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Lordstown Motors Agrees to Sell Assets to Former CEO for $10 Million.

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Lordstown Motors Agrees to Sell Assets to Former CEO for $10 Million.

LORDSTOWN, Ohio – In a surprising turn of events, an agreement was reached late Friday to sell the assets of Lordstown Motors Corp., for $10 million, to LAS Capital and Stephen S. Burns, the founder and former CEO of the EV startup and the majority equity holder of LAS Capital.

The agreement was posted on the bankruptcy court docket at the close of business Friday.

An auction was scheduled to begin at 1 p.m. Friday but was canceled by Lordstown Motors.

In a filing with the U.S. Securities and Exchange Commission, the company reported that it “received several non-binding proposals for the purchase of specified assets … [but] the selling entities through their board determined that none of these other proposals was a qualified bid in accordance with the bid procedures and determined LAS Capital to be the successful bidder.”

The $10 million deal includes “specified assets … related to the design, production and sale of electric light duty vehicles focused on the commercial fleet market free and clear of liens, claims, encumbrances and other interests,” according to the SEC filing, plus the assumption of “certain specified liabilities.”

Julio Rodriquez, former chief financial officer of the company, “is one of the indirect managers of LAS Capital,” Lordstown Motors told the SEC, and is the former chief financial officer of LMC.

Burns and Rodriquez both resigned from Lordstown Motors on June 14, 2021. Neither has had any management role since “and do not currently have any affiliation with the company other than as a third-party bidder” in the bankruptcy court sale process, according to Lordstown Motors.

Burns has personally guaranteed the $10 million purchase price obligation of LAS Capital, which has deposited $1 million into an escrow account.

According to the LAS Capital website, the company name stands for “Land Air and Sea — the three spaces we work within to create superior electric vehicles, and the three of earth’s elements made better by our efforts.”

The site describes Burns as a successful “serial entrepreneur [who has] been a first-mover inthe EV space for the past 15 years. Without naming Lordstown Motors, the website touts that Burns has taken two EV companies public — “one of which reached +$1 billion market cap during his tenure.” Also unmentioned is the fact that Burns founded Burns also founded Workhorse Group, an early investor in Lordstown Motors.

LAS says it has four electric vehicle companies, all of which “have working prototypes and are in various stages of pre-production.” They include Greenstreet, which is developing a three-wheel “fun and sun” EV; RYSE Aero Tech, developer of a vertical take-off and landing aircraft; Blue Innovations Group, whose stated goal is to “revolutionize the entire boating industry”; and Power Shower, the developer of “the world’s first plug-and-play automatic shower head that cuts water waste in half.”

The LAS Capital purchase agreement with Lordstown Motors contains customary representations, warranties and covenants for a bankruptcy transaction. It must be approved by the court, which has set a hearing for Oct. 18.

The agreement can be terminated if is not consummated by Oct. 31.

Lordstown Motors filed Chapter 11 June 27 in U.S. Bankruptcy Court in Delaware. By that time, Burns and Rodriquez were long gone from the company, exits precipitated by a highly critical report published by Hindenburg Research.

In March 2021, Hindenburg accused company executives of misleading investors about demand for the Endurance and the company’s financial strength. “Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities,” the report warned. In fact, Lordstown’s claim of securing 100,000 preorders for the Endurance was “fictitious,” the report said.

Burns and Rodriguez resigned after an ensuing internal inquiry found “issues regarding the accuracy of certain statements regarding the company’s preorders.”

Burns received a $750,000 severance package to be paid over 18 months and was allowed to retain all of his shares in the company.

Between Nov. 16, 2021, and June 21, 2023, Burns liquidated all 46,351,745 shares that at one point comprised more than 26% of Lordstown Motors.

In his first sell-off, on Nov. 12, 2021, Burns jettisoned 3,204,000 shares worth $18.8 million at $5.88 per share.

On June 16, 11 days before the company that he founded filed for Chapter 11, the former CEO sold off his remaining 591,752 shares for a total of $3.9 million.

A complete analysis of Lordstown Motors’ insider stock sales shows that Burns’ total sell-off amounted to $66.8 million. Other than Burns, no other Lordstown Motors insider has sold stock since February 2021.

Pictured at top: Stephen S. Burns at a Lordstown Motors press event in 2020.

