- Michael Blum - Successful Businessmen, or Fraudster?
Michael Blum – destroyed by Media Rumors or Just Fraud?
There are a whole lot of rumors regarding Blum and P.J. King. They say that within the guise of successful businessmen there are the lords of DarkNet and porn industry. Are these ideas created by the press truthful? Can we completely believe Mass Media these days? Let’s try to figure it out. To make things clear, it would be better to begin from the old times.
Michael Blum was born in Hong Kong, his family was from Germany. He studied at Yale and became a bachelor of foreign Affairs and economic science. After studying, he found a job in several corporations and altered many positions. the foremost famed corporations he was growing professionally at were PayPal, Max Ernst & Young, Virgin Galactic, Vision Inc and others. With his work at PayPal, he managed to earn money, that was enough to get a ticket for SpaceShipTwo from Virgin Galactic. Total price was $200.000. Once the work at PayPal was finished, Blum was engaged in numerous other businesses. Of course, a number of these were rather bad, his business name remained positive. He was very dynamic in changing one social control position for another.
In 2005, Blum co-founded the hedge fund management company Falconhenge Partners that then was sold successfully. In 2006 – 2008, Michael Blum along with his brother were determined to start a different business project located in Chinese Macao. This is when, the investment fund that had to deal with hotel business and gambling was created.
2013 has additionally brought changes within the Blum’s life as a result of which he and his business partners created a management company and a venture fund. The most crucial work os the corporation was concentrated on hotel and casino business of Southeast Asia. Having gaming business Blum obviously provoked the rumors that he was somehow connected with the criminal world.
Besides, Blum met Richard Branson, Virgin Corporation CEO that was working on the project of suborbital flights and private space. Blum took an interest within the business area and in no time he started to work in Branson’s team. He was an extremely promising member of Branson’s company with his lectures on the topics connected with the business and space programs he created. He even managed to make a movie about it. That was when Blum got acquainted with P.J. King.
Irishman King was born in an exceedingly shepherd’s family. He studied space engineering at the University however the scientific career didn’t appeal to P.J King at all. He was set to make his own business by creating Clockworks International. This outsourcing company has become quite productive having gained fame among such notable firms as IBM, Apple, Disney, Symantec. Some years later Clockworks modified the world of labor getting into the USA market with IT merchandise. However, very soon a corporation was sold, things went bad and a few board members were even sentenced due to financial machinations.
Right after, P.J King decided to start working with the projects concentrated on investment. They didn’t bring decent results for the businesses he was working with. He additionally was the manager of the investment fund referred to as King Investments Ltd up to 2015.
Businessmen Dreaming Of Space
Blum’s passion for space is big. As it was written above, Blum’s involvement in PayPal allowed him to get an amazing ticket to SpaceShipTwo. It was expensive, however, Blum spared no expense. Within the summer of 2008, Blum and a few folks from Branson’s circle spent a month on Richard Branson’s private island. The subject beneath discussion was suborbital WhiteKnightTwo flight. As a member of Branson’s team, Blum provides lectures on space flights not only in Singapore and China but also in the USA. In August 2009, Blum signed the document with Richard Branson and Mohamed Al-Husseiny on getting 32% of shares in Virgin Galactic, which meant $380 million. Blum even uploaded a Youtube video of the signing.
Blum’s passion for area was incredible. Even though he was quite successful businessmen, he wished to succeed in new milestones and win the US market. Also, the New Space topic was quite popular on the market then. Several famous businessmen were well-known within the area working on modern space projects.
So, along with his business partner P.J. King, who was galvanized by Blum, they were walking the path to conquering the sector in 2014. They endowed loads of cash, however, nobody ever regretted it.
King has additionally started his journey up high with getting a ticket for the suborbital flight on the VSS Enterprise/ SpaceShipTwo capsule in 2004. The trial launch led tragedy for the spaceship’s crew member. Then, King was determined to induce a refund though he was still working with Blum and Branson within this field.
Hard Period for Blum and King
From 2001 to 2008 King was in the middle of the scandal regarding CNG Travel, associate electronic hotel booking resource. The project was sold to a non-public businessman and King received enough shares. King’s scandal with CNG Travel coincided with Blum’s involvement within the building and gambling business in Macao. The events have provoked rumors. Blum and King have claimed the creators of drug and sex business. They were suspected to provide the rich men with women from Asia. These rumors never received confirmation.
More rumors were spread once Blum and King started their business within the sphere of blockchain and cryptocurrencies. They were referred to as the lords of “deep web”. Blum was suspected of adult film shooting that were being sold in Asian countries and Russia (Blum’s wife is originally from Russia). The films were distributed through the DarkNet. P.J. King was also a suspect. He was accused of developing of the map of the American crack dens in the Dark Net. These rumors were never confirmed.
2013 was full of lawsuits to Blum. In 2013, the Securities Commission (SEC) filed a proceedings against Blum’s Investment Fund Magnetar Capital, accusing Blum’s company of fallacious activity regarding their partners ‘ securities. The proceedings value was $132 million to Blum. He had to pay this quantity as compensation. In 2015, another proceedings took place against another Blum’s company. Richard Branson suspected that Blum and King were economic spies. As Branson claimed, King and Blum were involved in Virgin Galactic Company’s technologies thieving. Blum and King denied everything claiming that the case was absurd.
In 2016 Virgin Galactic took action against Firefly Systems. Blum and King had to go through the trial as the heads of Firefly Systems. They were suspected of revealing business secrets and unfair competition.
One more person was a part of the trial. Thomas Markusic, a former vp of Virgin Galactic. Virgin Galactic blamed Markusic in stealing business secrets and techniques felony once he has left the corporation. In 2013 Markusic initiates to cooperate with Blum and King. They decided to create the Firefly Company. As Branson claimed, the technologies of Virgin Galactic were used by them in new projects. It’s important to note that one amongst the Firefly’s projects was the Firefly Alpha, a satellite launcher. Some might say that Virgin Galactic didn’t want to face competition from Firefly.
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