Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
***** NRDE ( Pu ride ) is a shell company and is going no where - zero manufacture facility here
BUYER BEWARE OF THE NOISE
ENOUGH SAID
First day motions didn't change. I doubt 57 pages were reviewed in 3 minutes.
https://www.veritaglobal.net/lordstown/document/2310831240306000000000004
Okay, I've looked through it. You are still wrong.
Let's start with the last thing. Director Sole proves nothing. Maybe he's an insider idiot who buys even though he knows the company is trash. Even if he knew there was news coming that would be good for the company, say a $100 million investment, that doesn't prove it's from the Foxconn suit. So, the Director Sole thing is meaningless on that point. It is meaningful if you are looking to invest in the company as insider buying is considered a good sign.
The plan doesn't change the 10-Q. Lordstown at the time, sold the plant and received $230 million in full for the plant. Done. QED. The approved plan doesn't change that. In fact, it says that Foxconn did actually pay part of the investment deal, because they have the stock from the deal which the court reinstated. So, this plan document kind of disproves your point.
It was the same day they filed. Foxconn held back with the $170,000,000
It's 57 pages and why some will just refuse to read it.
News is coming soon enough and why Director Sole bought such a large stake.
READ! the Plan and know why Director Sole bought a large stake on the open market.
https://www.veritaglobal.net/lordstown/document/2310831240306000000000004
NU RIDE INC. Reported by SOLE ANDREW L.
https://www.otcmarkets.com/filing/conv_pdf?id=17420221&guid=OoO-kFooDQAWB3h
Read the Plan and know why Director Sole bought a large stake on the open market.
https://www.veritaglobal.net/lordstown/document/2310831240306000000000004
NU RIDE INC. Reported by SOLE ANDREW L.
https://www.otcmarkets.com/filing/conv_pdf?id=17420221&guid=OoO-kFooDQAWB3h
Yeah, I don't think the first day motions even hint at that, based on what I've looked at. Maybe he can give us a docket number and we can figure out why he is saying what he says, presuming he isn't just parroting some other baseless claim (a claim by the company that they didn't pay for the plant in their initial court filing doesn't prove their case). I think I've laid out my case, I'm hoping he has some quote in an SEC filing that he can base his/her claim on. I think he/she and the company are both confusing the joint venture with the APA in 2022.
Based on the 10-Q I quoted from, I would say that you are wrong. They sold it for $230 million. I do realize that the company, I think, has made the claim you speak of, but it appears to be wrong. Maybe the company is lying, which is possible, given the history of fraud by Lordstown. However, it might just be that their accountants aren't that smart and confusing the APA with the investment deal, or joint venture. With this 10-Q, unless you have a statement proving otherwise on an SEC filing, then I would say you are wrong without any shadow of doubt. Show me the quote that LMC remained in control of the plant along with the docket number. From the 10-Q, LMC still owned some equipment in the plant, which they have now sold to LandX (unless it was disposed of earlier, they didn't keep the equipment). So, having operations (or former operations) in the plant is not the same thing as control of the plant.
Note 1 of the September 2022 10-Q says that the plant is Foxconn's.
Note 4 of the September 2022 10-Q says they owned equipment in the plant, but did not own the plant or the land. They listed items under construction too, but this is what they said of that:
First Day Motions? BWHAHAHAHA!!!
NoRide sold its assets and exiting bankruptcy as a shell company with no IP.
Get real.
***** NRDE BODs is full of private equity - nothing good is going to come out of this stock - whoops
ENOUGH SAID
Foxconn didn't pay the 170mn owed for plant.
Thus, Lawsuit by LMC who also filed for BK Protection the very same day.
Under first day motions, LMC remained in control of the plant.
Did Foxconn pay for the plant?
Nice move up today.
So what? Really, why post old news? Why reuse an old post of yours?
Andrew Sole bought in March. It's July, and he hasn't bought since. Yes, that's still good news. While I wouldn't say it's necessarily buying large, it is in line with purchases by directors of many other small to large companies (though I didn't do an exhaustive search). So, while it is good news, it's old news.
I agree about William Gallagher's experience, as he did good things with COOP, though NRDE isn't COOP.
