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There’s no reason to expect that. Because…Burns.
You need to pay better attention to the SEC ruling. And stay off the ayahuasca.
A merger with LandX explains the new name NU Ride Inc. being re-branded.
This move will be great as LandX will be able to absorb and eventually write off it's own debt and NU Ribe Inc. liabilities with the merger.
It will all make perfect sense and an excellent business move when announced.
Merger can be expected soon. Strong Hold.
***** BUYER BEWARE !!! Theres no merger coming for NRDE ( PU Ride ) - zero proof of this nonsense
ENOUGH SAID
So, you are saying this is just a rumor? Not a very plausible one. LandX will not likely merge with Nu Ride, and Burns will not be an officer at Nu Ride unless Nu Ride goes private. Why would LandX merge with Nu Ride? If they are looking for a reverse merger, there are other shells, or they could do a SPAC. They could even do an IPO, I suppose. What does Nu Ride have to offer them?
Diamond Peak? Isn't that old news from 2020? What RIDE used to be before it was RIDE.
Omnibus hearing is July 11, I think.
$NRDE NU Ride will skyrocket as Burns praised, soon. Very soon!
Bashers to eat crow.
Call Diamond Peak. Omnibus hearing coming up too.
What merger with LandX? I haven't seen any news about that.
***** Still no pictures of NRDE ( PU Ride ) vehicles I see !!! - whoops
ENOUGH SAID
Yes…and?
Good for Burns. Means nothing for NoRide. Burns will not be involved with a publicly-traded company for the foreseeable future, (little) thanks to the SEC.
Unless your suggesting that Burns is going to make a killing selling the IP back to NoRide for multiples of the $10M he paid fit it?
That would pretty much require all of NoRide’s cash…and then some.
***** NRDE ( PU Ride ) is a shell , they have no way of making vehicles - whoops
ENOUGH SAID
Thanks. We all make mistakes. I know I have. Have a good weekend.
OK, you're right, Andrew Sole's 1.2 million purchase was a cash purchase but the other directors were in fact grants. My mistake, after doing the math. You nailed it. Thanks for clearing that up. Peace <><
What are you talking about?
From your quote of the filing:
They Bought undisclosed amount, allowed to acquire. The board already gets $12,000 cash per quarter and can do whatever they want with it. Read the filing. SMH
Acquired means acquired. You and I agree on that. But you didn't say that!
You said "5 Directors bought large on the 15th.". They did not. Learn to read a Form 4. SMH.
So, you were wrong. I stand by my post.
Acquired Means Acquired! SMH
https://www.otcmarkets.com/stock/NRDE/disclosure
Michael Wartell was not a stock purchase, but an acquisition:
5 Directors bought large on the 15th.
https://www.otcmarkets.com/stock/NRDE/disclosure
From my reading of the lawyer's website, there is no timeline at the moment:
https://www.kccllc.net/lordstown
However, the chapter 11 litigation is largely done, as if you look at the court docket, there are mostly final applications.
The big question is the adversarial lawsuit against Foxconn. That is also visible on this webpage under adversary case proceedings. The last item there is from December 2023 for the motion by Foxconn to dismiss, which hasn't been ruled on yet. I think this will be settled, which might be why the court hasn't yet ruled. However, I don't really know that. The court case could go on for a long time if they don't settle, and I mean possible a year or two.
Based on insider buying, which really hasn't happened since March (the May filings have been stock grants or something like that from what I saw), I can see how you might think this is a good buy. I don't think that's as strong of a signal as you might, but it's a reasonable position. It's also reasonable to expect that they will get some cash from the Foxconn lawsuit, though I don't think billions. So, I can see that being a reasonable reason to play this, at least as some sort of lotto ticket. The litigation may take years, so I don't think this is a short-term play on that basis, but it's fair.
Either way, they do have cash, so they can do something with it, whether it's investing in EVs or some other business, or if they are a reverse merger target for something. It's a lot of hope and ifs for an investment, but as a lotto play, I can certainly see it. To me, your position seems reasonable for investing in this shell. I wish you luck.
Nice to see some volume given the company only has cash and litigation claims as assets.
Do we have a timeframe on when the litigation may be resolved? The stock is almost a gamble on if they will win or lose.
I started a position last week and added to it this week. This seems like a safe bet given the insider buying and potential payday on the litigation. There are plenty of intellectual property and assets to be purchased from failed or failing EV companies if they chose to go that route.
The van picture you have is not an asset, not a tangible asset:
https://www.reddit.com/r/lordstownmotors/comments/19a3dp0/20240108_landx_van_final/
Play the video. It's LandX, not Lordstown and not NuRide.