Dan O’Brien contributed reporting to this story

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Back Door Power Grab Biden Cartel Child Abuse Commentary Corruption Crime Education Emotional abuse Links from other news sources. Reprints from others. Transgender Uncategorized

Federal Court Upholds Tennessee, Kentucky Ban on Transgender Medical Procedures for Children

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Federal Court Upholds Tennessee, Kentucky Ban on Transgender Medical Procedures for Children. Does my heart good to see that the Federal court stepped in to protect the children. The ruling.

A federal appeals court has upheld a Tennessee and Kentucky ban on transgender-related medical procedures for minors.

The Ohio-based 6th U.S. Circuit Court of Appeals upheld bans in Tennessee and Kentucky by a 2-1 vote, which allows the states to enforce laws prohibiting children from undergoing transgender-related medical procedures, such as puberty blockers, hormones, and surgery, according to a report by Reuters.

Gays Against Groomers on X: “https://t.co/f3hkUrGOlG HUGE WINS in Tennessee and Kentucky as a federal appeals courts upholds ban on child sterilization and mutilation! 🙌 The 6th Circuit panel sided with proponents of “gender-affirming care” bans who say the treatments are unproven and risk permanently…” / X (twitter.com)

 

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Former IRS Consultant Charged With Leaking Trump Docs.

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Former IRS Consultant Charged With Leaking Trump Docs.

Former IRS consultant Charles Littlejohn on Friday was charged with disclosing the tax returns of some of the nation’s wealthiest individuals to the news media, including those of former President Donald Trump, according to Fox News.

Federal prosecutors said Littlejohn, 38, of Washington, D.C., disclosed the tax returns of “thousands of the nation’s wealthiest individuals” to news organizations and tax information associated with a “high-ranking government official” to ProPublica.

He is charged with stealing the files while working as a government contractor, according to the report.

“Littlejohn is charged with one count of unauthorized disclosure of tax returns and return information. If convicted, he faces a maximum penalty of five years in prison,” the Department of Justice said in a news release.

Sen. Mike Crapo of Idaho, the top Republican on the Senate Finance Committee, told The Wall Street Journal that IRS guardrails “failed to prevent this brazen breach of taxpayer rights.”

IRS Commissioner Danny Werfel wouldn’t comment on pending legal issues.

“Any disclosure of taxpayer information is unacceptable,” he said. “The IRS has put in place new protocols and protections that tightened security, and our aggressive work in this critical area continues in order to protect the tax and financial information of taxpayers.”

The charges were filed as a criminal information instead of an indictment, which, according to Fox, typically means the defendant has entered a plea deal.

Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.

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Commentary Elections Links from other news sources.

RFK Jr plans to announce independent run for president.

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RFK Jr plans to announce independent run for president. So it looks as if RFK Jr. may run as an Independent. Of course he will take votes from Biden. And if West follows, then it will make for a very interesting race for President.

This from ABC. 

Robert F. Kennedy Jr. teased an announcement on Friday that he said would create a “sea change in American politics” amid speculation that the Democratic candidate may leave the party. Kennedy previously refused to rule out an independent run for president in August. 2024 contest.

 

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Commentary Corruption Crime Links from other news sources. Opinion Politics Reprints from others. The Courts The Law Uncategorized

Hillary Clinton Gets Bad News From Judge

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Hillary Clinton Gets Bad News From Judge.

Story by Taylor Gold 

The Clinton Foundation, which was launched by former President Bill Clinton and former First Lady Hillary Clinton, has been under major scrutiny and rocked by scandals for years.

As a non-profit, the foundation is accused of abusing its expense privileges and creating a tax haven for the multi-millionaire Clinton family.

The foundation has been involved in shady deals that exploit the Clintons’ power and influence, including the solicitation of large donations from countries where the Clintons have business interests. 

As a result, U.S. Tax Court Judge David Gustafson signaled that more legal problems may lay ahead for the Clintons.

TEAM USA 🇺🇸 on X: “Do you think the investigation into Hillary Clinton and the Clinton Foundation should be reopened? https://t.co/qCvIfEGJPf” / X (twitter.com)

The bombshell “Durham Report” by Special counsel John Durham found that the Clintons have avoided legal trouble due to their power.

Specifically, the FBI and DOJ were guilty of “significant failures” related to investigating allegations into the Clintons.

