Keall on Dotcom and fibre

November 7th, 2012 at 11:00 am by David Farrar

at NBR writes:

There are a number of reasons a -backed cable will never fly.

Pacific co-founder Rod Drury added another when he talked to NBR this morning: the accused pirate wouldn’t get approval to land the cable in the US.

Mr Drury saw Mr Dotcom’s overtures to Pacific Fibre as little more than clowning around on Twitter.

Amazing how one tweet gets so many stories. Keall notes:

Even at the height of Megaupload, Mr Dotcom didn’t have $US400 million to spare for a Sydney-Auckland-LA cable.

His Plan A is to fund the new cable through his revived file-sharing service, Megaupload – due to launch January 20, but its success is far from assured (the entrepreneur is asking for investors via a recently launched splash page).

His “plan B” proposal to fund the project by suing Hollywood studios is the stuff of fantasy.

And as for the parallel suggestion of crowdfunding … that’s a neat idea for a $ 1 million project. Not so much for one that costs half a billion.

Nice to see some critical analysis.

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20 Responses to “Keall on Dotcom and fibre”

  1. George Patton (352 comments) says:

    I’d like to see Kim DotCom issue a prospectus for a $400million project, given how he was found guilty of pumping and dumping stocks in Germany in the late 1990s and early 2000s, plus embezzlement and hacking.

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  2. wreck1080 (3,853 comments) says:

    dotcom is not a good guy.

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  3. dime (9,788 comments) says:

    gizmodo mocked the idea in their freakin headline.

    its a shame our pathetic rabid media picks up on this shit.

    dot com can make all the promises he likes but lets be honest. his heart cant be far away from exploding.

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  4. hinamanu (2,352 comments) says:

    ‘dotcom is not a good guy.’

    Loved how he screwed over the yanks though. What he did was prove NZ is still a sovereign country when most politicians belong to the globalist club.

    The US can extradite people from the UK because the British parliament has given their sovereignty away.

    The Maastrict treaty signed by John Major has given law changing powers to the EU who ratify 90% of UK law regardless of who runs Britain. Major and his entire party should have been swung from yard arms

    NZ politicians won’t because they took away the treason laws in 1989 to commit treason and sell state assets and privatise the country .

    I take my hat off to Dotcom

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  5. hinamanu (2,352 comments) says:

    I should say Major and his entire cabinet

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  6. Elaycee (4,349 comments) says:

    It is laughable that this convicted embezzler and fraudster is still able to receive favourable attention (read: lapdog support) from the fawning, local media:

    Kim Dotcom (born Kim Schmitz on 21 January 1974, also known as Kimble and Kim Tim Jim Vestor), is a German born Internet entrepreneur, currently residing in New Zealand. He rose to fame in Germany in the 1990s as a teenage internet tycoon, but was subsequently convicted of insider trading and embezzlement. He is the founder of Megaupload and its associated websites.

    In 1994, he was arrested by German police for trafficking in stolen phone calling card numbers. He was eventually convicted of 11 counts of computer fraud, 10 counts of data espionage, and an assortment of other charges. He received a two-year suspended sentence – because he was “under age” at the time the crimes were committed.

    In 2001, Schmitz purchased €375,000 worth of shares of the nearly bankrupt company LetsBuyIt.com and subsequently announced his intention to invest €50 million in the company. The announcement caused the share value of LetsBuyIt.com to jump and Schmitz cashed out, making a profit of €1.5 million. One commentator suggested that Schmitz may have been ignorant of the legal ramifications of what he had done since insider trading was not made a crime in Germany until 1995 and until 2002 prosecutors also had to prove the accused had criminal intent.

    Schmitz moved to Thailand to avoid investigation where he was subsequently arrested on behalf of German authorities. In response he allegedly pretended to kill himself online posting a message on his website that from now on he wished to be known as “His Royal Highness King Kimble the First, Ruler of the Kimpire”. He was deported back to Germany where he pleaded guilty to embezzlement in November 2003 and, after five months in jail awaiting trial, again received a suspended sentence (of 20 months). After avoiding a prison sentence for a second time, he left Germany and moved to Hong Kong in late 2003.

    Schmitz found Hong Kong to his liking and registered Kimpire Limited in December 2003, soon after moving there. He set up a network of interlinked companies, including Trendax which was claimed to be an artificial intelligence-driven hedge fund delivering an annual return of at least 25%. However, Trendax was never registered with Hong Kong’s Securities and Futures Commission and the company was legally not allowed to accept investments or to conduct trades. Dotcom was subsequently convicted for failing to disclose his shareholding to the Securities and Futures Commission, and was fined 8000 Hong Kong dollars.

    http://en.wikipedia.org/wiki/Kim_Dotcom

    Dotcon is overweight, overhyped and sadly, over here.

