Class Action Elio Lawsuit Has Over 800 Signatures...

[RSchneider]

ATVM requires that the recipient be viable WITHOUT ATVM funds.

ATVM funding is a boost, a complement, not a lifesaver to a drowning operation.

Elio appears to be dead, defunct, FAILED, so does not qualify for ATVM funding.

According to Elio Motors:

The ATVM application process is comprised of 4 stages:

1. Application – Part I: Determine basic eligibility
2. Application – Part II: Confirmatory due diligence
3. Conditional Commitment: Negotiate term sheet
4. Loan Guarantee: Negotiate final agreements

Elio Motors has completed the first stage by submitting an application for a loan of approximately $185 million, the proceeds of which would be used to partly fund the purchase of equipment and equipment installation into the Shreveport facility prior to and ramp up after the start of production. As of January 15, 2015, the Department of Energy (DOE) has confirmed that the Company has achieved the technical criteria for the loan. Due diligence has been pending upon the confirmation of the Company’s financial backing. The Company has shared its production timing plans with the DOE, including the financing milestones to be achieved to kickoff production tooling in order to meet the Company’s start of production date. While the DOE has acknowledged and seems to be sensitive to the Company’s requirements, it has not made any commitments regarding its ability to meet these funding milestones. The specific terms and conditions of the ATVM loan will be negotiated with each applicant during the conditional commitment stage. If the Company is unable to obtain a loan under the ATVM Program, it will rely on funding through the issuance debt and/or equity securities, and customer reservations.

Page 10 from the last SEC filing:
https://ir.eliomotors.com/all-sec-filings#document-380-0001140361-18-042917

From Elio Motors, they have only completed 1 of 4 steps. They are stuck on completing Step 2 which is confirmatory due diligence that relates to confirmation of the company's financial backing. So no confirmation of financial backing, then they never get past step 2. Soon this will be 5 years from the last DOE update. It shows why Elio needs confirmation of financial backing before they can get to step 3. As of today, they do not have financial backing. Until confirmation of financial backing, no reason to discuss the ATVM loan at all. I think 5 years of beating this dead horse is enough.

 

[Watashiwah]

Page 10 from the last SEC filing:
https://ir.eliomotors.com/all-sec-filings#document-380-0001140361-18-042917

From Elio Motors, they have only completed 1 of 4 steps. They are stuck on completing Step 2 which is confirmatory due diligence that relates to confirmation of the company's financial backing. So no confirmation of financial backing, then they never get past step 2. Soon this will be 5 years from the last DOE update. It shows why Elio needs confirmation of financial backing before they can get to step 3. As of today, they do not have financial backing. Until confirmation of financial backing, no reason to discuss the ATVM loan at all. I think 5 years of beating this dead horse is enough.

————————————

This is partly why I submitted a FOIA request to the Department of Energy. My main priority is to try to determine ‘what Paul and Hari knew, and when they knew it.’ It would be fortuitous to also find out, ‘if/what/when Paul and Hari ‘forgot’ what they knew.’ Remember that ‘serial ATVM applicant’ Hari S. Iyer was paid handsomely to be the ATVM go-to guy: how far did he get and how does that figure with their ‘push to get 65,000 reservations?’ Many of their decisions were very puzzling, from both technical and business perspectives, nevertheless, they seemed to always benefit Elio Motors, (to wit: the churn of monies ‘spent’ (Read: transferred) on the likely ‘ego driven’ engine, immediately obsolete frame and body design, and even that ridiculous ‘Elgin Dash’ fiasco). Just where does that promise to build a fleet of 25 to 100 fleet vehicles fit in? There was substantial funding for that non-project.

I’d also like to see how much of the principal ‘common denominator’ ESG Engineering really was: there is some intrigue on how they were incorporated and appeared initially as the principal driver of the ‘three wheeled vehicle’ before Elio Motors was created. Maybe this will show up within DoE correspondence.

There are many intricacies and nuances that might be better understood if we see the timing.

 

[RSchneider]

Let us know what you find out.

 

[Travelbuzz1]

906 Signatures Goal: 1,000

 

[Travelbuzz1]

I wrote the petition company and asked them when this petition began with it's current 908 signatures. Goal: 1,000

Alex (iPetitions)

Nov 8, 00:08 -05

Hello,

We apologize for the late reply. The petition was started in 2015, as far as we can see.
Thank you

Alex
iPetitions.com

 

[RSchneider]

I wrote the petition company and asked them when this petition began with it's current 908 signatures. Goal: 1,000

Alex (iPetitions)

Nov 8, 00:08 -05

Hello,

We apologize for the late reply. The petition was started in 2015, as far as we can see.
Thank you

Alex
iPetitions.com

You need to write Paul Ash. He's doing the class action lawsuit and originator of the petition. iPetition only hosts the petition and they are on;y good to give you Paul Ash's contact infor. The first comments were in May 2015, so that confirms your 2015 date. Looks like when it hits 1000, this class action lawsuit will be filed. So get this up to 1000 and let's see the wheels of justice in action. Make sure that you keep us up to date on the progress as it's getting close. Only 92 signatures to go before justice is served.

 

[Jambe]

What did Paul Elio do that was illegal to justify a lawsuit?

 

[RSchneider]

What did Paul Elio do that was illegal to justify a lawsuit?

Here's what the basis of the lawsuit and what they want done:
"They keep accepting reservations for cars but they have no problem delaying and pushing back the release date of the vehicle. This petition should at the very least, garner enough support to initiate a class action lawsuit that allows customers to get their reservation cost back immediately or in the near future"

In addition to this, further intervention will happen by the government:
"Should the release date be pushed back yet another time, I suggest some sort of government interference to either shutdown or temporarily prevent their ability to collect funds from more unsuspecting buyers"

It's pretty serious and hope that Elio gets it together before they reach 1000. At least they stopped taking reservations a long time ago so I think the government will not be able to do anything about that point.

 

[Ty]

I don't get it. When I reserved my spot in line, it was very clear that Elio may not even produce a vehicle. The reservation also didn't guarantee a production date (or year) and did not say that Elio would be any more transparent when it comes to internal operations than any other business. I can understand that now that operations are at a standstill that they should be up front on delays and financial issues. That is, if they are still taking orders.

 

[RSchneider]

That is, if they are still taking orders.

I know for the last 6 months that I've been trying to get a reservation on an Elio, it never works. Maybe you should try it and see what happens. At least for me, I have a credit card in hand and ready to get a few and it won't let me. I've tried everything from a $100 want in to a $1000 all in. Nothing works.