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Long time listener, first time caller here. I have some insider info regarding a public company that’s about to have a massive layoff and pivot in a completely new direction that’s directly in contradiction with what has been reported to its shareholders and analysts in the past. In addition to that, I have evidence the CEO is in cahoots with another employee to profit off of these layoffs and other highly questionable activities. Is there somewhere I can go to report any of this? I feel it’s something the general public, especially the shareholders, should know, so I want to go for maximum exposure.
Completely disregard this. It is impossible for Workhorse to buy the Lordstown complex, and I’ll show you why. WKHS is in the middle of a death spiral financing agreement with Arosa Capital Management and Marathon Asset Management. Arosa is owned by Till Bechtolsheimer , grandson of Karl-Heinz Kipp, the founder of the Massa department store chain. His sisters wedding was attended by the likes of Prince Harry, Prince William, and numerous other prominent royals.
It wasn’t hard to find out who he was though, because in 2014, his girlfriend (I’m guessing ex girlfriend now) was party to an altercation where it is claimed shesmashed a beer bottle over the back of a mans head for daring to bump into her royal boyfriend at a nightclub. It gets even better. Apparently she was the former vice president of HSBC’s derivatives and structured products arm in New York. What a coincidence. Derivatives and “structured products” are perfect for people who want to invest, but don’t want to actually own the underlying asset.Insiders and beneficial owners don’t have to report option activity or swap contract agreements with 3rd parties chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/http://www.thomsonstockreports.com/pdf/E.pdf, which is perfect for royals and people of their stature who hide all their money in trusts in the City of London.
Okay, so now that we know who our mystery man is, lets move on to the real story. There was roughly 20 million warrant shares registered in S-3’s recently acquired pursuant to a loan agreement with Arosa and Marathon last year. Before Trump issued that Royal Pump on twitter, WKHS was trading under $1.00, and risked being delisted by the Nasdaq. Seems very convenient doesn’t it?
Marathon owns about 10 million warrants, and Arosa 8 million. The exercise price of the warrants has been adjusted down a few times, and as of now they currently sit at $1.25, down from $2.00. The circumstances surrounding how Arosa received these warrants is most unusual…
Huh?….So Arosa loans the company money, then 5 months later they get paid back with a new loan from a completely different lender, but they get to keep the 5 million warrants? That’s one hell of a deal.
Workhorse also recently sold a large asset to Duke Energy, which at the time was being used as collateral in the Arosa loan agreement. Personally, and this is completely my opinion, this transaction reminds me of what they refer to as a “bust out”. Many of you remember how Mitt Romney affiliated Bain Capital would lend to struggling companies under aggressive terms, loot the company of the their assets, then fire everybody. Activity like this is not uncommon in death spiral financing arrangements. Under normal circumstances, it would be impossible for the borrower to secure financing, but due to desperation, they will agree to whatever terms are available with the hope that things might turn around. This isn’t the kind of behavior you’d expect from a company in legitimate talks with General Motors to buy the Lordstown Complex, a 6.2 million square foot facility (getting to that soon).
One of the covenants of the Arosa loan is that Workhorse is to sell Surefly, one of their most important assets. They manufacturer an interesting Multicopter prototype, something that, with the right leadership, has true potential.
They also accrued a warranty liability of 6.9 million in 2018 for batteries that are “defective”. That’s a lot of money to put aside, and a colossal fuck up considering the timing. They are barely scraping by.
Net sales went down 93%????…..Okay, lets take a step back here. 2017 sales were 10 million, but 2018 sales are only $700k? The expenses are almost the same for both years though, so when you do the math, 2018 expenses are 3000% of net sales??? ……………WTF??!! The question we have to ask ourselves now is HOW DO THEY EXPECT TO BUY A 6.2 MILLION SQUARE FOOT 902 ACRE PRODUCTION FACILITY WHEN THEY HAVE VIRTUALLY NO SALES WHILE SIMULTANEOUSLY BEING UP TO THEIR PANTS IN DEBT TO EUROPEAN NOBILITY!!!!! THIS IS AN INSULT TO OUR INTELLIGENCE, OR AS TRUMP LIKES SAYING, “A DISGRACE”!!!!!!
Last, but not least, their competitors are massive corporations with 100’s of years of combined experience..I could keep going on, but I think you get the point by now. The company is facing bankruptcy, had virtually no sales last year, and the covenants in the loan agreement require them to sell one of their most important assets. They put aside 7 million for a warranty liability for batteries that are “defective”, while selling another few million in batteries to Duke Energy. Also, the founder recently left, someone who had been with the company for almost a decade!
The only time I encounter this message is when I’m using a public wifi…In my entire life, I think I can count on one hand how many times I have seen this message on my home connection……. https://www.youtube.com/watch?v=8TMsrflE3y4
**************This is not financial advise. I am not a financial adviser, and the views expressed are purely my opinion. I do not hold any positions in the WKHS, nor do I intend to in the near future*************
Even more airlines are demanding compensation from Boeing over its 737 Max crisis.
Two more Chinese airlines are looking for compensation over losses made after the grounding of 737 Max planes in the aftermath of two fatal crashes, and delayed deliveries of more Max planes.
They join a growing list of airlines from China and around the world that want compensation or amending orders as Boeing’s crisis continues, even as some of them continue to express support for the manufacturer.
The broker(CFD) that I use have the next opening time for Nasdaq 100 Futures to be open at 18:00 Sunday (US time). However I want to know if I can track futures prices during the off-trading hours on Weekends. Is there a website or live tracker that I can use?
The May Flash Markit PMI reading was terrible as it is consistent with just 1.2% GDP growth. The composite output index fell from 53 to 50.9 which was the worst reading in 3 years. Keep in mind, the flash reading is from the first 2 weeks of the month which means the final monthly reading will probably be a bit different because it includes the 2ndhalf of the month.
Since the survey was done when the tariffs were announced, they likely played a role in this decline in sentiment. Business confidence fell to its lowest level since at least 2012.the services business activity PMI fell from 53 to 50.9 which was the lowest reading in 39 months. The level of outstanding business fell for the first time this year and employment growth fell to a 25 month low.
The manufacturing sector PMI fell from 52.6 to 50.6 which was a 116 month low. The PMI was relatively solid last month compared to other manufacturing reports, but this reading was downright terrible as it is below any point during the 2015-2016 manufacturing recession.