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News From Shreveport
- Thread starter Ty
- Start date
Elio Amazed
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I thought that Elio Motors is already being sued by Racer Trust...
Over $100K worth of things Elio Motors took from the plant and sold.
Over $100K worth of things Elio Motors took from the plant and sold.
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PA Car Guy
Elio Enthusiast
Please insure you provide a link with any information as detrimental as a start up getting sued - otherwise you are just starting rumors.
RACER in no way would sue Elio since Racer over saw the disposal of equipment and sanctioned it as part of the deal Elio struck up; furthermore the article on shreveporttimes.com from September simply stated they were requesting a 'review' of what has happened 2008 until now across a broad sprectrum of activities to include the former factory activities.
thx !
Elio Amazed
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'Fraid so old chap. It's been documented on this very site a few times.
I'll see if I can get one of the numerous news articles about it and post the link here asap.
I rarely, if ever, post questions like that without first checking into it. You might do the same.
That didn't take long...
"The settlement money stems from a lawsuit RACER Trust filed against IRG/Shreveport Business Park in August of 2015. According to the suit , RACER Trust took issue with Elio Motor's sale of movable (machinery, equipment trade fixtures, vehicles etc.) and immovable property at the plant.
According to the suit, "Elio began stripping out portions of the movable property, as well as other materials which are components parts of the Immovable Property." The suit goes on to say portions of the equipment and materials that were stripped out were then removed and sold to third parties.
"Once the equipment and material is stripped out, it is impossible to determine the source of those materials and whether those materials were movable property subject to RACER's security interest," the suit states.
In essence, RACER Trust sued because they believed some of the material removed from the plant may not have fallen under its agreement with Elio Motors and IRG/Shreveport Business Park."
So they're technically sueing IRG/Shreveport Business Park for something Elio Motors did.
Isn't it Stu who's on the short end of this? And do you think for a moment that Elio Motors is not going to inevitably be held responsible for that million dollars? If that's the case, folks must be far more charitable than I realize.
And... The only reason Caddo Parish (the owners of the factory) are not accepting the 100K settlement is that they don't think they'd be able to then sue for any more than that if there is more equipment missing that should not have been sold off if they accept it.
http://meredith.worldnow.com/story/...settlement-involving-old-gm-plant?config=H264
I'll see if I can get one of the numerous news articles about it and post the link here asap.
I rarely, if ever, post questions like that without first checking into it. You might do the same.
That didn't take long...
"The settlement money stems from a lawsuit RACER Trust filed against IRG/Shreveport Business Park in August of 2015. According to the suit , RACER Trust took issue with Elio Motor's sale of movable (machinery, equipment trade fixtures, vehicles etc.) and immovable property at the plant.
According to the suit, "Elio began stripping out portions of the movable property, as well as other materials which are components parts of the Immovable Property." The suit goes on to say portions of the equipment and materials that were stripped out were then removed and sold to third parties.
"Once the equipment and material is stripped out, it is impossible to determine the source of those materials and whether those materials were movable property subject to RACER's security interest," the suit states.
In essence, RACER Trust sued because they believed some of the material removed from the plant may not have fallen under its agreement with Elio Motors and IRG/Shreveport Business Park."
So they're technically sueing IRG/Shreveport Business Park for something Elio Motors did.
Isn't it Stu who's on the short end of this? And do you think for a moment that Elio Motors is not going to inevitably be held responsible for that million dollars? If that's the case, folks must be far more charitable than I realize.
And... The only reason Caddo Parish (the owners of the factory) are not accepting the 100K settlement is that they don't think they'd be able to then sue for any more than that if there is more equipment missing that should not have been sold off if they accept it.
http://meredith.worldnow.com/story/...settlement-involving-old-gm-plant?config=H264
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PA Car Guy
Elio Enthusiast
Ok thanks for clearing that up -
You stated 'Elio Motors is already being sued by Racer Trust.'
You provided details outlining '...a lawsuit RACER Trust filed against IRG/Shreveport Business Park in August of 2015'.