I'm not sure why you keep including pictures of cars in your posts, because NRDE isn't a car company, neither selling nor manufacturing (parts or assembling whole vehicles). It's possible they would produce that in the future, but Mr. Gallagher doesn't seem to have experience in that business, so I might expect him to take NRDE in a different direction. That may still be good news for the investor, or it may not be. Just because he worked wonders in COOP, doesn't mean he will have the same result here, though it's reasonable to hope that here. That is, thinking Mr. Gallagher will do something similar isn't just some idiot pumping, but actually a fairly rational thought process.
I still disagree about the Foxconn suit, as clearly the old Lordstown company made some stupid decisions if your interpretation of the facts is correct. The first deal to sell the plant, you claim they didn't pay. (I think they did looking at the filings, but we'll just assume you are right.) Given that they, Foxconn, didn't pay in their first deal, Lordstown thought it was a brilliant move to make a second agreement with the company (Foxconn) that didn't pay them the first time, and now that they didn't pay, then expect Foxconn to pay up as they've shown themselves to be trustworthy in the first deal. You see where I am going. If they didn't pay in the first deal, then for the second deal, the blame goes 100% to Lordstown. Why would they expect payment in the second deal if they didn't follow through with the deal for the plant? It's like selling a car to your friend John, and he doesn't pay you for the car, and you sell him a second car and he doesn't pay you for that either. Yes, John is a terrible person, but you selling the second car to him makes you a bad business person as well. So, on that basis, either Lordstown's/Nu Ride's suit with Foxconn is frivolous, given they knew they shouldn't make the second deal given their failure with the first, or Foxconn actually paid for the plant and there was simply a difference in interpretation of the second deal (the delisting notice vs. actual delisting). I think the latter is more likely, that the plant belongs to Foxconn (the SEC documents filed by Lordstown at the time do seem to show payment and closing of the deal). I also think that the latter scenario is quite possibly a winning formular for Nu Ride in terms of cash, though not billions as that isn't fraud or a conspiracy to bankrupt Lordstown, which I don't think at all is true, that's just sour grapes. It's just air written on the court documents as an accusation in the lawsuit, but I don't think they made their case in the suit in the initial filing. Still, that's a win of $70 million to $200 million, which is great for Nu Ride, for whatever business they choose to enter. It won't be LandX, that's for sure, unless they wait another year or two, in which case the proper response is to sell NRDE stock, take the loss, and then come back and buy when a merger with LandX is possible, which if I read the plea agreement properly, means another year and a half, more or less.
I do think the most likely outcome is for this to NOT be an EV company again, but to be something else, perhaps something in the financial services industry, which is where Mr. Gallagher's experience is. That could be better news than trying to compete in the crowded EV market where more powerful players already have a foothold. Yes, I know that the EV market will only grow, but the competitors have deep pockets. You appear to be overly optimistic with your "billions" outcome hope and shaking Wall Street with big news. It won't be that big, though it may be great for Nu Ride. Nu Ride can also lose, if the judge buys Foxconn's argument. Yes, Nu Ride has good lawyers, but Foxconn has lawyers too, and they have deeper pockets. That last I heard, they haven't ruled on the motion to dismiss yet, so I think they are still negotiating a settlement. That result is most likely, a negotiated settlement. A win, as that will bring cash to NuRide for whatever they want to do.
Restructuring veteran, CEO William Gallagher led, Mr. Cooper Group Inc. COOP to an over $80 PPS today.
Our poor demented friend apparently can't read SEC rulings that clearly show Burns is forbidden to have anything to do with a publicly-traded company.
LandX will not register a stock symbol. Not sure why that is even a question.
Nothing to do with NoRide. Seek help.
Do you mean the upcoming Omnibus hearing, or something else? If it's the Omnibus hearing, then nothing will be discussed about the Foxconn suit.
Stop lying. NoRide has no IP and no auto tech to introduce anywhere. NoRide is a shell company whose biggest assets is its NOLs.NoRide filings state that explicitly.
With Susman Godfrey now representing NU Ride Inc. in it's multi billion dollar lawsuit against Foxconn. Have no fear, Justin A. Nelson has a history of winning litigation for massive amounts. NU Ride Inc. will be taken to a whole new level when CEO Gallagher buys out and acquires LandX. Steve Burns saved and protected Lordstown Motors assets from being divided up by Foxconn. NU Ride Inc. will step in a billion dollars richer and be able to finance anything they choose to do going forward.
