News about Woodford and Industrial Heat

  • More on topic...

    The Times - Woodford battles to sell his unlisted holdings

    Investors trapped in Woodford’s troubled Equity Income Fund have lost 11% of their money since it was suspended in early June. Now experts are warning that they stand to lose an additional 30% on the value of the fund’s unlisted holdings.

    Last week the fund’s unlisted holdings rose to 16.5% of the portfolio, breaching the 10% limit, after several companies, including Benevolent AI, the fund’s largest holding, delisted from the International Stock Exchange (TISE) in Guernsey.

    “I think it would be impossible to sell [the unlisted holdings] without a significant discount by December,” said one expert in unlisted holdings familiar with the Woodford portfolio.

    The sale is likely to take place through an auction process, aimed at specialist private equity funds likely to buy a large portion or all of the unlisted holdings. “For a portfolio of this type, they would typically do this at a 20 to 30% discount,” he said.

    Another venture capital investor said: “They will be focusing on a few key holdings and the rest of the basket will go at a huge discount. Some of the holdings will be flying and some of them will be looking vulnerable. For those it will be a fire sale.”

    Woodford has consistently denied talk of a fire sale or that he is a forced seller. At the end of July he said: “The suspension itself did appear to have a further immediate impact on performance in the short term, but we are of the view that the worst is now past.”

    Since then the fund has fallen 7.5%, helped by a sharp fall in Burford Capital, a litigation financing specialist. Burford, which lost 65% of its value in 24 hours this week, has been accused of misleading investors with its accounting practices. It was the Woodford Equity Income Fund’s second largest holding at the end of May, accounting for 5.8% of the fund.

    It is the latest of a series of Woodford-owned companies to face huge share-price falls in the face of governance problems (see panel). James McManus, an investment manager at Nutmeg, an investment platform, says: “It is surprising that so many Woodford-owned companies have had governance issues.”

    Experts say that investors in the fund will face more problems thanks to Woodford’s obligations to buy additional unlisted holdings. Woodford Investment Management has made pledges to buy further shares in unlisted companies that it already owns as part of subsequent funding rounds. A Woodford spokesman said the commitments may not be binding and that they would be met by Woodford Patient Capital, the investment trust that specialises in unlisted companies. However, falls in the trust’s share price have reduced the amount it can borrow to make purchases. And it is looking likely that Neil Woodford will be sacked as its manager. Last week the trust’s board revealed that it was in discussions with other companies over replacing Woodford. A spokesman for the trust said that the board had increased its control of the management process of the trust since the suspension of Woodford Equity Income, adding that replacing Woodford would take several months.

    Woodford has been criticised for failing to report the sale of his stake in Woodford Patient Capital to the trust’s board for three weeks. Because his stake was below 5% of the company, Woodford was under no obligation to report the sale.

    “However, if your name is over the door, you are intrinsically linked to the trust — so if you sell, you should tell. That’s especially true when your other fund has suspended trading and investors are fast losing faith in you as a manager,” says Holly Black, a senior editor at Morningstar.It is “not beyond the realms of probability” that the equity income fund will close entirely, says Keith Speck of Morningstar.

  • Ahlfors

    Who wrote that bizarre prose and why?


    The block is covered with

    thermoelectric generators (TEG's) outputting a voltage in response to the block temperature.

    Completely wrong. TEG's used in the described manner respond to heat flow and not temperature. In fact, heat flow/flux transducers/sensors are useful especially because they don't respond to temperature changes over a wide range of temperatures but instead, respond to the heat flow.

    Basically, TEG heat flux meters respond to the temperature difference across a "gradient layer" or thermal barrier -- a dimensionally and thermally stable thin substrate material between the sets of thermocouple junctions. Illustrations:



    Patents, analyses/equations, and calibration methods for these types of devices have been around since at least the 1940's where I think they got their very first start possibly during the Manhattan Project (not sure about that). For the underlying principles and related simple math see: the section "Properties." If you want to buy an inexpensive TEG which can be used as a low sensitivity heat flow sensor with a microvoltmeter (replicators may want these) they are under $5 here:…52.html?cur_warehouse=USA but note the temperature limitations of the cheap devices.

    For a fun video showing a fine example of a highly sensitive heat flow transducer teamed up with a fine classical microvolt amplifier (by the German company "Knick") look below and if in a rush, just see the 45 second segment segment starting at 06:10. This illustrates that even decades ago, a good heat flow sensor could detect the thermal output of a low power laser pointer dot through a thick block of solid metal!

    Once again, if Mizuno has a 3kW output device, he can prove it easily and rapidly by using these types of devices, simply affixed to the outside casing of the "heater".

  • Dear All,

    Some good, but also some bad news for Woodford;

    Good news being he will soon be relieved from his duties at his funds;…write-down-080746342.html

    Bad news being he still has to endure some pain since again two of his crown jewels face some headwind;…34-11e9-a8e9-296ca66511c9

    Oops. IH "shows lack of progress".

    Rossi the conman, right?



  • "Oops. IH "shows lack of progress"."

    What progress does Rossi show (since 2011) - other than all-day long BS postings on his blog? I am sure you can provide a link to a publicly acknowledged and independent page, can't you?

