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Lordstown has until middle of October to get price back up.
Then they can apply for an additional 6 months for a grace period beyond that.
I think by end of May we will be back in compliance anyway.
****Exclusive: New Lordstown Motors CEO Edward T. Hightower shares major plans for EV fleet CBT News
RIDE is known for saying more and producing less…much less.
I posted a van from Lordstown Motors last year that was covered by a cloth sheet but we could see the outline was indeed a Step Van.
The picture itself was quickly taken off the internet.
I knew then that something was brewing and at the time, they must not have wanted it disclosed. Workers may have posted it without company approval.
I sent a few emails of it and them too vanished with a broken link.
Foxconn is known for saying less and producing more.
Interesting post on redditt.
Why I'm speculating that Foxconn/LMC could build vehicles for the USPS
Below is information about what has occurred since the start of the USPS NGDV (Next Generation Deliver Vehicle) till now.
For those not aware, the original Workhorse NGDV proposal had the vehicles being produced in Lordstown, the production line was designed to handle it's production. Go to 1:05 of this video [https://www.youtube.com/watch?v=vpLvCF34a\_I](https://www.youtube.com/watch?v=vpLvCF34a_I) The plan was that Workhorse would contract out the body manufacturing to a large truck body manufacturer (not named, but most believe it to be Morgan Olson) and contract out the chassis manufacturing and assembly to Lordstown.
August 13, 2020
**The initial NGDV program was expected to produce between 165k and 185k vehicles.**
[https://www.foxbusiness.com/lifestyle/u-s-postal-service-new-mail-truck](https://www.foxbusiness.com/lifestyle/u-s-postal-service-new-mail-truck)
>"The U.S. Postal Service has confirmed that it plans to award one or multiple contracts for the Next Generation Delivery Vehicle by the end of this year.
>
>The Next Generation Delivery Vehicle (NGDV) will replace the long-serving Grumman Long Life Vehicle, which went out of production in 1994, but has soldiered on at great maintenance cost all these years. **Approximately 180,000 vehicles will be purchased** over five to seven years at a cost of $6.3 billion."
February 25, 2021
**When the initial award was announced it stated a variable 50k-165k trucks and only 10% would be BEV.**
[https://sam.gov/opp/1e56c386808444d886124fc1927f4eb0/view](https://sam.gov/opp/1e56c386808444d886124fc1927f4eb0/view)
>"The U.S. Postal Service awarded a 10-year contract to Oshkosh, WI, based Oshkosh Defense, LLC to manufacture a new generation of U.S.-built postal delivery vehicles. Under the contract’s initial $482 million investment, Oshkosh Defense will finalize the production design of the **Next Generation Delivery Vehicle (NGDV) — a purpose-built, right-hand-drive vehicle for mail and package delivery — and will assemble 50,000 to 165,000 of them over 10 years**. The award is an indefinite delivery, indefinite quantity (IDIQ) contract, meaning that after an initial dollar commitment, the Postal Service will have the ongoing ability to order more NGDV over a fixed period of time, in this case, 10 years."
September 15, 2021
**Workhorse filed suit against the USPS over the NGDV award, but then dropped the lawsuit hoping for work in the future.**
"Workhorse Group Announces Withdrawal of USPS Bid Protest"
**Workhorse had sued the USPS and OShkosh for unfairly awarding the contract to Oshkosh. Just before case was set for oral arguments, Workhorse dropped the case.**
>Workhorse's new CEO Richard Dauch - "The federal government has announced its intention to replace its fleet with electric vehicles, and we believe that the best way for us to work with any governmental agency is through cooperation, not through litigation."
