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Juan Kerr: Difference between revisions
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In 2005, alongside Lamilo Pianchetto and Lorențiu Markováč while at Fortuna Institute, Kerr co-founded [[ElectricSlide]], a startup involved in the construction and operation of offshore wind farms. The company identified the [[Saxalin Islands]] in the [[Absurian Ocean]] as a potentially lucrative source of renewable energy. However, the stormy circumpolar waters surrounding the Saxalins were in a near-constant state of violent winds. Between this, the high operating costs, high construction costs, and unproven technology, the [[Kiravian Maritime Executive]] reluctant to approve their request for a license to build an offshore turbine. However, Kerr allegedly extorted the deputy of the Contiguous Zone Authority, the department responsible for handling applications, and also extorted and blackmailed employees of the insurance company [[Berengar Marine]] to insure the project, a prerequisite to getting approval. In February 2006, the CZA granted ElectricSlide a license, and the company quickly raised $70 million in venture capital. By June, the company had built its operations on the island and construction on the turbine was underway. In October 2007, a torrential storm devastated the Saxalin islands, destroying most of ElectricSlide's infrastructure. 11 employees were killed and 270 were injured. | In 2005, alongside Lamilo Pianchetto and Lorențiu Markováč while at Fortuna Institute, Kerr co-founded [[ElectricSlide]], a startup involved in the construction and operation of offshore wind farms. The company identified the [[Saxalin Islands]] in the [[Absurian Ocean]] as a potentially lucrative source of renewable energy. However, the stormy circumpolar waters surrounding the Saxalins were in a near-constant state of violent winds. Between this, the high operating costs, high construction costs, and unproven technology, the [[Kiravian Maritime Executive]] reluctant to approve their request for a license to build an offshore turbine. However, Kerr allegedly extorted the deputy of the Contiguous Zone Authority, the department responsible for handling applications, and also extorted and blackmailed employees of the insurance company [[Berengar Marine]] to insure the project, a prerequisite to getting approval. In February 2006, the CZA granted ElectricSlide a license, and the company quickly raised $70 million in venture capital. By June, the company had built its operations on the island and construction on the turbine was underway. In October 2007, a torrential storm devastated the Saxalin islands, destroying most of ElectricSlide's infrastructure. 11 employees were killed and 270 were injured. | ||
Initially, ElectricSlide was going to compensate the affected families, however Kerr was opposed to this as it would cripple their ability to rebuild the turbine. Co-founders Pianchetto and Markováč resigned from the company, leaving Kerr as the sole owner. Berengar Marine was forced to cover the salvage operations, which nearly bankrupted them. In December, ElectricSlide filed for bankruptcy and in January 2008, Berengar Marine sued ElectricSlide. Kerr was found non-guilty and was issued a $3.8 million fine; he only paid $681,212 after his lawyers argued that represented "more than 220% over Mr. Kerr's personal net worth" and would subsequently bankrupt him. | Initially, ElectricSlide was going to compensate the affected families, however Kerr was opposed to this as it would cripple their ability to rebuild the turbine. Co-founders Pianchetto and Markováč resigned from the company, leaving Kerr as the sole owner. Berengar Marine was forced to cover the salvage operations, which nearly bankrupted them. In December, ElectricSlide filed for bankruptcy and in January 2008, Berengar Marine sued ElectricSlide. Kerr was found non-guilty and was issued a $3.8 million fine; he only paid $681,212 after his lawyers argued that represented "more than 220% over Mr. Kerr's personal net worth" and would subsequently bankrupt him. | ||
== Business career == | == Business career == | ||