I talked to one of the $20K investors a couple days ago on the phone for a while. A really nice older EE taking flight training. He thanked me for my video which opened his eyes. He had figured the Raptor was in trouble over the last year or so but had faith that PM would fix things up.Who makes an investment without consulting an expert? A case of cold domestic beer to the nearest A&P and they would have told them all they need to know.
And, to be fair, it is the easiest thing in the world to be a critic. PM was/is putting his ass on the line and trying to do something cool. Where it all falls apart is that he is forcing himself to learn even basic lessons (no retaining ring on his seal, tons of play in the flight controls, using a used auto engine without a teardown inspection first, etc. etc.) along the way when he should be focusing on the big stuff he wanted to do. He had the right idea when Wasabi arrived and started going down the list with him and it is too bad he lacked the personality to take the technical inspection to heart.Lots of fan boys attacking me on my video, typically taking the line "what have you done?", blindly thinking Raptor will be some sort of revolution.
Maybe Peter's video marketing/buzz-building approach will be adopted by future developers who have a solid background, a solid concept, and a deep bench of talent that they use effectively. Worthwhile projects need money, too. In general, they get it from a small pool of knowledgeable investors, but a more broad-based approach isn't invalid. It is, however, subject to abuse and, therefore, a little suspect.I am more than a little sad that his video series has come to an end. I was enjoying watching them every week and my son had gotten into watching them too.
The same business model has been used since Bede in the HBA world. You can raise money on promises, projections and pretty graphics but that money doesn't mean the project will be a business success in the end unless you can deliver the goods. An airplane could be delivered years down the road but it will never meet the original specs. If investors are happy with that, then it could all work out.So I guess the moral of this story is that Peter had a viable business model after all.
Famous aviation saying: "Never fly the 'A' Model of anything...."I saw a new Ford Bronco yesterday for the first time. With cars, people want to be the first in the block. When TVs came out, who was the first on the block? All consumer goods are thought of this way. Airplanes are best if you are last on the block.
I don't know if he invented the phrase, but Bill Mauldin once had a post-WWII cartoon where the message was, "Let's declare victory, and get the hell out." Sounds to me like PM is basically doing that...climbing on his horse, waving at at the adoring townsfolk, and riding off into the sunset. Doesn't matter whether he actually succeeded or not, as long as SOME people believe he did. What happens in the town is no longer his concern, and by not posting videos any more, he no longer has to view any criticism.I imagine the golden or maybe bronze parachute is being pulled. He probably has had someone in the background, and that person/company is now asking for the product. Fly the number of hours off and get his stake out. It could have to do with taxes and right offs. It all could sit in storage while been counters drain the value on paper.
I can think of at least 2 large-scale projects right now spending more per week than PM spent on his whole project that fit this bill. No shortage of investors throwing their money in though.There'll be another sketchy aviation product along soon, and people will soon forget about the Raptor. If ever asked about it, PM will be able to claim that the people who took it over botched it...he handed them a going concern.