[https://ir.workhorse.com/news-events/press-releases/detail/181/workhorse-group-announces-withdrawal-of-usps-bid-protest](https://ir.workhorse.com/news-events/press-releases/detail/181/workhorse-group-announces-withdrawal-of-usps-bid-protest)
December 2021
**The USPS' Final Environmental Impact Study included the 50k-165k and 10% BEV**
[https://cdxapps.epa.gov/cdx-enepa-II/public/action/eis/details?downloadAttachment=&attachmentId=354121](https://cdxapps.epa.gov/cdx-enepa-II/public/action/eis/details?downloadAttachment=&attachmentId=354121)
>"Summary**:** **The U.S. Postal Service proposes to purchase over ten years 50,000 to 165,000 purpose-built, right-hand-drive (RHD) vehicles – the NGDV – to replace existing delivery vehicles nationwide that have reached the end of their service life**. While the Postal Service has not yet determined the precise mix of powertrains, under the Proposed Action, at least 10 percent of the new vehicles would have battery electric (BEV) powertrains with the remainder being internal combustion engine (ICE). In this FEIS, the Proposed Action is compared against Alternative 1.1 (100 percent RHD COTS ICE vehicles), Alternative 1.2 (100 percent left-hand-drive COTS BEVs), and the No Action Alternative. "
March 24, 2022
**The USPS' first order for NGDV's is for the minimum 50k and states 20% will be BEV**
[https://about.usps.com/newsroom/national-releases/2022/0324-usps-places-order-for-next-gen-delivery-vehicles-to-be-electric.htm](https://about.usps.com/newsroom/national-releases/2022/0324-usps-places-order-for-next-gen-delivery-vehicles-to-be-electric.htm)
>"The Postal Service announced today that it placed its initial Next Generation Delivery Vehicle (NGDV) delivery order with Oshkosh, WI, based Oshkosh Defense at a cost of $2.98 billion. **The first order is for 50,000 vehicles** – a minimum of which will be for 10,019 battery electric vehicles (BEVs)."
June 10, 2022
**The USPS states that they intend to release a supplimental to their NGDV Environmental Impact Study. They state that the prior Final EIS only considered LLV's (Long Life Vehicles) and FFV's (Flex Fuel Vehicles) that would be replaced with NGDV's or COTS vehicles. This Supplimental EIS will address other vehicles that will be replaced, including the puchase of "****60,000 right-hand drive non-NGDV purpose built vehicles****".**
[https://www.federalregister.gov/documents/2022/06/10/2022-12581/notice-of-intent-to-prepare-a-supplement-to-the-next-generation-delivery-vehicles-acquisitions-final](https://www.federalregister.gov/documents/2022/06/10/2022-12581/notice-of-intent-to-prepare-a-supplement-to-the-next-generation-delivery-vehicles-acquisitions-final)
>"First, in response to potential delivery network refinements and route optimization efforts being considered for the postal delivery network, the SEIS would analyze the potential impacts to the delivery fleet from such changes, including whether the changed route length and characteristics warrant an increase in the minimum number of BEV NGDVs to be procured under the Proposed Action set forth in the FEIS.
>
>Second, in response to its need to accelerate the replacement of aged and high-maintenance Long Life Vehicles (LLV) and Flexible Fuel Vehicles (FFV) in furtherance of its Universal Service Obligation, the Postal Service intends to analyze the potential impacts of replacing the remainder of its LLV/FFV fleet with a combination of NGDV and Commercial Off-the-Shelf (COTS) vehicles. **The Postal Service anticipates that the SEIS Proposed Action will propose acquiring up to 37,000 left-hand drive COTS with ICE and BEV powertrains**, which would be deployed on routes with fewer than 21 curb-line delivery points.
>
>Third, as the NGDV FEIS only assessed the environmental impacts from a replacement of the Postal Service's LLV and FFVs, the SEIS would also assess the potential impacts from replacing other aged and high-maintenance non-LLV/FFV postal delivery vehicles. **This** **analysis would include consideration of the acquisition of: (1) up to 60,000 right-hand drive non-NGDV purpose-built vehicles with ICE and BEV powertrains** to place on routes currently utilizing personally owned vehicles (POVs), for rural route growth, and for routes that require a vehicle less than 111 inches tall; and (2) the **acquisition of up to 26,000 left-hand drive COTS with ICE and BEV powertrains** to replace existing COTS delivery vehicles that will reach the end of their service lives within the next ten years."
