 Okay, this is a piece from June 15, on track to make production in late September, a day after Burns and Rodriguez resigned in battle truck companies, enough funding to operate through May 2022. There will be no disruptions to our day-to-day operations. This is interesting. Rich Smith said the company needs more experienced leadership, and while Lordstown didn't say the investigation led to Burns and Rodriguez's resignations, he indicated the findings contributed, at least in part, to their abrupt departures. It was a little bit above. Now, he said we needed more seasoned leadership, and I just want to say here that, you know, Burns and Old Steve Burns here, Burns and Rodriguez started a car company in ten months and got a car off the ground in ten months. Lucid's been trying to get a car off the ground for 12 years, I think. So these guys are, they've had quite an accomplishment here. People are diminishing it, but it's just breathtaking how far they've come in so little time. Like what it took Lucid a year, they did in one month. So I think we got a hand it to them for what they did. Also, I would say in the last, you can look at my previous videos, you can see where he received shares, got shares from the company that totaled about 26%. He's the single largest shareholder. Those were gift shares that were gifted to him to keep him on board. So this is all very mysterious. Now, the CFO also pretty much kept him in the money and got all this done and did all right now. He had some problems getting the report out last month. I think that had to do with them doing strategy there. But anyway, I think he may be a sacrificial lamb. And I think in many ways Burns is also a sacrificial lamb to get the target off their back, which is, you know, it is what it is. I will say in protest, I did diminish my position just ever so slightly single digits percentage because of Burns leaving because I am a fan of Burns and studied him. Anyway, this is interesting. Needs more experience leadership, which is, you know, what does that mean? You know, the findings contributed. They didn't didn't lead to their departure. So, you know, what did? And I'll just talk about those findings. Okay. Well, let me let me, I'm not going to bother pulling them up. Here's the thing. You can read through the Lordstown report and the third party investigator. They found everything Hindenburg said was totally false. Okay, everything. And the one thing that they brought out was that a number of orders were given to a company that they felt could not afford to buy the trucks. Well, listen, here's the thing. You know, you have the distribution under a curve, right? That's a lousy curve. Here's the median. Here's a left tail. Here's a right tail. This is not not going to not going to buy. This is buy, right? Okay, this is the median. Most of the people on this side are going to buy. The tail is definitely going to buy starts diminishing and most of the people here probably aren't going to buy and the tail is definitely not going to buy. Anyway, this is a normal distribution under a curve. You know, yeah, you're going to have cases in any data set that fall on the left tail. You know, how many standard deviations and all that? I forget my math, but the point is that's number one. Number two, this is a new technology. New technology never been an electric pickup truck before. Never been an electric fleet pickup truck before. Nobody ever tried to sell an electric fleet truck before. Who's to say who cannot pay or will not pay or will pay? What are they basing that on? Okay, I went through a lot of this stuff for some previous videos and there was one case in particular where there was a couple of guys that were going to start a leasing company and they were a startup and they were going to start a leasing company and they put in orders for a number of trucks and they said, well, it was kind of a letterhead business, but you know, a lot of these leasing companies, they never take physical ownership of the trucks. But the point is, so these guys, you know, these young guys are doing a startup, whatever, young girls, and they're going to order these trucks and they're going to get these orders from these fleets and they're going to be the middle man and they're going to take ownership or and lease them to the fleet so they can get the tax deduction for the expense and then they're going to depreciate them, right? And at the end of an auction month. All right, so they get the orders, comes time to do the deals, they go to the bank to go, here's the orders we got, here's the receivables we got based on these orders, you know, loan us some money based on these receivables, it's done all the time. So anyway, I'm a little more lenient on the whole orders thing. I don't think Steve Burns and he even mentioned himself, and I tried to look up some statistics on this, it can be difficult actually to break out fleet pickup trucks in and of themselves, although I may not have known what I was doing exactly, but because it's just kind of lumped together with these big trucks and so forth. But the other thing is, there are no stats on electric pickup trails, sales, absolutely none. So I would love to know what they based that judgment on. Anyway, the point is, and they pay people for leads, I went over that in another video, that's, you know, that's like paying a headhunter to find your new CEO, of course you're going to pay people to do searches for customers. Anyway, in my opinion. Anyway, that's all I got to say here. Let me see if I can get some more information on this. Okay, Lordstown Motors stops work on electric van to focus on pickup truck. I believe the EV startup said it was accelerating the development of the van in March. They were putting together the hard metal forms for the stamping