As far as the Sedan (you keep confusing this with the county, so wherever you are cutting and pasting this from, you should edit that), that doesn't appear to be Nu Ride's either. It looks like a Foxconn product and not Lordstown, and thus not Nu Ride:
cc.tvbs.com.tw/2017program/cars/images/uploads/2022/10/07165252/221009%E5%AF%8C%E5%A3%AB%E5%BA%B7%E5%8E%9F%E5%9E%8B%E8%BB%8A%EF%BC%BF001-1024x576.jpg- look at the web address, it's not even the USA!
https://cc.tvbs.com.tw/2017program/cars/images/uploads/2022/10/07165252/221009%E5%AF%8C%E5%A3%AB%E5%BA%B7%E5%8E%9F%E5%9E%8B%E8%BB%8A%EF%BC%BF001-1024x576.jpg
Sorry about double posting the link, I just wanted to be sure that the address was visible.
Upon further research, the sedan appears to be the Indie EV, I think. It is a Foxconn vehicle, but it was once part of Indie EV as a company, which has folded, as I understand it. A quick look at the Internet shows that the sedan's production has been cancelled. Without doing a deeper dive, this is what I have on this sedan.
Let me start by acknowledging where we agree.
***** Meaningless ! still no pictures of ant NRDE ( PU Ride ) vehicles I see - whoops
ENOUGH SAID
You are wrong. Well, let me explain that. You are correct about box 4, where it's either A or D. Box 3 has more such codes than that. A purchase is P, other acquisitions, like a stock grant is an A. I was talking about box 3, you are talking about box 4. I can see why you would do that, and I might have done the same thing, but either way, you are wrong.
Andrew Sole was a Purchase, that was a P. I agree with you, even though it is mostly indirect ownership.
I did not see the $10 million spent third party engineering and design costs. You talk of tangible assets. They don't have any, so I'm not sure where you get that from as I look at the 10-Q. There are no R&D costs. There is no van or "Sudan". There is, of course no Sudan. That's a country. What are you talking about. There is no sedan either. Read the 10-Q. Read the filings. The filings aren't Reddit pages, or video blogs on YouTube. There is no evidence that Nu Ride is working on a van or a sedan (proper spelling, not Sudan). You should really proof read your posts. Maybe you are referring to $10 million spent before the bankruptcy? That's possible, but isn't really helpful for discussion about Nu Ride.
Your tangible asset claim is total and complete nonsense. the first one, the video, (or really still from a video), that picture is from Reddit, and is about LandX, it isn't about Nu Ride at all. Nu Ride has nothing to do with it. You know that. They don't have a van or a truck. Fact.
The second picture is not Lordstown's either, nor is it Nu Ride's. It is not a tangible asset for Nu Ride. Fact. That one I think belongs to Foxconn, but I'm not sure. Given that clicking on the picture leads to a .tw website, I would say it isn't American at all.
This isn't to say they won't have one in the future, but they don't now. LandX bought all that, as you yourself know.
The company is a shell, and you know that as well.
Oh boy. Obviously, someone has a comprehension problem.
NoRide has no IP and no engineering or design assets. NoRide has cash and NOLs. That is it.
Doesn't matter how much the old RIDE spent (PAST TENSE) on engineering and design. Steve Burns got it all for $10M.
NORIDE HAS NO TANGIBLE ASSETS. Don't believe me? Show us where NoRide reported depreciation on a tangible asset.
It's either A acquired or D disposed. He acquired 52,747 shares of common stock based on the restricted share amount he must hold. It was his choice unlike a warrant, to acquire the shares now based on his restricted amount.
It's a really good signal and I believe we will see more of this coming. Andrew Sole bought his 1.2 million shares on the open market which is another good signal.
The company is getting ready for something and had over 10 million spent on third party engineering and design costs. (tangible assets) which I believe are the Van and Sudan.
Tangible Asset
Tangible Asset
Hightower mentioned the streamlined interior infrastructure of the company when placing an order and all the third party components from tires to head lights that was established in the supply chain with shipping and receiving parts and selling vehicles faster by optimizing sell-through rates with all in one partnerships and have complete overhead control of inventory with complete logistics already handled from a single automatic order process. This system is another tangible asset all on it's own.
We are set up for success and the New CEO and BOD's is a dream come true for any company, ready for lift off which we are.
Just a quick point on the Wartell acquisition. Based on the Form 4, he DID acquire the shares. It DOESN'T look like he purchased them. Looks to be something like a stock grant or issuance based on my understanding of the codes for Box 3 of Table I. If he purchased them, the code would be P not A.
Two points:
1) You do have a point about an insider buying as many shares in the company. The company is a shell, as you say, but I presume that the new BOD expects to do something with the company, so that point is sound.
2) The company has no truck. So, the cash will not help build out production and improvements to the truck. They sold that to LandX as part of the bankruptcy. There is no guarantee that they will return to the EV market once they cease to be a shell. The BOD is made up of fund managers, they release all the EV expertise. That is, they were either fired or really more likely simply terminated or laid off. That's in the recent 10-Q. So, this part of your post is wrong, though if you are new here, it's certainly understandable.
