Wednesday, September 6, 2023

Foxconned in Ohio: Lordstown Motors down to zero?

 
Screenshot from 2020 video by Retiring Guy
HeadlineReuters, 9/5/2023
Bankrupt electric vehicle manufacturer Lordstown Motors has proposed to pay nothing for Taiwan's Foxconn's preferred equity shares, saying it will prioritize other shareholders if an ongoing sales effort generates enough cash to repay other debts. 
Lordstown Motors, named for the Ohio town where it is based, filed a Chapter 11 plan Friday in Delaware bankruptcy court, outlining how it intends to distribute proceeds from an ongoing effort to sell its assets. Lordstown's Chapter 11 plan warned that the value of its assets is "necessarily speculative" at this stage in the bankruptcy and "could potentially be zero."

Other Foxconn and Foxconn/Lordstown posts:
2023
September

August

July

June

May

January

2022

2021
GET ME REWRITE: Yes, Foxconn's $100 milion pledge to UW-Madison was nothing more than a cynical election ploy by Scott Walker.  (8/11)
The mysteries of Foxconn (season 2).  (5/12)
The collapse of Donald Trump's '8th Wonder of the World'.  (4/20)

2020
GET ME REWRITE: Two gullible guys from Racine County still believe anything Foxconn tells them.  (10/23)

Keeping tabs on Foxconn Place in

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