July 1, 2022
**LMC tweet on National Postal Workers Day**
[https://twitter.com/LordstownMotors/status/1542855690942922753](https://twitter.com/LordstownMotors/status/1542855690942922753)
https://preview.redd.it/tyr44mydvuua1.png?width=1407&format=png&auto=webp&v=enabled&s=4db26ec13bae96f98183f652718d8800e2a6544e
September 7, 2022
**Rob Heber Director of Government Programs - Workhorse Group Aerospace gives an interview about drone deliveries and when talking about the efficiency of drone package deliveries, is asked about the trucks the drones are launching from, he talks about the trucks only having 5 moving parts because of their hub motors. But, Workhorse does not manufacture any trucks with hub motors. 11:20 in below video**
[https://youtu.be/\_L96NAZA61g?t=678](https://youtu.be/_L96NAZA61g?t=678)
**Workhorse NGDV patent**
[https://patents.justia.com/patent/11572004](https://patents.justia.com/patent/11572004)
[https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/11572004](https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/11572004)
**Workhorse patent for NGDV includes option for drone dock in the roof**.
https://preview.redd.it/vx3mmcsu0vua1.png?width=965&format=png&auto=webp&v=enabled&s=e06c73e9e00dc88b1660bd98a9f56f2b029e61ac
**In October 2019 USPS sent out a RFI (Request For Information) about the potential for USPS vehicle launched drones, which Workhorse has a patent on**. **The RFI includes the following -**
>Long Driveway Delivery: the drone launches from a USPS vehicle, makes a delivery, and returns to the vehicle while carrier continues their route.
>
>Remote/Difficult Delivery Points: rugged terrain, small islands, and other areas that are difficult to reach by road.
[https://www.crowell.com/newsevents/alertsnewsletters/all/usps-joins-the-drone-delivery-domain-with-rfi-for-services](https://www.crowell.com/newsevents/alertsnewsletters/all/usps-joins-the-drone-delivery-domain-with-rfi-for-services)
December 20, 2022
**The IRA bill provided the USPS with the required funding to develop EV infrastructure, but it requires that they become 75% EV by 2028.**
**The 106k vehicles the USPS intends to purchase are NGDV and COTS vehicles intended to replace the aged LLV's and FFV's coverend under the FEIS. The breakdown is -**
**NGDV 45,000 BEV 15,000 ICE - Total 60,000**
**COTS 21,000 BEV 25,000 ICE - Total 46,000**
**TOTAL 66,000 BEV 40,000 ICE**
**That would mean only 62% would be BEV and 38% would be ICE.**
[https://about.usps.com/newsroom/national-releases/2022/1220-usps-intends-to-deploy-over-66000-electric-vehicles-by-2028.htm](https://about.usps.com/newsroom/national-releases/2022/1220-usps-intends-to-deploy-over-66000-electric-vehicles-by-2028.htm)
>"The United States Postal Service today announced that it expects to acquire at least 66,000 battery electric delivery vehicles as part of its 106,000 vehicle acquisition plan for deliveries between now and 2028. The vehicles purchased as part of this anticipated plan will begin to replace the Postal Service’s aging delivery fleet of over 220,000 vehicles.
>
>**The Postal Service anticipates at least 60,000 Next Generation Delivery Vehicles (NGDV), of which at least 75% (45,000) will be battery electric. As part of this plan, a total of 21,000 additional commercial off-the-shelf (COTS) vehicles are also expected to be battery electric, depending on market availability and operational feasibility**. The Postal Service also anticipates including internal combustion vehicles necessary to meet immediate vehicle replacement needs."
**The Supplimental EIS will be released "by May". When it's released it should give more detail on what is going to happen.**
>"**By May 2023: USPS will publish for public notice and comment a Draft Supplemental EIS** that will assess the potential environmental impacts of vehicle purchase alternatives, likely including those from today’s announced plan."