Good luck.
Exactly, Director Wartell Michael J. acquired 52,747 shares on 5/13
No one buys $1.2mm in shares of a shell company with no cash or prospects for the future. There is a plan in place to pursue the lawsuit. Hopefully they will settle out of court and the influx of cash helps build out production and improvements to the truck.
***** Meaningless ! still no pictures of ant NRDE ( PU Ride ) vehicles I see - whoops
ENOUGH SAID
NoRide has NO employees according to their last filing
NoRide is a shell with no IP and no means of generating revenue. Its biggest asset is its NOLs, which do nothing for NoRide but have value to a company that actually generates revenue.
Nu Ride Inc. director acquires over $1.2m in company stock
Nu Ride Inc. (NASDAQ:NRDE), previously known as Lordstown Motors (OTC:NRDE) Corp., has seen significant purchasing activity from one of its directors, Andrew L. Sole. According to recent filings, Sole has acquired a substantial number of shares valued at over $1.2 million, indicating a strong vote of confidence in the motor vehicle company's future prospects.
Over a series of transactions, Sole purchased a total of 543,566 shares of Nu Ride Inc. common stock. The purchases occurred on three separate dates, with the prices per share ranging from $2.2474 to $2.3023. On March 14, 2024, Sole bought 52,603 shares at $2.2474 each. The following day, he added another 225,000 shares to his holdings, paying $2.3023 per share. The buying spree concluded on March 18, with Sole acquiring 264,963 shares at a price of $2.2987 each.
The total amount spent on these transactions amounted to $1,245,307, reflecting a notable investment by the director into the company. It's worth mentioning that these shares are held indirectly by Esopus Creek Value Series Fund LP - Series A, with Sole's pecuniary interest in the securities being the extent of his ownership claim, as per the footnotes in the filing.
This financial move by a key insider often garners the attention of investors, as it may signal insider beliefs about the company's valuation and future performance. Nu Ride Inc., with its focus on the automotive industry, particularly in the manufacturing of passenger car bodies, is at the forefront of a dynamic and evolving sector.
Investors and market watchers alike will be keeping a close eye on Nu Ride Inc. to see how this insider activity might align with the company's strategic direction and performance in the coming quarters.
InvestingPro Insights
Nu Ride Inc. (NASDAQ:NRDE) has captured the market's attention not only through insider buying activity but also through its intriguing financial metrics and analyst expectations. A key point to note from InvestingPro Tips is that analysts are forecasting sales growth for the current year, which could signal a positive outlook for the company's revenue trajectory. This aligns with the recent insider purchases, potentially indicating a belief in the company's growth potential. Additionally, despite the company's significant revenue growth over the last twelve months, Nu Ride Inc. is not expected to be profitable this year, which investors should consider when evaluating the company's near-term financial health.
Looking at the real-time metrics from InvestingPro, Nu Ride Inc. has a market capitalization of 30.58 million USD, which places it in the smaller spectrum of publicly traded companies. The company's Price to Book ratio as of the last twelve months stands at 2.07, which can offer insights into how the market values the company's net assets. The substantial revenue growth of 1106.19% over the last twelve months is particularly eye-catching, although it's important to reconcile this with the company's gross profit margin of -3812.39%, which indicates challenges in maintaining profitability.
For those interested in a deeper dive into Nu Ride Inc., there are additional InvestingPro Tips available that could provide further insights into the company's financial health and market performance. Remember to use coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where you can access a total of 16 additional tips for a comprehensive investment analysis.
https://www.investing.com/news/company-news/nu-ride-inc-director-acquires-over-12m-in-company-stock-93CH-3360747
The writing is on the wall. $NRDE to win largest lawsuit ever recorded. Insiders prepare for massive
Tangible Assets
Tangible Assets
***** NRDE ( PU Ride ) is a shell period - theres no influx of anything coming here - whoops
ENOUGH SAID
Michael J. Wartell
Mr. Wartell is expected to serve as a director beginning on the Effective Date. Mr. Wartell served as the Co-Chief Investment Officer and Owner of Venor Capital Management LP, a private investment management company, from 2005 to 2023. He has also served on the board of directors of Imperium3 New York, Inc, a private energy manufacturing company, since 2023, and Rotech Healthcare, Inc., a private healthcare products company, since 2014. He earned a B.S.E. (cum laude) with concentrations in Finance and Accounting from the Wharton School at the University of Pennsylvania.
Form 4 NU RIDE INC. For: May 13 Filed by: Wartell Michael J.
https://www.streetinsider.com/SEC+Filings/Form+4+NU+RIDE+INC.+For%3A+May+13+Filed+by%3A+Wartell+Michael+J./23235911.html
It's official Michael J. Wartell is in the club.
