Interesting New Personal Rapid Transit Vendor - Maglev Movers

I always say that Personal Rapid Transit promoters are either crackpots, con men or crooks. It will be interesting to see which category Maglev Movers falls into.

On another website, the Maglev Movers describe an interesting finance package utilizing a "nonrecourse loan":

A loan in which the lender cannot claim more than the collateral as repayment in the event that payments on the loan are stopped. Thus, a group of investors may purchase an asset with a down payment and the proceeds from a nonrecourse loan. In the event that the investment turns sour, the investors are not apt to lose more than the down payment and payments already made on the loan. The unpaid balance on the loan will be absorbed by the lender.

non-recourse loan is secured by some form of collateral, your securities. If there is a default, the borrower keeps the loan proceeds and the lender only claims the collateral. The borrower’s liability is limited to the collateral pledged for the loan. In fact, the borrower has the right to walk away from the loan, can you really call this debt?

With a non-recourse asset based loan, the individual or business entity is not held liable so there is never any effect on your credit record.

Take a look at their contract.

The genius behind Maglev Movers is CEO and prolific tweeter Graham Cockroft. Graham Cockroft also has a Facebook page

A link from his FB page:

Graham CockroftSwingers UK

Hi from sunny Portugal. The owner of the local hotel has engaged me to make it work for the next six months. Its got 30 rooms and is steeped in history. So, I put some feelers out and got myself a company that can supply 30 girls to look after the people who book the rooms. It`ll be a no holds barred and anything goes long weekend, Fri-Mon. If you have an interest and fancy getting away from it all and having your own private concubine-geisha girl and lotsa golf, walks on the beach, good country music and anything goes........we`ll have to talk.

There's an enormous number of Maglev Mover videos, adding to the already enormous amount of PRT videos on You Tube.
Here's one:





UPDATE: Is the guy behind Twitter handle @Cymply also Cymply333?

Update: And he has a partner, y'know, this guy:



UPDATE: Mr. Cockroft emailed me this message:

Kindly remove this statement as this man has no relationship with our company.

Along with that message, is a company address in London - for fun, Google that address. Also on that email was a phone number - I Googled that too and it led, among other interesting places a hilarious editorial opinion piece in the Algarve Daily News that is the typical boilerplate, snake-oil pitch of Personal Rapid Transit hucksters everywhere, One part of it:

A system built with borrowed money may cost around €10 million for every mile BUT after ten miles it pays for itself as people ride it.

Lets look further €500,000 a month x 12 months = €6,000.000 p.a. x 10 years' payments = €60,000,000 x 2 = €120 million in 20 years' time. That's the first ten miles paid for, the rest looks after itself!

Might sound like a lot of money, but don’t we have 10 million people to support this? not 500,000 believe me, this will be paid for and covering the whole of Portugal in 5/10 years creating tons of jobs, cheap travel, millions in tourist tickets ( we will have made taxis obsolete and absorbed them in technology) and all in all bringing us back to prosperity.

Now, the government need to start building this now.

www.opipt.com it will cost them nothing as lenders will lend and whilst we are at it, www.maglevwindturbine.com, we can create some real wind power as well, another little freebie.............

Oh, and there's a different address for the company (phone and email redacted by me):

Graham Cockroft
Mister Mandate
Portugal
Mob +351------
Tel. +351- -----
cymply@-------

And what's with "Mister Mandate"? Hilarious!

UPDATE: Okay, I got to stop this... but one more link, a forum called Out and About. Here's Mr. "Cymply":

I was a motorhome owner `till last year when I retired and settled down in Portugal. There are 50,000 motorhomers arriving here every year and I can well understand why they come.

I lived for two years on the beach in mine and loved every minute of it. The fishermen at 4 a.m setting off to sea, the smell of the sea and wildlife, its unsurpassed here in Portugal, don`t be surprised if a stork comes to live you whilst your here. Take your bike off the rack and peddle 500 yds and there`ll be at a seafood restaurant, cheap as chips so to speak. So much to see and so little time.

Most motorhomers come to winter here, why? because we don`t have one !!

Its beautiful in winter, like a English spring and autumn all rolled into one.

But the natives have revolted, they want you off the cliff tops and into the campsites where they can charge you extortionate fees. They want you out of the municipal car parks and under control. They want your money as they class you as none paying guests.

This last month they declared war and decided to clamp you after seven o`clock if you are not on a camp site by that time, trouble is you`ll have a job finding something that you`ll like.

Personally, I never did like paying to park, my Hobby 750 set me back 55k with extras so I believe I have the same rights as a mini........to park where I like as long as its legal.

The Algarve is a paradise for us guys, we really ought to do something about it.........no need to even think of fighting the system, there isn`t one............anybody out there with ideas, your welcome.

Regards
Graham

One response to that post:

Hi Cymply - welcome.

I must admit though, that you, and others, appear to have brought this on yourselves - staying for TWO YEARS on the same beach is absolutely shameful in my view! How on earth would you feel if you were one of the residents ... it's people who outstay their welcome that have caused the horrendous problems that some areas are experiencing. Those of us who are at places for one or, at the very most, two nights, being careful where we park so as not to offend people, and act responsibly, are the ones who lose out because of the actions of people like you.

I'm sorry if that offends you, but it is my honest opinion.

There's more responses along those lines.