    The sooner he is exported to the US to face his accusers, the better…

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  7. James Stephenson (2,132 comments) says:

    Who needs to land a cable in the US? All we need is someone to resurrect the Kordia trans-tasman cable to hook up with the PIPE Network in Sydney.

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  8. Tom Jackson (2,553 comments) says:

    There are a number of reasons a Kim Dotcom-backed cable will never fly.

    A Jumbo Jet could not fly if Kim Dotcom were on the back of it.

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  9. Viking2 (11,337 comments) says:

    Reading thru all this kinda reminds us that Kim dotcom has done nothing that a huge list of Kiwi’s haven’t already done. So why are you all getting in a lather about it.
    entrepreneurs do stuff.Sometimes it works and sometimes it don’t.
    Drury like so many others doesn’t want to rock the establishment in Wellington and the USA.
    BUT, why shouldn’t we.

    Remember it was BskyB that bought down the Berlin wall by projecting TV over the fence from above, until the natives decided that communism and restrictions on people isn’t a nice way to live.

    Always be aware of the controllers.

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  10. labrator (1,890 comments) says:

    Loved how he screwed over the yanks though.

    Exactly how? I think you’ll find he’s the one with no assets and no business. What have the yanks lost? Nothing.

    Major and his entire party should have been swung from yard arms

    So you’d like some people to be murdered in someone elses country because you don’t like what they did whilst harping on about sovereignty. Irony much?

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  11. Tautaioleua (296 comments) says:

    I suspect his contribution to government revenue & domestic business profit was more than all of kiwiblog’s combined. The guy slipped through US fingers, he deserves the Queen’s Service Medal (QSM).

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  12. Viking2 (11,337 comments) says:

    abrator (1,088) Says:
    November 7th, 2012 at 1:01 pm

    Loved how he screwed over the yanks though.

    Exactly how? I think you’ll find he’s the one with no assets and no business. What have the yanks lost? Nothing.

    um no.
    Try Total credibility, freedom of expression etc.

    you socilist pricks can never spot the obvious cause you really are controller generals.

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  13. labrator (1,890 comments) says:

    you socilist pricks can never spot the obvious cause you really are controller generals.

    @viking2 Please explain how any of what I said had anything to do with socialism.

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  14. T-Dee (6 comments) says:

    What I can’t understand about this guy is that if, as he claims, Megaupload was an entirely legitimate business generating millions, why he hasn’t just set it up again using servers and payment methods outside of US jurisdiction? He’d be generating millions again. And don’t say it’s because he hasn’t got the money to set up, becuase if it was legit lots of people would be clamouring to invest.

    And what was Megaporn for? To file share your family porn?

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  15. RRM (9,761 comments) says:

    That was my initial thought on reading the headline as well… clearly there’s money to be made in clever new internet businesses, but building an international submarine cable is in a different league, PROPER big boys’ stuff.

    I have no idea about his alleged criminality or otherwise. At least he puts on a better show for we the public than any of our homegrown celebrities / tycoons, and we well know that many of them are dodgy enough themselves…

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  16. Monique Watson (1,062 comments) says:

    http://nowoccupy.blogspot.com/2012/11/dotcoms-chances-of-reviving-pacific.html

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  17. Elaycee (4,349 comments) says:

    RRM:

    I have no idea about his alleged criminality or otherwise.

    Nothing ‘alleged’ about him. Dotcom is a crook. Simply read my comment at 11.42am.

    Unless you somehow consider Dotcom / Schmidt’s convictions for insider trading, embezzlement, fraud, computer fraud, 10 counts of data espionage, for failing to disclose his shareholding to the Securities and Futures Commission etc are somehow OK?

    He is simply a convicted conman who has also succeeded in fooling the MSM here.

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  18. Monique Watson (1,062 comments) says:

    I’ve put it in my blogpost but Dotcom is talking about philanthropy. The current PF investors have exhausted investment avenues and know want to bludge some corporate welfare. I’d like to see what Dotcom can come up with.

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  19. labrator (1,890 comments) says:

    The current PF investors have exhausted investment avenues and know want to bludge some corporate welfare

    Do you actually have any evidence of this? They closed the company down after spending millions of their own money trying to get it off the ground. Considering all the major investors are self made with no corporate welfare in any previous companies I’m not sure how you’ve reached your conclusion.

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  20. V (706 comments) says:

    Pacific Fibre was stuffed the second Huawei announced they were going to invest in a cable. ie the market could probably justify 2 cables, but 3 probably wouldn’t be economic and Pacific Fibre would have been the weakest financially of the 3.

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