I agree $20 million is a good amount of cash, for a start up (I don't have a long history with start ups, though 20 years ago I did invest in LQMT after the IPO, just not at the IPO - that didn't work and I got out after losing some money - but way before it became a penny stock like it is now). Though Nu Ride isn't a start up, as it is a shell, but either way $20 million is a good amount of cash for being in its position now. I think we are in essential agreement there.
Foxconn is making EVs, just not for Fisker. Fisker isn't using Foxconn because of their own problems, as I understand it, not because of any alleged fraud by Foxconn. You posted a picture of one of the EVs that Foxconn is making.
Nu Ride has no revenue (per the 10-Q, so revenue growth is -100% from Q1 of last year), and no employees (also according to the 10-Q). That will likely change when they select what they will do as a business. They haven't yet, unless there is news today that I missed.
I understand your comment about "old age". I'm getting there myself.
I know we disagree about the lawsuit. I still don't see fraud, though I understand Nu Ride (Lordstown at the time) does claim fraud and claims billions in damages. They were vague, and billions in damages is a stretch, as they would have to prove that they would be as big as Tesla if it weren't for their fraud. I don't think they can prove that. Either way, I would just caution you that the lawsuit isn't a slam dunk. The court hasn't ruled on the motion to dismiss, so there's a long way to go. I don't see billions, but I do think it is likely that Nu Ride will get millions, maybe as much as $100 million, which would still be great for Nu Ride. This will likely not go to verdict, but will be settled, IMO. That could be why the motion to dismiss hasn't been ruled on yet. Otherwise, if it actually goes to verdict, and maybe appeal, this could take years. Nu Ride needs answers before then, and not rely on Foxconn to give them cash to do what they want to do, whether it's EVs, or IT, or even streaming video, just to name a few options off the top of my head. I am not suggesting that they will compete with Netflix.
I'm not sure what you were talking about with "Foxconn was trying to get LMC for a song and a dance", but Burns got the assets of LMC for a "song and a dance" if that's what you are referring to. $10.2 million doesn't seem like a lot, though LMC certainly had potential, but they didn't really succeed with their EVs. Fisker, for all its problems, did better, though they might not succeed either. I haven't followed them that closely. When I say they did better, I am not saying they did great or even well, though they have (or had) dealerships, which Lordstown never had.
Thanks for your comments about P&G. Not everyone on these boards will admit their mistakes. I know I've made a few myself. I appreciate that.
Good luck.
And the excuse for not acknowledging that NoRide is a shell that has nothing to do with the Lordstown plant and has no capability to do anything in the EV space?
***** LOL Theres zero proof NRDE ( PU Ride ) will be worth billions period - whoops
ENOUGH SAID
A $20,000,000 Shell, soon to be worth Billions is what we have here.
New BOD's who are all Fund Managers will play out big when the Judge hangs Foxconn out to dry.
I was comparing the 20 million NRDE has in the bank to that of a start up.
Your also right about P&G as I was thinking about their mergers but was actually a merger acquisition they had that doesn't even compare.
I don't know why I used that as an example comparison as it doesn't relate anyway.
I went off the mark trying to relate the 20 million NRDE has in the bank and was wrong and misleading on both points.
When you get old like me you'll understand.
Anyway back to the $20,000,000 NRDE has in the bank, will look like chump change when NRDE wins Billions in settlement from Foxconn's fraud.
Foxconn was trying to get LMC for a song and a dance and their plans went south when Burns stepped in. Now nobody wants to do business with Foxconn as they shot themself in the foot on this one where Fisker now wants nothing to do with them
Either way, I believe NRDE will win big over Foxconn as Foxconn is already scraping their EV plans as they will lose any and all rights they thought they had.
$20,000,000 Banked. Lawsuit against Foxconn for Billions, Judgement Coming soon.
This is preparing for a massive influx in court awarded cash thru a positive court decision against Foxconn and optimistically granted. They are crossing T's and dotting I's while proving absolute harm caused to operations from Foxconn's fraud and deceit.
The 10Q spells is out and by using terms such as "going concern" indirectly states, remaining in business.
NU Ride Inc. remains a strong hold as the writing is on the wall
I do not believe SG can read, I think that is why he doesn’t understand the shell declaration
“WE ARE A SHELL COMPANY….”
Says it right there in NoRide’s 10-Q.
Haven’t we been telling you that all along? Now maybe you’ll believe it?
That filing should cease all discussion of NoRide having anything to do with vehicles or the Lordstown plant.
At least NoRide “investors” can cling to the hope of a miracle via the lawsuit, but the NoRide filing makes it pretty clear that pursuing the lawsuit is NOT the BoD’s highest priority. Monetizing the NOLs is.
A couple of additional points or questions:
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.
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