News 
Market Data 
Discover
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.
Check this out.
Lordstown Receives Approval of First Day Motions
LORDSTOWN, Ohio, June 28, 2023 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), ("Lordstown" or the "Company"), today announced that the United States Bankruptcy Court for the District of Delaware (the "Court") entered orders (or indicated it would enter orders) LORDSTOWN, Ohio, June 28, 2023 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), ("Lordstown" or the "Company"), today announced that the United States Bankruptcy Court for the District of Delaware (the "Court") entered orders (or indicated it would enter orders) granting approval, on an interim or final basis (as applicable to the requested relief), of all of the Company's "first day" motions filed in its chapter 11 cases (the "Chapter 11 Cases") on June 27, 2023 (the "Petition Date"). in its chapter 11 cases (the "Chapter 11 Cases") on June 27, 2023 (the "Petition Date").
granting approval, on an interim or final basis (as applicable to the requested relief), of all of the Company's "first day" motions filed in its chapter 11 case
$15 analysts price target. An overview of Lordstown Motors Corp.’s (RIDE) institutional holdings
June 29, 2023
Based on available information, 2 analysts follow Lordstown Motors Corp. (NASDAQ:RIDE). The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $15.00 and a low of $15.00, we find $15.00. Given the previous closing price of $2.29, this indicates a potential upside of 555.02 percent. RIDE stock price is now -56.24% away from the 50-day moving average and -86.93% away from the 200-day moving average. The market capitalization of the company currently stands at $35.41M.
Hon Hai Precision Industry Co. or Foxconn: 21,865,437 shares. Lordstown’s partner remains the principal shareholder. It has made no changes to its holdings since Q1.
No shit, are you following it and what's going on in court.
The Judge is listening to USA startup RIDE and acting in their favor for Foxconn fraud and breach of contract. This will end in a huge settlement for LMC and LMC has the rein, plant and employees back.
Lordstown Motors is the one who is now calling the shots, not Foxconn. We are in the USA and not Taiwan. Foxconn did themself in
Many have offers on the table and Foxconn just sent Fisker packing with no place to run with no plant. The shoe is now on the other foot and Fisker is the one getting the boot unless Foxconn brings their checkbook to the table for rent and a contract for Fisker using Lordstown employees if Lordstown allows it.
After this shit, nobody will do business with a sneaky snake like Foxconn. Nobody and Hightower is again in charge of the platform. Foxconn pushed their weight around and Hightower have them paying the price.
The first hearing went great for RIDE and it will only get worse for the communist Foxconn as the day goes on. Fraud and corruption is what Foxconn is all about and everybody know it now.
LMC offerings will force Foxconn out of plant for good.
The Judge is already leaning in favor with USA, start up, Lordstown Motors. RIDE and frowning on Taiwan communist corporation, Foxconn for interfering with LMC progress. Lordstown may see a huge settlement coming with a lesson to Foxconn for their repeated Fraud and corruption.
Foxconn Seeks Solution to Negotiation With Lordstown Motors.
Hightower has Foxconn back peddling. Foxconn needs LMC more than we know. LMC can bury Foxconn by telling them to get their Fisker shit out of the plant to make room for other OEM's and new LMC partners.
We believe the value proposition for the whole business is clear and compelling. The
Endurance is a fully homologated and certified, production-launched vehicle that can serve
as a springboard into the broader North American EV full-size truck market for the right
purchaser at a fraction of the cost and time that it would take to develop a program from the
ground-up. We are confident that a buyer could utilize the Endurance platform to create
multiple EV variants, potentially including other full-size pickups, SUVs or vans, taking the
product to the next level.
RIDE 1.90.RUN FAST BEFORE JULY 7TH. Will the Company be delisted/stop trading publicly? If so, when?
NASDAQ will commence customary delisting procedures due to the Company’s filing of
Chapter 11 proceedings. Following the delisting, which we expect to take effect on July 7,
2023, trading may promptly commence on the over-the-counter market under the symbol
RIDEQ.
Volvo is watching this like a hawk.
The military is also paying close attention and needs the equipment made in USA. with components manufactured state side. Voltage Valley wants Foxconn gone and out of the picture completely.
Taiwan is over run by the deep state Mafia and about to fall to The Republic of China with Russia backing China for oil exports and Chip imports. Foxconn is backed into a corner by their own doing and got too greedy. Hightower will take it all away from Foxconn as if the deal is a bust, Foxconn's rights to a worldwide conglomerate using LMC proprietary systems also disappear. Foxconn needs LMC a lot more than is realized and Hightower is calling them in or else.
Soon to be frequency driven motors. Voltage valley to be on fire and is ready for massive development with or without Foxconn. Notice how even Apple has backed off.
It's a bowl of spaghetti with many tangibles to be considered. The Judge doesn't want Ohio missing out on massive development and will favor the USA Start up after the greedy foreign communists are exposed for who they really are.
Foxconn will do themself in if they don't get their act together and it will be back to square one with LMC owning the plant once again.
It still may be resolved. RIDE is not bankrupt and Judge
will hear the manipulation, fraud and breach of partnership
contracts first. At the end of the day, LMC may be awarded
the plant and loss of revenue.
First things first.
We may see the short squeeze of a lifetime here.
The Foxconn Litigation details the fact that Foxconn had no intention of living up to its commitments, particularly with respect to the new vehicle development platform. Foxconn simply used its variety of contractual arrangements with the Company Parties as a tool to maliciously and in bad faith destroy the Company Parties’ business—while leveraging resources gained through the partnership to advance its own business interests.
