Reminds me of the ill-fated German pendent known as the Cargo Lifter. The company went bankrupt in 2002 though (or maybe because) it had been heavily subsidised by the German government. Private shareholders lost all of their investment to the tune of 300 million Euros.
http://en.wikipedia.org/wiki/CargoLifter
http://www.strangeharvest.com/mt/archive/read_mes/anything_to_fee_1.php
Revolutionary Ground Breaking and Innovative Tech Heavy-Lift Solution, page-11
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