**You will be able to find the Supplemental Environmental Impact Study on the EPA's site here -** [**https://cdxapps.epa.gov/cdx-enepa-II/public/action/eis/search**](https://cdxapps.epa.gov/cdx-enepa-II/public/action/eis/search) **To Find it when it comes out, click on 'Agency' and select 'United States Postal Service' and then click search, it will then pull up all the EIS's submitted to the EPA by the USPS.**
The USPS needs a LOT more than 106k vehicles. The notice in June that they USPS would be filing a supplemental to it's FEIS said that it would include analysis of purchasing up to "60,000 right-hand drive non-NGDV purpose built vehicles". If ALL 60,000 of these are BEV then the totals would be 126,000 BEV (76%) and 40,000 ICE (24%). The notice in June also mentions 26,000 COTS vehicles, those could be split 50/50 between BEV and ICE to maintain the 75% BEV requirement.
I believe it's possible that the 60,000 "right-hand non-NGDV purpose-built vehicles" could be built in partnership between Workhorse and Lordstown, much the way the original Workhorse bid would have done, but I believe it also includes Oshkosh. Oshkosh has built a factory to build the bodies. The Endurance chassis was designed to fit not only the Endurance, but also the Workhorse NGDV, so both the Endurance skateboard and the Oshkosh NGDV body were built to the specifications given by the USPS, so it shouldn't be overly difficult to mate the Oshkosh body to the Endurance chassis.
In this scenario I can see LMC being responsible for providing 60,000 Endurance chassis for these "right-hand non-NGDV purpose-built" vehicles. If the final assembly were to take place in Lordstown (which I suspect would be the case) then LMC could be providing additional services besides simply providing the chassis'.
It's OK, it dropped back down that .03 today.
This is like watching a slow moving train wreck waiting for the chemical cars to start exploding. You know it's coming, but it's going to take a little while for the flames to reach the right car to kick it all off.
Reality: production restarted and lordstown is in discussions with potential OEM’s.
Your opinion means nothing!
What are you complaining about. You have been predicting 0.50 with all the other downward deflationary shorts!
“O and another new all time low today..
.50 cents approaching rapidly!”
Now you wonder why it hasn’t gone up more than 0.03.
What a bunch of clowns!
Production and a partnership announcement today and it only rose .03 cents …Mind-blowing sad:(
I think it’s beyond repair ….
I predict share price will rise through the week.
How much revenue from MIH?
The next news will wipe out shorts.
May quarterly will expose massive progress with MIH
and huge revenue streams.
Short sellers and corrupt hedge funds are worried
about a head fake rs were there will be none.
EBS to kick in and last 10 days with no internet or phones.
Govt. contracts are huge, 6 and 9 seat custom units already
in progress.
Corrupt short selling hedge funds are out of gas.
I don’t think they will need an RS, and doubt it will get through customs anyway.
They have 6 months to get the share price up to $1.00.
RS is coming and has already been proposed, reverse stock split ratio ranging from 1:3 to 1:15.
This company has scammed many investors, and Steven Burns should be in jail. It's about time to start talking about a class action since it's obvious the SEC is not going to do their job and the only people who will make money from it if they do, is the government.
I agree - time for an episode of American Greed on this.
Shorts are filling orders at the ask for less than the order price.
We are over the target.
The volume is only in the head, full of sound and fury, and signifying nothing.
Congrats!
Great! RIDE will re-start production of a vehicle that it will, by its own admission, lose money on every truck sold. Ain’t America great?
“We lose a dollar on every sale, but we make it up on the volume.”
-Anonymous
good news, no forecast but they are back to being a "manufacturer" (which they aren't)
LORDSTOWN, Ohio, April 18, 2023 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), an original equipment manufacturer (“OEM”) of electric light duty vehicles focused on the commercial fleet market, and Amerit Fleet Solutions (“Amerit”), a provider of customized fleet maintenance and repair programs nationwide, announced today that it has entered into an agreement for Amerit to provide service and maintenance to Lordstown’s commercial fleet customers.
The Lordstown Endurance™ began commercial production at the Foxconn EV Ohio assembly plant in Q3 2022. Sales started in Q4 2022. Production and deliveries resumed in April 2023 after a pause earlier in the year to address supplier quality issues and are expected to continue at a very low pace.
