RUCRAYZE
Elio Addict
This thread is misplaced - should be with the jokes. Can't believe the energy generated.
Good luck all, see ya in a few weeks.
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- Thread starter Ekh
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Good luck all, see ya in a few weeks.
BaldGuy
Elio Addict
I see Elio got a new badge since the last time I looked. Its: Two Independent Directors
Stop sign is still there. Not sure if this is good or bad and don't even fully understand what this means.
https://www.otcmarkets.com/stock/ELIO/quote
Stop sign is still there. Not sure if this is good or bad and don't even fully understand what this means.
https://www.otcmarkets.com/stock/ELIO/quote
Does not mean much. Stop sign is the only thing worth knowing. Someone was propping up the shares at 90 cents, reduced to 75 cents, and now 60 cents. There are no real buyers for the stock. I think the stock is being propped up because it is used as collateral for a callable loan.
RSchneider
Elio Addict
It's been there for about 6 months. What I see is that the two independent directors told Paul to make it harder for refundables to get their refund and stop posting any blogs whatsoever. I guess next on the list is to stop paying Zendesk to filter out and answer most emails, then use a free hosting website. Maybe something like www.altivista.com/eliomotors might be one to look at. I see Lycos still has a webpage.
BaldGuy
Elio Addict
Paul has said they didn't spend the refundable. So all they should have to do is ask, and they get it back. As far as the weekly blogs, I think that is a good thing specially since they no longer take desposits for the Elio. Not much to gain but embarrassment. Will be interesting to see if Paul shows up again somewhere. Last time was 2019 in Ohio.
RSchneider
Elio Addict
Please reread this:
I never said he wasn't doing the refunds, just making it harder. Please answer this, Do you think that when it takes 7 months to get a $250 refund out of Elio Motors, it's a bit excessive?
BaldGuy
Elio Addict
Least you got it. More then can be said to the countless of All In's who's money helped everyone including "I want In's" to advance the project. I doubt they have many working on doing the refunds. Every so many months he prob. pays someone to send the checks out.
So to answer your question, sooner would be preferred. But considering how they prob handle it due to lack of a full fledge business, its understandable.
Watashiwah
Elio Addict
What’s even more ‘understandable’ given the almost unbelievable absence of information, and now this ‘delay’ to make escrowed refunds is how Paul and Co. essentially threw any ‘good will’ towards Elio Motors ‘out the window.’ Paul and Hari (and the ‘disappearing’ (read: some came from or went with Hari) Principals, Officers and key employees) made their elusive ‘funding opportunities’ substantially and effectively impossible. The ‘shell game’ of both invoking and dismissing the need for the impossible ATVM loan was artfully and beautifully coordinated, IMHO.
At what point, ever, did it look enticing for a well heeled investor to come onboard? Paul and Hari hid behind ‘Forward Looking Statements’ and imho ‘convenient’ leaks and ‘initiatives’ (that 65,000 reservationist push, comes to mind as well as the funding for the 25 to 100 car ‘fleet’) that all lined Paul and Hari’s pockets and ESG Engineering (small world!).
Remember that EM employee lamenting how Paul had no interest in fitting prototype panels and providing engineering support? I maintain that sometime before then (maybe years), Paul and Hari realized that production had nothing to do with their own windfall and financial ‘success.’
In my personal opinion this was much more than chronic ‘poor business and engineering decisions.’ Very few of us got an opportunity to get a ‘test drive’ on a working ‘prototype,’ but we all did ‘get taken on a ride.’
Maybe Paul, Hari, and Co. will also benefit from the sentiment that ‘they were such poor businessmen and engineers that they ‘lost out’ too.’ If that’s the case then they shouldn’t be in this business and makes a mockery of Hari’s ‘serial entrepreneurship’ endeavors and ESG Engineering going forward and these Principals need to be forever associated with this debacle. They cannot have it both ways.
Again, Paul and Hari can always join this site and let us know I’m wrong!! With no forthcoming information, it’s anyone’s guess what happened.
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Made in USA
Elio Addict
I wonder if the SEC will investigate Elio Motors/Paul Elio/Elio Motors Directors for failure to properly communicate with the "public" shareholders. They have a fiduciary commitment that is not being followed. The SEC has been known to fine individuals for this type of thing and filing for bankruptcy may not protect them.
The Four Elements
(1) Fiduciary Duty
The “fiduciary duty” element requires that the defendant owe a special duty to the plaintiff. Examples include the duty that a trustee owes to the beneficiaries of a trust, the duty owed by officers and directors of a corporation to the shareholders of such corporation, and the duty owed by a majority shareholder in their dealings with minority shareholders.
(2) Breach
The “breach” element goes to whether the person owing the fiduciary duty breached such duty. This is typically a fact-intensive question for the jury and is likely the most contentious issue at trial.
(3) Damages
Once a duty is established and breach can be shown, a plaintiff must show that the breach caused him or her damages.
(4) Causation
The plaintiff must show that the damages he or she suffered were actually caused (1) by the defendant and (2) because of their breach of fiduciary duty. “The element of causation is satisfied when the plaintiff proves that the defendant’s conduct was a substantial contributing cause of the injury.” Aller v. Law Office of Carole C. Schriefer, P.C., 140 P.3d 23, 26 (Colo. App. 2005)
Good info: https://www.upcounsel.com/breach-of-fiduciary-duty
The Four Elements
(1) Fiduciary Duty
The “fiduciary duty” element requires that the defendant owe a special duty to the plaintiff. Examples include the duty that a trustee owes to the beneficiaries of a trust, the duty owed by officers and directors of a corporation to the shareholders of such corporation, and the duty owed by a majority shareholder in their dealings with minority shareholders.
(2) Breach
The “breach” element goes to whether the person owing the fiduciary duty breached such duty. This is typically a fact-intensive question for the jury and is likely the most contentious issue at trial.
(3) Damages
Once a duty is established and breach can be shown, a plaintiff must show that the breach caused him or her damages.
(4) Causation
The plaintiff must show that the damages he or she suffered were actually caused (1) by the defendant and (2) because of their breach of fiduciary duty. “The element of causation is satisfied when the plaintiff proves that the defendant’s conduct was a substantial contributing cause of the injury.” Aller v. Law Office of Carole C. Schriefer, P.C., 140 P.3d 23, 26 (Colo. App. 2005)
Good info: https://www.upcounsel.com/breach-of-fiduciary-duty
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This is the biggest site of Elio optimism. Elio Facebook page banned most commenters and filters out almost all the comments of others. Not many believers left here anymore. If Elio Motors is still pretending to be viable, they will have to put in more effort.