Helmholtz's original premises warrant revisiting, which is what William N. Barbat has done. The following is an attempt to describe the situation in lay terms:
In pouring over original publications by Helmholtz, Ampere, Gauss, Maxwell and other classics, some of which were tracked down in the basements of libraries across Europe, Bill Barbat has found a fatal flaw in Helmholtz’s energy-conservation doctrine that offers great hope. Bill agrees with the first law of thermodynamics as Newton described it relating to kinetic and heat energy, but he shows that it has been misapplied in the case of magnetic and inductive energy. Bear with me.