No, the filing is cancelling all deals related with Foxconn for fraud and corrupt businesses activities.
Lordstown Motors is not bankrupt and they make that perfectly clear.
They are suing for all tangibles including assets of the Endurance, including the plant itself, tooling and the crews who are working on it.
It's also noted that RIDE will continue to pay the employees throughout the duration of the suit.
I bet, because of the Foxconn fraud and corruption that RIDE ends up with the plant, tooling and crews with design outlays meaning everything. I also believe that because Foxconn is a foreign entity who is a socialist entity, that RIDE will be granted lost revenue due to Foxconn mischievous actions.
I will bet it will also be proven that Foxconn was involved with the defective parts causing delays from a supplier who was wreaking havoc. Same supplier with all recalls.
RIDE will get the entire plant back and then some and it could be ordered that Foxconn gets the boot from doing business in the U.S.
Foxconn's Fraud, Bad Faith and Repeated Contractual Breaches Irreparably Harm Lordstown According to Complaint
The complaint filed against Foxconn centers on a transformative, strategic partnership Lordstown's management team entered into with Foxconn to combine Lordstown's innovation, technology, accomplished vehicle engineering team and manufacturing facility in Lordstown, Ohio with Foxconn's resources, supply chain capabilities and position as one of the world's largest electronics manufacturers with stated significant automotive capabilities to form a new, scalable joint vehicle development platform.
Under the partnership, Lordstown agreed to divest its most valuable assets to Foxconn, namely its Lordstown, Ohio manufacturing facility, which is one of the largest in North America, along with its highly talented and experienced manufacturing and operational employees. The up-front purchase price for the Lordstown manufacturing facility reflected the expected benefits of the contractual assurances from Foxconn that Foxconn would support the Endurance pickup truck in a variety of ways and follow through on a joint vehicle development program, leveraging what was purported to be Foxconn's established and extensive EV ecosystem and meeting its commitments to the Lordstown community.
The lawsuit details the fact that Foxconn had no intention of living up to its commitments, particularly with respect to the new vehicle development platform. As the lawsuit describes, Foxconn simply used its variety of contractual arrangements with the Company as a tool to maliciously and in bad faith destroy Lordstown's business—while leveraging resources gained through the partnership to advance its own business interests.
Chapter 11 to Maximize Value of Lordstown's Assets
In addition to the decisive action Lordstown is taking to redress Foxconn's tortious conduct, it seeks to maximize the value of the Company's assets and efficiently resolve its contingent liabilities through a Chapter 11 restructuring process. Lordstown has filed motions with the Court seeking authority to commence a comprehensive marketing and sale process under section 363 of the U.S. Bankruptcy Code to realize the full value of its innovative Endurance vehicle and related assets. The Endurance is a fully homologated and certified, production-launched vehicle that can serve as a springboard for the right OEM or other strategic purchaser into the broader North American EV full-size truck market at a fraction of the cost and time it would take to develop a program from the ground-up. The Company is confident that a buyer could utilize the Endurance platform to create multiple EV variants and take the product to the next level.
To ensure a smooth transition into Chapter 11, the Company filed with the Court a series of customary "first day" motions to continue operating the business and uphold its commitments to stakeholders during the process. The Company expects to receive approval of these routine "first day" requests in short order. The Company enters Chapter 11 with significant cash on hand and is debt-free.
Mr. Hightower said, "We remain confident that an orderly, expedited sale process will maximize value for our stakeholders and enable the talent and technology behind the Endurance to find new and supportive ownership. While in Chapter 11, Lordstown will continue to support our customers. We are grateful for the Lordstown team for their commitment and dedication to our vision and to our customers, suppliers and business partners for believing in the Endurance and in the EV evolution
The Company enters Chapter 11 with significant cash on hand and is debt-free.
RIDE is not bankrupt, they filed to restructure partnership liabilities with Foxconn and is the reason for the Chapter 11. Lordstown Motors clearly states this addressing the court.
Because of Foxconn suspected fraud and to sabotage the company, LMC want's out of deal and agreements ASAP to save the company from any liabilities created through Foxconn affairs.
In addition to the decisive action Lordstown is taking to redress Foxconn's tortious conduct, it seeks to maximize the value of the Company's assets and efficiently resolve its contingent liabilities through a Chapter 11 restructuring process. Lordstown has filed motions with the Court seeking authority to commence a comprehensive marketing and sale process under section 363 of the U.S. Bankruptcy Code to realize the full value of its innovative Endurance vehicle and related assets
The Endurance is a fully homologated and certified, production-launched vehicle that can serve as a springboard for the right OEM or other strategic purchaser into the broader North American EV full-size truck market at a fraction of the cost and time it would take to develop a program from the ground-up. The Company is confident that a buyer could utilize the Endurance platform to create multiple EV variants and take the product to the next level.
To ensure a smooth transition into Chapter 11, the Company filed with the Court a series of customary "first day" motions to continue operating the business and uphold its commitments to stakeholders during the process. The Company expects to receive approval of these routine "first day" requests in short order. The Company enters Chapter 11 with significant cash on hand and is debt-free.
It isn't over. LMC gets the plant back with no deal.
Foxconn Sabotage will be proven and destroy Foxconn as being a slippery and shifty communist.
We're hearing that many offers are on the table including Elon Musk with Tesla. The timing couldn't be more right to end ties with communist Foxconn partnership for breaching the contract. In the end it will be Foxonn who is homeless. I believe their sign in voltage valley is already being removed from the plant property while Lordstown Endurance remains.
It's over for Foxconn, not Lordstown. Anything can happen.
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.
AI