Lets not forget that Foxconn never paid the 170 million they owed for the plant and short sellers are Extremely Terrified as we can barely tell. LoL
This lawsuit will go down in history as the US company that broke Taiwan phone maker company Foxconn in half.
The best is yet to come, without a doubt as the best that they can do is hire losers to discredit a monster in the making.
NU Ride Inc. will end up with the plant back with a very serious amount of cash in hand. Make no mistake about it.
It will be a win, win, win.
Meanwhile…however few employees…NoRide wages and fringes must be paid. Ditto for rent, insurance, accountants, and legal fees.
NoRide’s cash is headed in one direction only: out.
And those NOLs age by age he month. And not in a good way.
Hardly, Susman Godfrey are the best in the business. CEO William Gallagher was told, "Make your plans Large" with $NRDE NU Ride Inc.
Susman Godfrey L.L.P. Choose Exceptional https://www.susmangodfrey.com/
With $NRDE retaining the best lawyers in the business. NU Ride Inc. can make it's plans large.
Restructuring veteran William Gallagher led, Mr. Cooper Group Inc. COOP to an over $80 PPS today.
And you never will. NoRide owns no IP or manufacturing capability.
Our demented friend will continue to post lies. There’s nothing to be done about that.
***** Meaningless ! and still no pictures of NRDE ( PU Ride ) vehicles i see - whoops
ENOUGH SAID
Define imminent.
***** Meaningless ! and still no pictures of NRDE ( PU Ride ) vehicles i see - whoops
ENOUGH SAID
I'm not sure what you mean by an NDA. If it has to do with the asset sale to LandX, that's mostly public except for the trade secret aspect of the deal (that is, the trade secrets haven't become public). If it has to do with intellectual property that Lordstown owned, that NDA must be void at this point given that LandX owns those assets, so it can't be that. That is, Burns is not excluded from that deal since his company bought those assets. If there is some secret agreement with LandX, there will still have to be notification of that deal, even if the details are proprietary or quiet. The SEC receives and publishes on EDGAR redacted agreements all the time. So, if there is an NDA regarding the Endurance, they aren't keeping it a secret from Burns at all. So, your first statement doesn't make any sense. What does Nu Ride have that even needs an NDA? From what I can tell, nothing. They are a shell, no revenue, nor production, no trade secrets, nothing like that. I've looked for evidence of an NDA and have found nothing. Again, if it were part of the severance package when Burns left Lordstown, that is no longer in force as Burns owns that material now. If you are thinking of a non-compete clause, that's obviously not in force as LandX was a competitor to Lordstown, but not to Nu Ride.
I do remember LMC/Nu Ride Inc. does have a lawsuit against Foxconn/Hon Hai Precision Industry Co. Ltd. It is ongoing, and the motion to dismiss has not been acted on. As near as I can tell, the Omnibus hearing coming up has to do with the bankruptcy itself, and looks to be about cleaning up some of the loose ends from the bankruptcy. It has nothing to do with the Foxconn lawsuit. I do expect that the companies are negotiating for a settlement. That I agree with. You mentioned an NDA here, and I disagree with that for sure. That's not to say that the negotiations are public, as they aren't. What is public is that there is a lawsuit and that assumes that settlement conversations may be part of the lawsuit. I don't know how "Soon" this will be settled, but I don't think either company will leave it to the judge to decide. I think somewhere between $70 million and $200 million will be the settlement. It won't be billions.
In the mean time, "Wall Street doesn't know what to do and doesn't want to be trapped either" is a fair statement. There isn't a good reason to invest in Nu Ride as they don't have a business. The only current hope for income is the lawsuit, which will give the company cash and maybe a bump in price, at least in the short run. They still need to decide on what business they will pursue, whether they will do something like COOP (not EVs) or some other business. The current Board of Directors suited be an EV company, though I wouldn't rule it out.
Still not sure what the pictures have to do with Nu Ride, as they currently have nothing to do with Nu Ride. The sedan doesn't have anything to do with LandX, as near as I can tell.
***** Meaningless ! and still no pictures of NRDE ( PU Ride ) vehicles i see - whoops
ENOUGH SAID
NU Ride Inc has the NDA and can't say anything to anybody especially Burns. The agreement details have been seen by nobody.
You have to remember LMC/NU Ride Inc. Lawsuit against Foxconn/Hon Hai Precision Industry Co. Ltd. is ongoing and will be settled soon along with the Omnibus hearing coming up.
