Thank you, I went and printed it out to make an iron on T-shirt.
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The Aftermath
- Thread starter KenK
- Start date
Thank you, I went and printed it out to make an iron on T-shirt.
Elio Amazed
Elio Addict
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Nope, that's not it. We were both wrong. You're talking about a completely separate loan ($9,850,000) owed to Stu's affiliate CH Lending LLC.
NOT the $23M still separately owed to RACER. The $23M note with RACER is subordinated to the lien that the CH Lending LLC note has on the equipment.
And again... doesn't have a thing to do with the real estate.
From page 21 of Elio's SEC filing in 2015... Pay attention to all transactions and liens to CH Capital Lending, LLC, which is an affiliate of Stuart Lichter...
A portion of the purchased machinery and equipment secures a promissory note due to CH Capital Lending, LLC in the principal amount of $9,850,000. CH Capital Lending purchased the note from GemCap Lending I, LLC in August 2014. GemCap Lending originally made the loan to us in February 2013. Interest accrues on the note at 10% per annum, which was due on July 31, 2015. We entered into a forbearance agreement with CH Capital Lending in which CH Capital Lending has agreed to forbear on enforcing the payment of the note until July 31, 2016. CH Capital Lending, LLC is an affiliate of Stuart Lichter and Mr. Lichter has guaranteed the repayment of this note. At December 31, 2014, the unpaid principal balance of the note was $9,850,000. See Note 4. Long-Term Debt of the Notes to Financial Statements for more information regarding this debt obligation.
pg22...
The note to Racer Trust is secured by a lien subordinated to the lien of CH Capital Lending on certain machinery and equipment and is non-interest bearing. The note, as amended, requires monthly principal payments of $173,500 from January 1, 2016 through July 1, 2017, with the remaining outstanding principal due on July 1, 2017. As of December 31, 2014, the outstanding principal balance was $21,038,818. See Note 4. Long-Term Debt of the Notes to Financial Statements for more information regarding this debt obligation.
We plan to keep some of the equipment that is appropriate for our own manufacturing activities and sell the balance, with the sales proceeds to be used to satisfy the CH Capital Lending note.
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TMOSteel
Elio Addict
Bahahahaha. That made me laugh. Like saying a hoverboard maker is starting on the electric passenger plane. There is no way I would spend $800 plus $200 shipping on an electric bike. I dug an electric scooter out of the trash for free and can power it up after replacing its batteries. OR, I can get an 80cc gas motor kit to mount on my bike for $100 from Walmart. In fact, Walmart is selling Ebikes shipping free for less than $400 and electric wheel hub kits for your bike for even cheaper than that. Sondors doesnt stand a long term chance against the Chinese. His bikes will be hit by Trumps import tariffs the same way they will hit the Chinese ones. So he will eventually lose that battle. i saw a lawsuit too with his bikes. I think I mentioned before that Sondors sounds like a name lawyers would want to sue.
You might want to brush up on history a little bit, with that way of thinking we wouldn't have:
Nokia - started out as a company that made paper
3M - planned to sell the mineral corundum, an important ingredient in building grinding wheels
Wrigley - started with soap and baking powder
DuPont - gunpowder
Tiffany & Co. - sold paper, pens and other office materials
Raytheon - refrigeration technology
Xerox - made photographic paper
Berkshire Hathaway - textile manufacturer
Let me know if you want to read about more.
Nothing wrong with dumpster diving, but lets not compare a horse to a Ferrari - if you aren't familiar with his bikes, thats fine but that's a silly comparison. Good luck with the gas motor - where I live its illegal and I would be pulled over, ticketed and have the bike confiscated.
Walmart, hub kits and China bikes - I should ignore this bait but I'll bite, as will those cheap China bikes when they irradiate your family jewels or the paint gives you lead poisoning, but I don't want to digress.
The lawsuit is old news, but Elio's isn't, so tell me again which name sounds more like one lawyers would want to sue?
I already done said all that on a previous post... "Just to clarify folks...Stu, Racer trust and Elio are all in the same bed and under the same sheets and handcuffed together with ankle chains. If Elio can pull this off, Elio gets rich, Stu makes big money, and Racer trust gets their $23million loan back with interest and a huge success of their mandate to repurpose bankrupt automotive properties."...
But I dont really see the point of your trying to get a calculator to zero out on all of the monies involved in the Elio project. Its a senseless waste of time. The whole point of lawyers on everyside making their own contracts with tiny print is to keep the issue murky enough so one side ends up with a legal advantage over the other side. What is omitted in one document ends up being discovered on another document. If I had serious entanglement with with this whole consortium, I wouldnt be trying to make a calculator work. Id have a lawyer sort it out for me. My only point in all this is what I have said several times now. Its clear from the numbers on several public documents that these players are in the same bed in a serious way. So there is cause to assume for an outsider like me that there IS hope for this company. So much cause that I may end up buying stock. If none of this make any sense to you unless the calculator balances to zero, then thats your bag. Its like spelling errors. They dont matter as long as you spell the ticker symbol right.
You might want to brush up on history a little bit, with that way of thinking we wouldn't have:
Nokia - started out as a company that made paper
3M - planned to sell the mineral corundum, an important ingredient in building grinding wheels
Wrigley - started with soap and baking powder
DuPont - gunpowder
Tiffany & Co. - sold paper, pens and other office materials
Raytheon - refrigeration technology
Xerox - made photographic paper
Berkshire Hathaway - textile manufacturer
Let me know if you want to read about more.
Nothing wrong with dumpster diving, but lets not compare a horse to a Ferrari - if you aren't familiar with his bikes, thats fine but that's a silly comparison. Good luck with the gas motor - where I live its illegal and I would be pulled over, ticketed and have the bike confiscated.
Walmart, hub kits and China bikes - I should ignore this bait but I'll bite, as will those cheap China bikes when they irradiate your family jewels or the paint gives you lead poisoning, but I don't want to digress.
The lawsuit is old news, but Elio's isn't, so tell me again which name sounds more like one lawyers would want to sue?
Well, Elio has been around since 2008 and nobody has filed a serious lawsuit yet. That says SOO much. Sondors is messing around in Teslas back yard. They own a ton of electric vehical patents. I remember when Palm started messing around in Apples back yard. After Palm had spent all their money on their new smartphone, apple started slinging threats. Then Verizon got cold feet and canceled their agreement with Palm. Sprint was just too small to sell the number of phones Palm needed and Palm went belly up. Apple didnt have to sue but the waves they made did the job for them.
Hah. I always wanted a home X-ray machine. And you do know that Sondors bikes are imports from the same country as those "china bikes" you mentioned.
I like gas bikes anyway. Fill it up and go. Add a "water bottle" with extra gas. As long as the bike has peddals, the gas bikes are legal in Ohio. If the van breaks down, siphon a bit of gas off and putter to the nearest town for help. No worries about dead batteries.
Tre'
Elio Addict
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I have only been checking in once in a while these days but I find this to be exciting news. For me it all points to the positive outcome of an Elio sitting in my driveway at some point. I take this as not just good news but a 'sigh of relief' good news. Best news I have heard in a while. I hope it is not my 'wishful thinking' gone out of control!
Elio Amazed
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Depends on what you consider serious.
Opps, thats something I didnt know. But Im still suspitious because Toyota I think was licensing Teslas technology for quite awhile till Toyota decide to part ways and go it alone. Its hard to believe Tesla would be willing to give away all that they have achieved. But Californians are prone to do "unusual" things.