JohnJ
Elio Addict
I have a couple of hundred to invest. I think I might do a hostile takeover.
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- Thread starter Ekh
- Start date
RSchneider
Elio Addict
Please do it. Then when you take it over, you can be responsible for the $250M in debt. Pay that off and then get to production.
LillyMayPatterson #1685 & #5648
Elio Addict
I sure would like to know what brokerage to use. Seem like it's secret.
JohnJ
Elio Addict
Kidding aside... I don't know much about such things, but can't help wondering if someone did do a hostile takeover and then declared bankruptcy, would all the assets of Elio Motors go up for auction? Someone would be able to get all the designs, plans, etc. for probably very little and be able to start up again with a clean financial slate. ???
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Interested
Elio Aficionado
I think all the assets have already been sold off. Any money left over is Paul's salary. His engineering designs are obsolete and also worthless.
RSchneider
Elio Addict
First off, since Paul is the majority shareholder and then add into that, Elio Engineering (which he owns) that would mean that you'd have to buy up what he and EE have. Then you just can't just easily declare bankruptcy and start over. Some of the money owed are by companies that are really wealthy and will go after you right away. Then you got to deal with that.
Once that's done, you have the IP which is worthless. The Elio has never been proven to give 84 mpg or be built for the price they quoted. Instead, it would be something that you could build maybe 50 per year (at a much larger price) and hope to sell them. Plus, the design was not even close to being finished. So, it's a vehicle that was less than half completed. Not to mention, where are you going to build it? Those suppliers probably never want to talk about anything Elio unless it's cash up front.
Other than that, everything sounds fine.
JohnJ
Elio Addict
Like I said, I don't know much about such things.... Thanks to both of you for your insight. From what you said, as far as an Elio is concerned, we are right and truly screwed !!!
RSchneider
Elio Addict
I ask you this, if Paul announced today that he going into production in 2025, would you trust him?
JohnJ
Elio Addict
It's got to the point that, when it comes to money, I wouldn't trust my own grandmother.
On another point... anyone know exactly how Paul was able to accrue $250 million in debt? Where did all that money go?
Interested
Elio Aficionado
Rule number one when you own a company is to pay yourself. Elio Motors paid Paul for engineering work (separate company). They also paid for construction and outside engineering.