Wall Street doesn't know what to do and doesn't want to be trapped either. Your own DD is welcomed.
No NDA with LandX. That was a public asset sale. I didn't see any reference to an NDA with that deal. That was a simple asset sale. If there was another agreement since, there would be notice of it even with an NDA.
No NDA with Foxconn. Those are public court hearings. That's not to say there isn't background negotiations which aren't public. But, for a court hearing, it wouldn't be a NDA, it would be a gag order, and there isn't one that I can find.
I'm not sure what those pictures have to do with anything. Yes, the van/truck is LANDX, but the sedan isn't them. SMH.
Was COOP a shell when William Gallagher took over? While this history does speak well of Mr. Gallagher, and does bring legitimate hope to this company, this doesn't seem to be even an apples to oranges comparison. Yes, you are correct that Mr. Sole bought stock in March and continues to receive stock-based compenasation.
Nu Ride's new five-person board is expected to appoint William Gallagher, managing director of M3 Partners — a transaction advisory firm in New York — as Nu Ride's president and CEO, according to the regulatory filing.
Gallagher faced a situation similar to Nu Ride as CEO at WMIH Corp., the public acquisition corporation that succeeded Washington Mutual Inc. — the parent of WaMu Bank in Seattle that was seized by federal thrift regulators in fall 2008. By January 2015, the shell company left over from the failure of Washington Mutual had raised close to $600 million to pursue acquisitions of financial companies that could benefit from its huge, tax-deductible losses, according to a report by the Seattle Times.
Gallagher took over as leader of WMIH in May 2015 "to oversee its acquisition strategy and manage its day-to-day affairs," according to M3 Partners.
He was responsible for "reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups," M3 says.
"Ultimately, WMIH acquired Nationstar Mortgage Holdings to form Mr. Cooper Group," M3 says. Gallagher departed from WMIH after closing the Nationstar acquisition in July 2018.
Bill Gallagher has more than 35 years of experience in finance, investment and financial restructurings. He brings deep expertise in credit analysis and has long-term management experience in the financial services industry.
Prior to joining M3, Bill was the Chief Executive Officer at WMIH Corp (NASDAQ:WMIH), a public acquisition corporation which was the successor to Washington Mutual, Inc., from May 2015 to July 2018. Bill was recruited to WMIH to oversee its acquisition strategy and manage its day-to-day affairs. While there, he worked closely with WMIH’s strategic financial partner, Kohlberg Kravis Roberts & Co. At WMIH, Bill’s responsibilities included reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups. Ultimately, WMIH acquired Nationstar Mortgage Holdings (NYSE symbol NSM) to form Mr. Cooper Group (NASDAQ:COOP). Bill departed from WMIH upon the closing of the acquisition of Nationstar as his job at WMIH was completed.
Prior to WMIH, Bill was CEO and Chief Risk Officer at Capmark Financial Group, formerly known as GMAC Commercial Mortgage (from March 2009 to May 2015). Bill was retained by Capmark to manage its financial restructuring following the global economic crisis and was responsible for the management of the company’s day-to-day affairs, the restructuring of both the company and its assets (including its $15 billion commercial loan portfolio), its bankruptcy process, and its winding down and distribution of assets to creditors and other stakeholders. Capmark was a highly successful restructuring as Bill and his colleagues significantly increased the recovery value to Capmark’s creditors.
Before joining Capmark, Bill was the Chief Credit Officer of RBS Greenwich Capital, the US fixed income investment banking business of the Royal Bank of Scotland, where he was responsible for all aspects of credit risk management. While at RBS Greenwich, Bill was responsible for a wide variety of US corporations and buy-side companies, including corporate borrowers and debt issuers, financial institutions, industrial companies with captive finance businesses, and a variety of US corporations who traded various securities with or through RBS Greenwich.
Earlier in his career, Bill was a Vice President at First Boston Corporation in that firm’s credit risk management department. At First Boston, Bill was responsible for managing credit risk to a wide variety of corporate issuers and financial institutions. Bill began his career at Chemical Bank, where he completed the bank’s credit training program and then worked as a loan officer in the middle market division and a credit officer in the financial institutions division.
Bill has a B.S. in business administration from Syracuse University and an MBA from New York University.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |