Despite Trump tweet, sale of shuttered Ohio GM plant in doubt

[left-of-center2012]

A tweet from President Donald Trump heralded the potential sale of a factory he has shown an intense interest in saving.
But the fate of a shuttered General Motors plant in Ohio remains very much up in the air.

That’s because the buyer, Cincinnati-based Workhorse Group, is a fledgling electric vehicle maker that has never posted a profit,
has only about 100 employees and warned this year that it might not have enough money to stay in business.

There are major questions about its financial footing.
Workhorse has poured most of its money into research and development, with limited sales, losing $36.5 million last year. It warned in its most recent quarterly filing that it didn’t have enough money to pay for its operations through the first half of this year and needed additional financing to stay afloat.

If Workhorse does begin production there, it would likely start out with a few hundred workers, far less than the 4,500 people GM employed.

https://www.apnews.com/0c7ddc55683a4ca0820a1e9c9dd944fd

[Ohiogal]

1. But .... but .....

Dumpy told us he fixed everything! He wouldn't mislead us, would he???

[Ohiogal]

2. Truer words were never spoken ....

“Nothing ever came of it,” he said. [Tim O'Hara, VP of the UAW] “We’ve been through this in the valley. We’ve had these false promises. We’re kind of used to it, at least we should be.”

[Prof. P.E. Name]

3. Lordstown Plant Sale - Stock Scam?

The facts:
1. Workhorse lost and loses a lot of money (per SEC filings)
2. An order for 1000 electric trucks from UPS is unfilled probably because of open warranty claims
On the first 50 prototypes.
3. Hedge fund lent $35 million to pay others off, small amount for working capital, and give it first position on assets in case of liquidation.
4, Original owner/founder(Burns) removed from all executive positions and replaced by new managers logically approved by lender to watch over their investment.
5. Workhorse is a “penny” stock (less than $1 per share) and has been for over a year.
6. Burns, no longer a Workhorse officer or employee, but presumably with lots of shares worth half dollar or so per share comes up with “plan” to “buy” 6 million sq. ft. GM plant; and then
7. Forms NewCorp. to buy Lordstown plant, sells “minority share (unknown amount but must be reported to SEC at some point) to Workhorse whose actual sales in Q1 2019 are but $364,000.
8. Pres. Putin’s-Puppet does what he did in the 1990’s, gleaning for any good news from anywhere, announced Lordstown plant sold to Workhorse (not true), successfully moves stock price up 400%.
9. Burns happy.
10. Stock price falls and falling.

[Wellstone ruled]

5. Hey thanks for the Post.

Have been following these new Electric Delivery Van thing for several years. Have a Friend in the UPS I-T development department at UPS. Only thing he is allowed to say is,there was issues with Workhorse.

Seen two of their Proto's working here in Vegas and that was well over a year ago,and when I spoke to my contact he said the Proto's prove out okay with Run Times not meeting spec.

So what you report is,Workhorse is just another HedgeFund Head Fake.

[ok_cpu]

4. That can't be true

Portman already Twitter fluffed The Cheetolini over the deal.

[MichMan]

6. I believe that the UAW is opposed to any sale

They are hoping that GM will re open it instead