Saving Grace
1 day ago
Hardly, Susman Godfrey are the best in the business. CEO William Gallagher was told, "Make your plans Large" with $NRDE NU Ride Inc.
Nu Ride Inc. Retains Susman Godfrey LLP as Litigation Counsel in Foxconn Matter
Jun 20, 2024
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NEW YORK, June 20, 2024 /PRNewswire/ -- Nu Ride Inc. ("Nu Ride" or the "Company") (OTCMKTS: NRDE), formerly known as Lordstown Motors Corp., announced today that it has retained the law firm of Susman Godfrey LLP to represent it in its continuing litigation against Foxconn. Justin A. Nelson is the lead partner on the engagement.
Additional information about the Company is available on the company's website (www.nurideinc.com) and in the Company's filings with the U.S. Securities and Exchange Commission, available at www.sec.gov/edgar.
Please send inquiries to 'inquiries@nurideinc.com'.
Cision View original content:https://www.prnewswire.com/news-releases/nu-ride-inc-retains-susman-godfrey-llp-as-litigation-counsel-in-foxconn-matter-302177719.html
SOURCE Nu Ride Inc.
https://investor.lordstownmotors.com/news-releases/news-release-details/nu-ride-inc-retains-susman-godfrey-llp-litigation-counsel
https://www.susmangodfrey.com/
Saving Grace
2 days ago
Nu Ride Inc. Retains Susman Godfrey LLP as Litigation Counsel in Foxconn Matter
Jun 20, 2024
Download PDF
NEW YORK, June 20, 2024 /PRNewswire/ -- Nu Ride Inc. ("Nu Ride" or the "Company") (OTCMKTS: NRDE), formerly known as Lordstown Motors Corp., announced today that it has retained the law firm of Susman Godfrey LLP to represent it in its continuing litigation against Foxconn. Justin A. Nelson is the lead partner on the engagement.
Additional information about the Company is available on the company's website (www.nurideinc.com) and in the Company's filings with the U.S. Securities and Exchange Commission, available at www.sec.gov/edgar.
Please send inquiries to 'inquiries@nurideinc.com'.
Cision View original content:https://www.prnewswire.com/news-releases/nu-ride-inc-retains-susman-godfrey-llp-as-litigation-counsel-in-foxconn-matter-302177719.html
SOURCE Nu Ride Inc.
https://investor.lordstownmotors.com/news-releases/news-release-details/nu-ride-inc-retains-susman-godfrey-llp-litigation-counsel
https://www.susmangodfrey.com/
dss19552002
1 week ago
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.
dss19552002
2 weeks ago
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.
Saving Grace
2 weeks ago
CEO William Gallagher turns companies around like he did with COOP
This is why directors are buying Large. Director Andrew Sole recently bought $1.2 million Class A common stock.
Managing Director
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.
https://m3-partners.com/senior-team/william-gallagher/
This is our CEO's handy work. CEO Bill Gallagher and why Directors are buying so large.
dss19552002
2 weeks ago
This is 100% untrue. LandX bought Lordstown assets. It's as simple as that. Read the filings. That's it. There is nothing more to that purchase, No secret agreements, no plans from that purchase to merge with Nu Ride, for LandX to buy Nu Ride. Nothing. Nu Ride is not buying the assets back. There is not even a hint of anything like that.
As long as Burns is involved with LandX, there will not be a merger.
Why would this even be a thing. When Nu Ride was formed, they chose fund managers to run the company. They didn't choose EV car executives, or experts at all. The filings suggest that they will go somewhere else in terms of a business plan. Can they go back to making EVs? Sure, that's a possibility. To suggest any more than that is just hype, and not from the company, but from an investor who is impatient with dead money. The vehicles pictured have nothing to do with Nu Ride, obviously, everyone knows that, even you.
Good luck. I do think Nu Ride will do something. How "Huge" the announcement will be is an open question. That we will have to wait. I know there is an omnibus hearing on July 11, but I don't think there will be an announcement from that hearing. That has nothing to do with the suit against Foxconn, which, they may win, they may lose. Lordstown made significant mistakes that allowed Foxconn to end the deal. Lordstown is not simply a victim here, they made some stupid mistakes, as you yourself know.
JoshTaeger
3 weeks ago
Perhaps there's a breakthrough on the horizon.
If you read your own post (and that's a VERY BIG IF), then you will read that NoRide sold ALL ITS IP TO LANDX. So if you suggest that NoRIDE owns any EV IP...or any IP for that matter, you are clearly lying.
But it's doubtful you read your own posts, because if you did, you would see that it's clearly written by an ignoramous. To suggest that LandX is even considering "register[ing] a stock symbol...." (BTW, that's not how going public works, genius) shows complete ignorace of what the SEC ruled and what STEVE BURNS ACCEPTED viz. his malfeascence when he was running the old RIDE.
I can only imagine that you ran out of pants a long time ago...and perhaps lost your house...due to the numerous trouser fires you started.
Saving Grace
3 weeks ago
Game changer; NU Ride Inc. Lawsuit against Foxconn could be worth Billions
LMC was created to provide the capacity to build the USPS's NGDV. EVERYONE thought that the USPS would go EV, WKHS would get the contract and LMC would build the trucks. The plant was specifically designed to build the UPSP trucks.
The USPS trucks would use the same skateboard as the Endurance. Had they gotten the USPS contract the USPS would have paid for all the hard tooling and provided the volume necessary to massively lower the Endurance BOM. The Endurance would be able to be built and sold at a profit.
When the USPS decided to not go EV, EVERYTHING changed. There were two camps.
Camp 1 - Burns wanted to start production of the Endurance, get limited numbers into the hands of the customers. Once they saw the value, they would order lots more. These PO's could be used to scale and reduce costs. Burns still believes that had they gone this route they could have been successful.
Camp 2 - The Board, believed Burns plan was way too expensive and was unlikely to not succeed. They decided they needed to partner with someone who could value from their plant/employees to leverage what was created for the Endurance. Foxconn seemed perfect.
They went with the second route and Foxconn completely screwed them over. If you read the Complaint, it's clear that Foxconn clearly planned on running LMC out of business and taking over everything. They would then be a US based Magna Steyr. -Reddit quote
-Reddit quote
Endurance platform, intellectual property, production line equipment, hub motor agreements, hub motor production line and anything and everything else needed to make the truck was purchased out of Bankruptcy in auction by Steve Burns, and is being rebranded as LandX.
Because of The Pending Lawsuit against Foxconn, Nobody has seen the specific details of the agreement and or any signatures confirming the sale in writing or made publicly
LandX has yet to register a stock symbol and some believe a merger acquisition of NU Ride Inc. is in their sights and to continue on.
dss19552002
3 weeks ago
But, in 2021, Workhorse didn't get the contract. While the contract would have helped Lordstown, they didn't get the chance to deliver on the contract, as they didn't get the contract. Production is still delayed by the winner of the contract, so this is a story that is still going on, but it has had nothing to do with RIDE, or now Nu Ride, for a long time. That's my understanding.
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
1vman
15 hours ago
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