Beginning in 2014, the Durham report found that the FBI was hesitant and “more careful” to proceed with the investigation into the high-profile political family because agents were “scared with the big name [Clinton]” involved. 

“They were pretty ‘tippy-toeing’ around HRC because there was a chance she would be the next President,” the report found.

A reliable whistleblower alleged IRS improprieties involving the controversial Clinton Foundation.

Judge Gustafson previously refused an IRS request to dismiss the case. The judge has demanded that the IRS disclose whether it conducted a criminal investigation into the foundation.

Judge Gustafson said there is a “gap” in the IRS’s records and suspicions about its investigation.

In 2018, witnesses testified before Congress that the Clinton Foundation wrongfully operated as a foreign lobbyist by accepting overseas donations. This was an illegal attempt to influence U.S. policy.

A reliable source told the FBI that a foreign government planned to support and “contribute” to Hillary Clinton’s anticipated presidential campaign as a way to “gain influence with Clinton should she win the presidency,” the Durham report found.

𝐌𝐂𝐎𝐌𝐒® on X: “After John Durham bombshell, judge breathes new life into Clinton Foundation whistleblower case U.S. Tax Court judge has once again breathed new life into a years-long whistleblower case alleging IRS improprieties involving the controversial Clinton Foundation.   U.S. Tax Court… https://t.co/zt4SjAcEOT” / X (twitter.com)

An FBI field office began investigating this claim and sought a Foreign Intelligence Surveillance Act (FISA) warrant.

Republican Florida Rep. Donalds continued, “Look, the media was in on this from the beginning in my view. They are the ones that were helping to launder out Hillary Clinton’s phony made up information about Donald Trump, the same information that she used with her friends at the upper echelon of FBI to start the Crossfire Hurricane investigation.”

“So her media friends are not going to come out now and say we were wrong and this is damning,” Donalds continued. “They are just going to laugh it off, cover it for one or two days and then ignore it.

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Biden Cartel Censorship Commentary Corruption Government Overreach Immigration The Border Un documented.

CNN reports that Congresswoman Ayanna Pressley Insists ‘the Border is Secure’.

Visits: 30

CNN reports that Congresswoman Ayanna Pressley Insists ‘the Border is Secure’. Massachusetts Rep. and ‘squad’ member Ayanna Pressley, appeared on CNN this week and insisted that the border is secure.

How can that possibly be true? Has she not watched what even the MSM is showing us? Millions under Joe Biden have arrived. Ask the people who live along the border if it’s secure. Ask the politicians, Democrat and Republicans who are complaining. Finally ask the big city Democrat mayors if the border is secure.

CNN’s Jake Tapper had squad member Pressley on his show yesterday to talk about the looming government shutdown. That discussion then transitioned into one about border security because, as Tapper noted, the Senate compromise bill doesn’t contain funding for border security. Tapper noted that there definitely was a crisis at the border saying, “More than 7.7 million people have fled Venezuela; there’s no sign this is slowing down. Do you agree that something needs to be done about our border?” Tapper then pointed to the busloads of migrants being sent to blue cities.

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Biden Cartel Commentary Corruption Crime Emotional abuse Government Overreach How sick is this? Immigration Links from other news sources. Politics Reprints from others.

95-Year-Old Veteran Kicked Out Of Nursing Home To Make Way For The Undocumented.

Visits: 38

95-Year-Old Veteran Kicked Out Of Nursing Home To Make Way For The Undocumented.

By Carver Malone

The housing of illegal immigrants has taken precedence over that of a United States veteran, revealed by a recent story that has enraged many across the country.

Korean War veteran Frank Tammaro was removed from his nursing home facility after a behind-the-scenes deal was cut, turning the Island Shores Senior Residence of Staten Island into a migrant facility.

“I thought my suitcases were going to be on the curb,” Tammaro exclaimed.

Benny Johnson on X: “🚨 95-Year-Old Veteran Becomes HOMELESS After Nursing Home Room Given To Criminal Illegal Aliens By Biden Democrats Meet Frank Tammaro of New York. Frank is a decorated Korean War veteran. Frank signed up to serve his country in 1950. He fought honorably. How have Biden… https://t.co/OtwQ7eg7gG” / X (twitter.com)

“If it wasn’t for my daughter, they would’ve been on the curb.”

