Member Info for londondan

That's certainly part of the story. However the more important bit was that NY Wheel couldn't find anyone to invest any further money in the project. That's why we ended up with the Wheel team making public pleas to the City of New York to bail it out and, when the Mayor refused, they declared the project dead.

Again, Challenger's investment was $3m. The cost of the project eventually ballooned to $1bn and they'd only managed to build a car park. The ongoing battle over the parts and the auction etc. is irrelevant to the future of Challenger - the stake is already worthless. That's why it's completely baffling that the CEO has gone to ground without laying out any credible plans for the future of the business.

To be honest I think the fat lady has already well & truly sung when it comes to Challenger's involvement in the NY Wheel. The auction is largely meaningless, as Challenger's small stake in the wheel has already been diluted in to irrelevance, in addition to the fact that the project is dead.

That's why the CEO's continued silence is such very poor form. What is next for the business now? What happens when the Star Sanctum cash runs out later this year? Does he actually have a plan, or is it now just on a path to quietly delisting?

"(oh, how i miss the 'they've built a railway track overnight!' posts....)"

Halcyon days, when the ramping here was utterly out of control. It's worth repeating that literally every claim made about 'activity on site', 'parts arriving on site' and 'someone built a railway track on site overnight' turned out to be absolute rubbish. Not one of those ramps turned out to be true, as evidenced by the fact that they're about to sell all the wheel parts to whichever scrap metal dealer in the New York area has the biggest van.

The clock is still ticking here. No projects, no revenue, virtually no funds. Only one StarSanctum payment left before that well runs dry. Anyone seen the CEO?

Yes, I would imagine it would take a while to move 9,147 tons of scrap metal. However that's what scrap metal dealers do isn't it?

What do you honestly think is the best case scenario here? Before you answer, bear in mind that Challenger invested $3m in to a project which has already burned through circa $1bn and nothing has been built. What do you think Challenger's stake in this failed project is now worth?

Who said anything about storage?

"Per the New York Post, among the items that are up for sale are the wheel’s Italian-crafted legs, 36 capsules. drive towers, frame braces, and cable spokes. The wheel’s 9,147 tons of steel could be sold for scrap metal."

It's scrap. Lots and lots of scrap. As for 'just building the wheel', they've already blown the best part of a billion dollars on it and just about managed to build a car park. It's not happening.

50p broken. Lovely stuff.

Maybe just dial back all the ramping a touch Stew. It'll all come in time, just be patient.

Deadline for bids on the wheel parts is Friday marineville, so be sure to get your offer in. One of those pods that the rampers used to salivate over on the livecam could be yours!

Anyone seen the CEO lately? He seems to have forgotten that he's running a (barely) listed business. I'd love to know what's in his diary for this week.

Great update. About time we had some good news here. It's been well oversold and this update should turn a few more heads towards what is still a very cheap share.

The litmus test will come when the returned StarSanctum money runs out (which will definitely happen this year, at the current rate of outgoings). At that point it's no cash, no income streams, no viable projects, no prospect of revenue and a share price in the toilet.

It's going to force the CEO's hand one way or another. Time will tell soon enough.

From reading a few news reports, it sounds as though it'll be mostly scrap metal dealers competing for the parts at auction, so you may as well stick a bid in.

When you ship it home, get them to ship it from the failed NY Wheel site itself. If you do that, you can get a ramp going based on there being activity on the livecam. Double whammy.

I wouldn't hold your breath mk! Recent history suggests he'll grab every penny available on the way out.

Yes, I think that's probably a more accurate analysis. Someone is doing very well to get another ramp going here. Same time as last week's, only this time there isn't even a little director buy to work with.

How do you think they might be able to do that without further investment in the NY Wheel, which would render Challenger's stake virtually worthless?

Also, an auction date has been set for the wheel parts, so there's that. Happy to hear an alternative view if you're bringing some new perspective here...

Down another 17% today. Normal service has been resumed.

Spare a thought for Jonah and his well-timed "buy" yesterday.

It's a shame that posters here are seemingly so afraid to express their thoughts these days. It wasn't always the case. Take this post for instance, from just four months ago...

"chal- another aimless investment promising the new york wheel project but it is just a vehicle for the lifestyle of the ceo,sp now 0.24 from 1.80 since investment. i could go on."

That was... erm... *checks notes*... someone calling themselves 'Jessell'.

Here he is! Right on cue.

Iain - when making your 'buy' this morning (for the sake of expediency we'll pretend it actually happened), what was driving your purchase? What do you think are the prospects here? When and how do you think Challenger will bank its first revenue, considering the current cash position and historical record of performance?

This should be good...

Asking one of the new rampers exactly what they think this company's prospects are and why there is so much potential here is a reliable way to make them run off and stop posting for a bit.

Give it a week or two and he'll bank his losses and run off for good I'm sure. It's a familiar pattern of behaviour - turn up, ramp, insult anyone with a bearish view of the share, lose shirt, realise it's a dog, chase the next rainbow elsewhere.

Yes, that's the stuff Jessie, let it all out. 'Grr, those damned derampers. If it wasn't for them I wouldn't have lost my shirt betting on a failed observation wheel company with a side hustle in failed movie conventions! Grr!'

We all deal with loss in different ways. If incoherent ranting on a bulletin board is what keeps you away from the demon drink then more power to your elbow.

Poor Jessie. I'm sorry that you continue to lose money on this share and are being forced to watch it tank yet again. This BB seems to have become a valuable place for you to vent your pent up frustration, which I'm pleased about. It isn't healthy to keep these things bottled up. Enjoy the rest of your day.