  • "Oops. IH "shows lack of progress"."

    What progress does Rossi show (since 2011) - other than all-day long BS postings on his blog? I am sure you can provide a link to a publicly acknowledged and independent page, can't you?

    Hi zorud ,

    Why so negative? That everything IH touches (or vice versa) goes belly-up does not mean Rossi cannot save us. If he continues on his upward path (from Italian jail, to 10 million, to getting rid of IH to dipsticks, to the moon, etc.) we all will be fine!



  • Rossi the conman, right?

    Exactly.... absolutely!

    Rossi was to transfer all IP and eCat knowledge to IH for the sum of $10 million dollars. IH indeed paid the $10 million dollars and Rossi defrauded them as a conman. I am glad you see that now!

    Please note ,that after failing to scam the $89 million from IH, Rossi dropped the eCat like a "hot potato" and has not mentioned it since. Because it was indeed a scam.

    Please answer this.... Rossi has stated he has sold at least 13 1MW plants over the years to "satisfied customers". Yet about every 18 months he drops the "Current Magnificense" for a new design, one that needs the bugs worked out, has some issues and requires at least another year of improvement.

    So answer this... what did Rossi do with the previous 13 1MW plants he sold to satisfied customers?

    1) They are still running and yet, somehow Rossi never mentions them as evidence that his reactors work?

    2) After 10 years, the "Satisfied customers" still refuse to make public, that they are running a world changing technology of CF and are happy with the eCat plants, yet for some strange reason stay quiet and secret?

    3) Rossi, who in the Doral trial depositions, was proven to have only (1) employee, James Bass, a fake "Chief Engineer". Fabiani (sp) was not an employee but a contractor. Who is providing all the support for these 13 1MW plants that Rossi sold to "satisfied customers"?

    4) Or the most obvious to all (except you and a very few others).... it was all simply a big lie like almost everything Rossi says?

    Please answer as I am sincerely interested how you reconcile Rossi's long standing statements of "Satisfied customers" that are using his power plants. Even as recently as this year! Yet after 11 years, not a single word for an;y of them!

    Wait... I am wrong about that.. There WAS one customer who came forward....! Whoops, they were not so satisfied and could get nothing to work did they!:)

  • IH / Hagelstein new US PATENT [08/13/2019] >>>> W181 to Ta181 altered decay by vibrations

    Hagelstein does not mention any experimental verification of halflife reduction

    Isotopic experimentation is not cheap. Funding by IH forthcoming?

    Perhaps we will hear at Assisi?

    Small typo with krypton in the patent app.

    Krypton is interesting though.

  • Hi CWatters ,

    Inflate valuation with 357% after finding a bigger sucker to invest? Mark down with 35% after a few months and start looking for even bigger suckers? Or is there another more plausible scenario?

    It might well be there is a replacement of Woodford underway and that new guy (females are rare in the industry) would like to start with a as low as possible nav. I would do the same. The less downside (the more upside) the better.…-considers-manager-change



  • Hi All,

    Another link;…tient-capital-writes-nav/. Interesting take;

    "IH Holdings is the company behind Industrial Heat – the cold fusion company. IH accounted for 9.37p of WPCT’s NAV at the end of December and so it appears to have been written down by about 36%. We’d love to know how Link came up with its valuation and what new information it has on progress on a technology that seems pretty binary – it either works or it doesn’t."



  • Uh... what do you mean "not a customer"?

    They bought a 1MW plant (the blue container) for $1.5 Million dollars! Last time I checked, if you bought something, you were a "customer".

    They entered a deal to pay Rossi 10 million dollars for his IP for WORKING eCats. Again, when you buy something, you are a "customer".

    I am quite well informed, it is you who seems to not understand that when one purchases something, you are indeed a customer.

    Anyway, you dodged the original question and try to deflect the indefensible as most Rossi supporters HAVE to do, because there is no good reply.

    Again, what did Rossi do with his previous customers that he sold the 13 1MW plants to? Or is it all lies?

    How does Rossi support those customers when he has no employees / t eam?

    Why would these companies not come public and use the tremendous PR about using an energy source that can save the planet? !

    Of course, there is no good answer to these but I can guess what you might reply...

    Rossi DID sell the plants and he is supporting them. (Although there is zero evidence this is true. Rossi himself refuses to mention the subject. Ask h;im the question on JONP yourself. It will get deleted. The court documents also stated there were no customers)

    Rossi DOES have a top notch team and IS supporting these plants! (Although there is zero evidence this is true and Rossi himself refuses to mention the subject. Ask him the question on JONP yourself. It will get deleted. The court documents also stated there was no support team other than Bass and Fabiani (sp))

    The customers stay quiet to keep ahead of their competition! (Sure. You really believe that. These companies are dodging all the regulations that would be required, the huge positive PR and exactly what would their competition do if they found out they were using a revolutionary energy source? Totally absurd)

    Yet I do not expect any logical answer at all because there is none. Perhaps more dodging the questions though.

    As often said, Rossi supporters go to great length to defend Rossi (with ridiculous scenarios) because Rossi cannot defend himself!