In the fall of last year, Tammaro was told that he had until the March to get out of the nursing home, at which point the building would be used to house migrants.

“The thing I’m annoyed about is how they did it. It was very disgraceful what they did to the people in Island Shores,” Tammaro said.

“Everything was done behind closed doors. We didn’t have a chance to actually make any attempt to stop them because there wasn’t enough time.” (Trending: 8 Undeniable Facts About Joe Biden)

Tammaro thankfully had family who was able to bring him into their home, but it is unknown whether the same was true for the remainder of the Island Shore’s residents.

Congresswoman Nicole Malliotakis was extremely upset when she discovered the behind-the-scenes way in which the real estate deal was handled.

“My blood pressure went through the roof when I found out Homes for the Homeless cut a deal with the City of New York to turn Island Shores into a migrant shelter,” Malliotakis stated.

“Our tax dollars as citizens of New York should not be utilized to house citizens of other countries, especially at the expense of our senior citizens and veterans who put their lives on the line, paid taxes their whole lives and built our communities,” she pressed.

Office of Rep. Nicole Malliotakis on X: “It’s absolutely SHAMEFUL that @NYCMayor would cut a shady deal with @HFH_NYC to turn a #StatenIsland assisted living facility into a migrant shelter after seniors were FORCED to leave. Where’s the compassion for our elderly who built our community & paid taxes their whole lives?” / X (twitter.com)

Malliotakis then took to X to call out New York City Mayor Eric Adams.

“Where’s the compassion for our elderly who built our community & paid taxes their whole lives?” she posted.

 

 

Malliotakis is one of millions of Americans who are frustrated with the way in which the Biden Administration has handled security at the border, and then the migrant crisis as a whole.

To add fuel to the fire, Staten Island, a historically Republican pocket of New York City, has been turned into Mayor Adams’ dump site for migrants.

Many of those who call Staten Island home have taken to social media to express their anger over the city’s failing policies.

“Never in my life have I had a problem that I did not see an ending to. I don’t see an ending to this,” the mayor admitted in early September.”

“This issue will destroy New York City — destroy New York City.”

https://twitter.com/i/status/1706483062878748794

 

 

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Biden Cartel Child Abuse Emotional abuse Government Overreach How sick is this? Leftist Virtue(!) Politics Sexual Abuse WOKE

RED ALERT! HHS proposes to remove minors from non “GENDER AFFIRMING” foster homes.

Visits: 24

Yes, you read that right: Biden Admin Proposal Would ‘Transfer’ Kids Out Of Foster Homes That Don’t Affirm Their ‘Gender Identity.’

The Department of Health and Human Services (HHS) released a proposed rule Wednesday that would require states to “transfer” foster children from families who do not support their “gender identity,” a copy of the rule showed.

Under the proposed rule, children in the foster care system will only be placed with families who the HHS classifies as a “safe and appropriate placement,” meaning families must use a child’s “identified pronouns” and “chosen name,” the rule said. “Safe” families will undergo extensive training to “provide” for the child’s “needs,” and the state will transfer fostered children away from families who do not “support” their “self-identified gender identity and expression,” upon completion of an investigation.

“In certain cases, we anticipate that a report from a LGBTQI+ youth that they feel their placement is not safe or appropriate should merit a response of great urgency from the agency,” HHS wrote in the proposed rule. “For example, given the extensive evidence that LGBTQI+ youth who face bullying, discrimination, or harassment related to their sexual orientation or gender identity are at significantly increased risk of violence or self-harm, we anticipate that agencies should respond with urgency when a LGBTQI+ child raises concerns that a placement that is not safe and appropriate.”

https://x.com/SecBecerra/status/1707098246139531666?s=20

Evil made to sound innocent.

Families can apply for a religious exception, but the agency declares it has a “compelling government interest” that outweighs any “religious restrictions.”

Child abuse in its most insidious form,

The rule also clarifies that foster parents will be guilty of “neglect” or “abuse” if they “retaliate” against a child for their “gender identity,” including if they restrict the child’s access to “age-appropriate materials” such as “health care supportive of their sexual orientation and gender identity and expression.” 

Families will be required to help children go through sex-change surgeries or allow them to take puberty blockers, including children younger than 14.

