo117

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Re: Introducing Firefly Space Systems
« Reply #601 on: 02/21/2017 02:55 pm »
It appears in filings with the SEC the company is essentially dead via court ruling in favor of Virgin Galactic. All of FSS's assets will be transferred to VG to either be kept and or liquidated.

Offline Ragmar

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Re: Introducing Firefly Space Systems
« Reply #602 on: 02/21/2017 03:50 pm »
It appears in filings with the SEC the company is essentially dead via court ruling in favor of Virgin Galactic. All of FSS's assets will be transferred to VG to either be kept and or liquidated.

Do you happen to have a link to these SEC filings?

Offline russianhalo117

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Offline ringsider

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Offline ThePhugoid

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Re: Introducing Firefly Space Systems
« Reply #605 on: 03/11/2017 02:58 am »
I found this review on Glassdoor.

To be balanced there were several positive reviews, but I post this one as it gave some interesting insight e.g. "numerous full company furloughs" and most interestingly, "As of December 1, 2016 company was permenatly shut down."

Source: https://www.glassdoor.com/Reviews/Firefly-Space-Systems-Reviews-E1313222.htm

Looks like it may be right.  Their website shows the entire executive team except for Markusic has departed.  LinkedIn search agrees with this.

Online FutureSpaceTourist

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Re: Introducing Firefly Space Systems
« Reply #606 on: 03/13/2017 02:16 am »
Quote
Firefly Systems Assets to be Auctioned on Thursday

http://www.parabolicarc.com/2017/03/12/firefly-systems-assets-auctioned-thursday/

Offline QuantumG

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Re: Introducing Firefly Space Systems
« Reply #607 on: 03/13/2017 11:32 am »
Can we put the nail in this coffin of a thread?
 :'(
Human spaceflight is basically just LARPing now.

Offline ringsider

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Re: Introducing Firefly Space Systems
« Reply #608 on: 03/13/2017 11:34 am »
Can we put the nail in this coffin of a thread?
 :'(
Plot twist: Management buys all the equipment at knockdown prices, Firefly gets a second series!

Offline savuporo

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Re: Introducing Firefly Space Systems
« Reply #609 on: 03/13/2017 01:56 pm »
Plot twist: new company will be called Ser
Can we put the nail in this coffin of a thread?
 :'(
Plot twist: Management buys all the equipment at knockdown prices, Firefly gets a second series!

They'd have to call the new company Serenity, then
Orion - the first and only manned not-too-deep-space craft

Offline gosnold

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Re: Introducing Firefly Space Systems
« Reply #610 on: 03/13/2017 05:47 pm »
Plot twist: new company will be called Ser
Can we put the nail in this coffin of a thread?
 :'(
Plot twist: Management buys all the equipment at knockdown prices, Firefly gets a second series!

They'd have to call the new company Serenity, then

Well, apparently Richard Branson can take the sky from you after all.

Offline ringsider

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Re: Introducing Firefly Space Systems
« Reply #611 on: 03/14/2017 01:53 pm »
Probably nobody else read it, but I read the notice of auction.

It is interesting in that it is Max Polyakov who is holding the sale. Basically it looks like he called a $1m note that he bought from Space Florida. And the date on the loan is odd - 20 October 2016, 5 months ago, after they were already in furlough. Was this some kind of backdoor restart?

Also, according to the notice they will sell all the assets as a block, not piecemeal. To inspect the goods or bid you need to deposit $100K at latest 24 hours before the auction - but the public notice only came out 3 days before the auction. The short timeline puts external bidders at a disadvantage, because nobody can in reality inspect and deposit in that timeframe.

I suspect that somebody has a plan to acquire all their gear and assets on the cheap. Picking up expensive assets for pennies is, after all, a time-proven technique to profitability:-

http://www.airspacemag.com/space/the-rise-and-fall-and-rise-of-iridium-5615034/
« Last Edit: 03/23/2017 05:00 pm by ringsider »

Offline Kryten

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Re: Introducing Firefly Space Systems
« Reply #612 on: 03/14/2017 08:08 pm »
I suspect that somebody has a plan to acquire all their gear and assets on the cheap. Picking up expensive assets for pennies is, after all a time-proven technique to profitability:-
Polyakov recently (Jan 27th) founded a company call EOS launcher Inc. They don't have a website yet, but according to his LinkedIn profile they plan to build their own orbital LVs, among other things.

Offline russianhalo117

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Re: Introducing Firefly Space Systems
« Reply #613 on: 03/14/2017 09:12 pm »
I suspect that somebody has a plan to acquire all their gear and assets on the cheap. Picking up expensive assets for pennies is, after all a time-proven technique to profitability:-
Polyakov recently (Jan 27th) founded a company call EOS launcher Inc. They don't have a website yet, but according to his LinkedIn profile they plan to build their own orbital LVs, among other things.
Virgin Galactic is also attending by what i hear from some people.

Offline ringsider

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Re: Introducing Firefly Space Systems
« Reply #614 on: 03/14/2017 09:18 pm »
Virgin Galactic is also attending by what i hear from some people.

I am surprised they haven't injuncted the sell off to be honest.

Offline ringsider

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Re: Introducing Firefly Space Systems
« Reply #615 on: 03/14/2017 09:23 pm »
Polyakov recently (Jan 27th) founded a company call EOS launcher Inc. They don't have a website yet, but according to his LinkedIn profile they plan to build their own orbital LVs, among other things.

Well well well, founded Feb 21...

https://cacompany.org/co.php?id=03996203

Company Details
Company number:    C3996203
Name:    EOS LAUNCHER, INC.
Incorporation date:    2/21/2017
Type:    Foreign Stock
Active Status:    Active
Registered Office Address:    1906 EL CAMINO REAL STE 201, MENLO PARK, CA  94027

Same address as the auction:-

http://www.dsiassignments.biz/cases_doc/97/Notice%20of%20Public%20Disposition%20of%20Collateral.pdf

Offline strangequark

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Re: Introducing Firefly Space Systems
« Reply #616 on: 03/15/2017 12:58 am »
Same address as his VC firm as well. Did you notice that there was a company called Voyager Holdings Limited that was an assignor to EOS Launcher? Is that linked to Virgin/Scaled at all?

Offline meekGee

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Re: Introducing Firefly Space Systems
« Reply #617 on: 03/15/2017 02:59 am »
Well now we know what to do with the thread...  Just rename the title, and steady as she goes!
ABCD - Always Be Counting Down

Offline QuantumG

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Re: Introducing Firefly Space Systems
« Reply #618 on: 03/15/2017 03:55 am »
Well now we know what to do with the thread...  Just rename the title, and steady as she goes!

It works for NASA.
Human spaceflight is basically just LARPing now.

Offline ChrisWilson68

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Re: Introducing Firefly Space Systems
« Reply #619 on: 03/15/2017 04:35 am »
Something doesn't add up here.  It looks like some kind of maneuver to get the assets out from the clutches of Virgin Galactic on the cheap.  But that would be illegal, and VG would certainly fight it.  Unless they're just waiting for the right time -- let the transaction go through, then sue everyone involved for even more money.

Or, there's more going on here.  Maybe there's a deal with VG to sell off the assets at this price.  Maybe VG has a stake in the new company.  Who knows.

One way or another, I don't think VG is going to get the short end of this without a fight.

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