Under the terms of the agreement, the two companies will jointly provide EV service and warranty for the Lordstown Endurance™ in key states allowed by law, as well as future vehicles developed by Lordstown in collaboration with the Foxconn EV ecosystem.
Amerit is executing plans for the strategic rollout of service locations aligned with Lordstown’s launch plan for initial fleet customers. Prior to the launch of services, Amerit service technicians will complete an extensive safety training program as well as Lordstown’s training curriculum for the Endurance and other future vehicles.
“Amerit is a perfect fit with Lordstown because it is a well-established service provider to the fleet and commercial industry with experience in the service and maintenance of EVs,” said Edward Hightower, CEO & President of Lordstown Motors Corporation. “Our vehicles and connectivity features, combined with Amerit’s mobile service network and innovative maintenance solutions, provide Lordstown with the ability to offer a comprehensive and customized EV experience for our fleet customers.”
“Lordstown is an innovative EV company serving the commercial fleet market, and we look forward to supporting their customers by offering service programs across the US,” said Amerit’s CEO, Dan Williams. “With over 1,800 trained and certified technicians across the country, our customized approach to service programs, and our expertise in providing EV maintenance solutions, we believe that Amerit is ideally suited to rapidly scale services to Lordstown’s Endurance customers and vehicle programs in the future.”
Frequency driven Hub Motors why Lordstown Motors will define the electric space and separate from traditional mechanical shaft driven autos.
I by curiosity watched a YouTube video that caught my attention. It stated that it was about a nuclear powered overland train. That got my attention even though it was never fitted with one, it was only considered. But what was touted as being one of its more innovative designs, was it's in hub electric motors and how they gave the train exceptional diverstability that allowed the overland trains stability over various situations.
Excellent Updates coming! MIH to change the world!
2023 Lordstown Endurance All Electric | Interview and TEST DRIVE - YouTube
LORDSTOWN MOTORS / FOXCONN NEWS 4-6-23 | ALL ABOUT WHAT IS GOING ON AT FOX EV LORDSTOWN HUB #MXUX
I somehow always thought to myself that LMC would surprise the market with an order of 10k trucks by a fleet company. I thought of Hertz since Ninnivagy has connection there plus any of those supposed “firm” orders by the old CEO Burns …. I mean something but the reality is that this company failed completely and now Hightower does not have a saying here as he screwed up being a CEO and Foxconn is calling the shots now being the majority shareholder and only finance partner that LMC has. Reverse split should happen if they want to remain in Nasdaq or maybe LMC wants to move to the OTC or pink market for some time.
When will we see an Episode of American Greed here ?
$.50 12 month target from Goldman Sachs . $.25 is very possible now in the near future
https://www.tickerreport.com/banking-finance/10424687/the-goldman-sachs-group-cuts-lordstown-motors-nasdaqride-price-target-to-0-50.html
Exactly and Tesla had a pack of Hedge Fund scumbag pimps from Europe, ripping on Elon and clawing at Tesla every inch of the way
It's apples and oranges to compare Lordstown to Tesla.
Tesla had a rabidly passionate visionary at the helm, who literally slept under his desk for months on end to drive his team towards success.
Lordstown has a couple of corporate clowns who work 9 to 3 with 2 hour lunches and do "events" to create meaningless PRs.
They have no passion, no resources, an unproven product, no results and a "partnership" which has seen them sell 98% of the actual value of the company to a foreign entity who is NOT their friend and is in fact, researching other partnerships to replace all of the promised production volume that will never materialize with Lordstown.
Comparing this company to Tesla is like comparing Henry Ford to the first guy to hook an ox to a cart.
INSTITUTIONAL OWNERSHIP OF RIDE
IS UP!
https://images.fintel.io/us-ride-so.png
Do you anticipate that the 'light revenue' condition will continue for an extended period of time for Lordstown Motors?. Have you studied the weak performance of Tesla in their early days, and their slow ramp up at their beginning stages?
Asset light…product light…and revenue light. Not a recipe for success. Just survival.
RIDE has been way undervalued by Wall Street and the shorts are taking advantage, but not for long IMHO.