President Joe Biden requested in June that the agency “take action” to “safeguard LGBTQI+ youth from dangerous practices,”

Families who have religious objections to changing genders or engaging in same-sex relationships will not be allowed to foster children who “identify” as “LGBTQIA,” because they will not fit under the definition of a “safe placement,” the rule clarifies. HHS says families can apply for a religious exception, but claimed that the agency has “compelling government interest” that outweighs any “religious restrictions.”

HHS created the rule after President Joe Biden requested in June that the agency “take action” to “safeguard LGBTQI+ youth from dangerous practices,” a White House press release said. Biden praised the HHS rule in a Wednesday press release and said the rule would give children “the services they need to thrive.”

HHS plans to publish the proposed rule on Thursday and will allow individuals to comment on the potential rule for the next 60 days.

Rules by the unelected are not laws.

First reported on The Daily Caller.

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Elon Musk fires X ‘election integrity’ team for undermining election integrity

Visits: 22

Elon Musk fires X ‘election integrity’ team for undermining election integrity

“Oh you mean the ‘Election Integrity’ Team that was undermining election integrity? Yeah, they’re gone.”

By

Image

Elon Musk announced on Wednesday that he has cut the Electoral Integrity team at X (formerly Twitter) in half, including the newly brought on board head of the group, Aaron Rodericks.

When the news was reported, Musk replied “Oh you mean the ‘Election Integrity’ Team that was undermining election integrity? Yeah, they’re gone.”

A person familiar with the circumstances, said that four people had been released, which constitutes the whole of the election integrity unit in Dublin.

In an August blog post, X said that there were positions available on the “threat disruption” team, and that they company was “currently expanding our safety and elections teams to focus on combating manipulation, surfacing inauthentic accounts and closely monitoring the platform for emerging threats.”

In a post concerning election integrity, the platform posted that “You may not use X’s services for the purpose of manipulating or interfering in elections or other civic processes, such as posting or sharing content that may suppress participation, mislead people about when, where, or how to participate in a civic process, or lead to offline violence during an election. Any attempt to undermine the integrity of civic participation undermines our core tenets of freedom of expression and as a result, we will apply labels to violative posts informing users that the content is misleading.”

The post clarified what that meant, however, and noted further that “Not all false or untrue information about politics or civic processes constitutes manipulation or interference. In the absence of other policy violations, the following are generally not in violation of this policy: inaccurate statements about an elected or appointed official, candidate, or political party; organic content that is polarizing, biased, hyperpartisan, or contains controversial viewpoints expressed about elections or politics; discussion of public polling information; voting and audience participation for competitions, game shows, or other entertainment purposes; using X pseudonymously or as a parody, commentary, or fan account to discuss elections or politics.”

This comes after Musk named a new CEO in the spring, Linda Yaccarino, who had been with NBC. She had stated that X would expand trust and safety teams, along with election integrity units.

Trust in the platform’s ability to police itself took a severe downturn after the publication of the Twitter Files, which revealed intensive bias within Twitter management toward Democrats and the left, and that government agencies had been interfering by insisting on policing speech on the site.

Some of the meddling Twitter undertook during the 2020 presidential election included suppressing negative information about Joe Biden and his involvement with his son’s business dealings. Voters polled after the fact said that had they known about these concerns, they would not have voted for Biden in that hotly contested election.

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Back Door Power Grab Biden Cartel Commentary Corruption Education Government Overreach Links from other news sources. The Law

House approves bill striking down Biden’s crackdown on hunting and archery in overwhelmingly bipartisan vote.

Visits: 24

House approves bill striking down Biden’s crackdown on hunting and archery in overwhelmingly bipartisan vote. Yes in Bipartisan fashion,(424-10) the House struck down Joey Boy’s Department of Education’s ruling that you can’t kill Bambi, and schools that teach that will get no Federal funding. 

Actually in July that the Education Department shared federal guidance to hunting education groups highlighting that hunting and archery programs in schools would be stripped of funding. The guidance explained that the administration interpreted the 2022 Bipartisan Safer Communities Act (BSCA) to mean such programs can no longer receive taxpayer funds.

In the guidance, obtained first by Fox News Digital, senior agency official Sarah Martinez wrote that archery, hunter education and wilderness safety courses use weapons that are “technically dangerous weapons” and therefore “may not be funded under” the 1965 Elementary and Secondary Education Act (ESEA), which is the primary source of federal aid for elementary and secondary education across the country.

What say you?

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