Manx-based space firm Excalibur Almaz says it will vigorously defend itself against a lawsuit brought by a Japanese businessman.
Last week, Takafuma Horie announced he’d sue two of the firm’s founders over claims he was misled into investing just over £31 million in the company.
In papers filed in Texas, he says Art Dula and J. Buckner Hightower accepted his investment despite knowing their spacecraft bought from Russia couldn’t be modified to make them spaceworthy.
Now, however, the firm has dismissed the allegations as “baseless”.
In a statement, the company says it is not out of business and is still pursuing its goal of a profitable commercial space program.
The company bought Russian spacecraft which it said it hopes to refurbish and use for its space operations.
In his court case, Mr Horie claims the purchase agreement with the Russian government would prevent it from modifying the craft.
However, Exacalibur Almaz says it still plans to use the flight hardware, contrary to Mr Horie’s allegations.
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