Mobility-In-Harmony (MIH) consortium. Asset-Light Business Model
We announced our intention to pivot to an asset-light business model in late 2021. In May of
2022, we successfully closed the sale of our assembly plant to Foxconn, who took on more than
400 of our experienced automotive manufacturing employees and contract manufacturing of the
Endurance TM. These actions materially reduced our operating complexity and overhead costs,
while providing us with significant capital. We also formed a broader agreement with Foxconn,
and are working with their Mobility-In-Harmony (MIH) consortium, to collaborate on the
development of future electric vehicles. Foxconn also made an additional commitment to directly
invest up to $170 million in LMC, of which $52.7 million has been funded and $117.3 million is
subject to various conditions. Of the total commitment, $100 million is targeted to fund pre-
development work on our future electric vehicle platform and program.
https://www.sec.gov/Archives/edgar/data/1759546/000110465923044145/tm2311215d2_ars.pdf
Lots of cheap shares for me and the tutes!
Retail is losing big time as they sell.
Tutes know what they are doing. Been at it for a lot longer than you!
It’s why they are gobbling up these cheap shares!
54 cents. ‘Nuf said.
Maybe you should tell that to the other 60 institutional investors accumulating more.
JoshTaeger from IHub vs over 60 institutions accumulating more RIDE.
Whose lead should we follow?
Boy thats a tough one.
Those would be six funds that should have mgmt voted out.
Institutions accumulating more RIDE shares
Since April 3 2023:
PBD - Invesco Global Clean Energy ETF reports 12.39% increase in ownership of RIDE / Lordstown Motors Corp
PBW - Invesco WilderHill Clean Energy ETF reports 21.29% increase in ownership of RIDE / Lordstown Motors Corp
UAPIX - Ultrasmall-cap Profund Investor Class reports 6.15% increase in ownership of RIDE / Lordstown Motors Corp
KCXIX - Knights of Columbus U.S. All Cap Index Fund I Shares reports 18.35% increase in ownership of RIDE / Lordstown Motors Corp
SUNAMERICA SERIES TRUST - SA Small Cap Index Portfolio Class 1 reports 5.01% increase in ownership of RIDE / Lordstown Motors Corp
FDIS - Fidelity MSCI Consumer Discretionary Index ETF reports 43.51% increase in ownership of RIDE / Lordstown Motors Corp
That’s just a sampling. Another 60+ institutions that increased their RIDE holdings since February 2023.
I will continue to hold long and accumulate following the lead of institutions!!!!
I guess purchasing 20,000 RIDE shares is laughable to some.
Speaks volumes!
Institutions buy when chicken sh*t retail sells off. Then they sell when the price explodes.
It’s why institutions hold 60 million RIDE shares today.
I’ll be in good company scooping up more shares at 0.50, if it hits.
I am sure you will…
#laughable
Lordstown Motors Corp (US:RIDE) has 259 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 59,936,016 shares. Largest shareholders include BlackRock Inc., Invesco Ltd., PBW - Invesco WilderHill Clean Energy ETF, Vanguard Group Inc, State Street Corp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, IWM - iShares Russell 2000 ETF, Geode Capital Management, Llc, VEXMX - Vanguard Extended Market Index Fund Investor Shares, and IWN - iShares Russell 2000 Value ETF.
If we hit 0.50 I’ll buy another 20,000 shares!
Wall Street has given up, but not Foxconn and institutional investors.
Looking for a major turn around this year!
O and another new all time low today..
.50 cents approaching rapidly!
I read nothing in that statement about the state of current production restarting.
As a result the SP continues to bleed out and drop each passing day..
Absolute piss poor management and leadership. It could be the worst I have ever seen, Hightower at this point isn’t capable of running a used tire store!
I challenge someone to say or prove me otherwise …. More BS promises without producing all it is !
Link to Lordstown Motors Annual Letter to Shareholders. https://investor.lordstownmotors.com/sec-filings/sec-filing/ars/0001104659-23-044145
Filing Date Apr 11, 2023
Document Date Dec 31, 2022
Form Description An annual report to security holders
Filing Group Annual Filings
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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