So according to your info - Elio themselves did not get sued, the company that provided the lease to Elio did.
I am not an english major, nor a lawyer, but I will interpret it differently than you did.
Thus my point about providing links/info; please don't throw out rumors or false info unnecessarily, old chap.
You stated 'Elio Motors is already being sued by Racer Trust.'
You provided details outlining '...a lawsuit RACER Trust filed against IRG/Shreveport Business Park in August of 2015'.
So according to your info - Elio themselves did not get sued, the company that provided the lease to Elio did.
I am not an english major, nor a lawyer, but I will interpret it differently than you did.
Thus my point about providing links/info; please don't throw out rumors or false info unnecessarily, old chap.
Elio Amazed
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I'd say you're defending your position on a technicality now.
So if you want to get all technical up in here, I said, "I thought that Elio Motors is already being sued by Racer Trust...".
Which is not what you just said that I said.
So back at you with the "false information" whine.
Stu Lichter is the head of IRG, is on the Elio Motors board and is reported to be one of, if not the number 1, Elio investors.
I thought I'd read that Elio Motors was named as co-defendant in the suit, but I've spent enough time on disproving your original denial of a lawsuit, and I'm acknowledging that I'm not 100% on that additional possibility. So I'm not going to research it further. Feel free to find out the particulars though and feel free to post your links here.
So if you want to get all technical up in here, I said, "I thought that Elio Motors is already being sued by Racer Trust...".
Which is not what you just said that I said.
So back at you with the "false information" whine.Stu Lichter is the head of IRG, is on the Elio Motors board and is reported to be one of, if not the number 1, Elio investors.
I thought I'd read that Elio Motors was named as co-defendant in the suit, but I've spent enough time on disproving your original denial of a lawsuit, and I'm acknowledging that I'm not 100% on that additional possibility. So I'm not going to research it further. Feel free to find out the particulars though and feel free to post your links here.
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wizard of ahs
Elio Addict
Sounds like we have a bunch of lawyers on here
I have some experience with legal documents, though I'm NOT a lawyer, and I would go with YOUR interpretation every day of the week and twice on Sundays.
It pretty much boils down to whether the equipment is Real Property (in which Racer has an interest) or personal property (in which Racer has NO INTEREST). The Wild Card in this situation is that TRADE FIXTURES are Real Property which is treated as personal property unless specifically excluded. If Elio is not named as a party to the suit, the issue is not with ELIO. It is with the entity they went to for permission to sell the property.
Now i find it interesting that some will pervert the situation and try to welch on deals already made simply because they wanted more than they were promised. And I'm quite sure Glover has chosen to bring this up for personal gain rather than protection of Shreveport.
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I copied this from one of the documents that was part of that thread.
However, RACER Trust filed a lawsuit last year against SBP/IRG after Elio and those two entities began scrapping movable equipment from the plant to sell.
RACER says it had no objection to Elio doing that as long as the company could no longer use it, but RACER says the equipment was covered by their security interest and RACER is therefore entitled to the proceeds.
Elio, IDB and Caddo Parish are not parties to that suit.
Or one of the other threads at the beginning of Oct., I do believe around 10-8-16
If you would care to help dig through all the posts from the month of Oct.; go for it.
For as fast as everything has been happening over the last month, I'll try harder to include links next time.
I just didn't think anyone would bring up this topic.
However, RACER Trust filed a lawsuit last year against SBP/IRG after Elio and those two entities began scrapping movable equipment from the plant to sell.
RACER says it had no objection to Elio doing that as long as the company could no longer use it, but RACER says the equipment was covered by their security interest and RACER is therefore entitled to the proceeds.
Elio, IDB and Caddo Parish are not parties to that suit.
Or one of the other threads at the beginning of Oct., I do believe around 10-8-16
If you would care to help dig through all the posts from the month of Oct.; go for it.
For as fast as everything has been happening over the last month, I'll try harder to include links next time.
I just didn't think anyone would bring up this topic.