in the conference column. They said that was part of the expense was running this up. Now here's the thing, Lordstown Motors has stopped work to aim all at the vehicle. I believe that the the starter previously announced the March of accelerating work on the van. But since then, see he burns and Rodriguez resigning after blah, blah, blah. The thing is, this, and I'm going to go through this on another video link video segment, but Burns has previously built a high talk RV to with 350 miles of range. First mass produced all electric RV. Here's the thing that will have to wait. Burns wanted to diversify the product line with this camper and he had entered into it. We'll go over this in a second, a partnership with Leotis and Leotis told him he could sell every camper that they made. And when I, when they say making a camper based on my personal experience, personal research, so forth on this, you can, you have to do your own duty. They're building a van. They're building a shell. They might put a special electrical system in it. That shell is then going to go to a third party and be fitted out as a camper. Okay. So what they're building is a van that's going to be turned into a camper, but they had entered into a joint partnership with joint venture with Leotis to build this thing. And they were also going to build at a later date, you know, these trailers like an air stream trailer. Well, you know, they have propane tanks on them. When you park them in a remote area, use the propane to power the stove and the heat or whatever. Burns wanted to build a battery pack and control system that would be put into the frame of these trailers that were going to be towed so that they would be powered by electricity. Okay. Rather than propane. And these were both, but I just want to say pickup truck. I did a video on this as well. Pickup trucks are pickup truck buyers or RV buyers. And I'm going to tell you, Ford knows about this market too, because I owned a Ford pickup truck. It was a Ford Ranger, I believe. I'm not sure. It was a one ton truck. I think it was a 250. I'm not sure. Again, I'm not sure about anything anymore after the last video. Anyway, the point is, you know what it was called? It was called a camper special. Because Ford knows this. That was back in the day they were making camper specials. Okay. This is a big market. And it's a big market for pickup trucks. And they were going to sell the endurance pickup trucks. Camping World has locations in all 50 states. And they were going to use it to show them for the truck. And they were going to sell the truck there. And also this, they were pushing ahead on this camper van, which also would have delivery van things. Now here's the thing. They, let's say the CFO and Burns got this together and they were doing all this and they started doing this. And everything was hunky dory with the cat. And this is one of the scenarios I'm coming up with. Maybe you guys can tell me a better scenario in the comments. I don't know. Anyway, they were all hunky dory. They had the truck on track for production. And they were doing this van. They got the stamping presses together for it. They were going to and everything was working out. And then Hindenburg hit. And what Hindenburg did was it knocked the stock price down with this phony report. But that limited them in saving money. Or I'm sorry, issuing stock because, you know, they would only raise so much money issuing the stock at a lower price and so forth. But the point is, the thing that I think did them in, Burns and the CFO was, they had to bring the frame shop in house. Most of the auto manufacturers, according to my limited research and some comments also from some engineering people that commented on some videos I had made. It's a very exacting thing to build a frame for a vehicle. Most of the big auto manufacturers farm out their frame development. They don't do it in house. What happened with Burns, he said, and kind of mumbled under his voice when he was talking about this. Two of the suppliers they were working with dropped out. And the third one, jacked the price up through the roof that would, you know, just ruin their economics. Now, let me just go down a rabbit hole on this. If they're working for Ford, these frame developers, okay. And Sandy Burns did a thing about this, about how car OEMs lean on these suppliers. You know, Ford is going to go to them, you want to sell two billion frames to us next year, whatever the number is, then you don't sell them to Lordstown. And then on the third one, they said, well, you know what, you raise the price. This is me. Okay. But I think this is realistically what could have happened. But anyway, bringing the frame shop in house seems to be the straw that broke the candles back with the budget. And then the Hindenburg report, which was a totally separate matter. I mean, I think they were totally on track. The Hindenburg report was just a distraction, really. But then they were in a position of raising money. Okay. And then dealing with all this SEC stuff and the rest of it. Who knows, maybe the SEC will find something. I don't think there's very much there. But anyway, this, that will have to wait while the startup focuses on surviving. We do have a prototype van completed. Ah, blah, blah, okay. So, but okay, later in December, but at this point, we are currently focused only on the endurance. President Rich Schmidt said during automotive event. Now the head of engineering and Schmidt both have made statements in other articles that I've read on this, but they are definitely not doing a camper. They are definitely not working with Camping World. Schmidt also said that a collaboration with RV company is on hold. Okay. Which is supposed to involve service centers that would support the van. Okay. They, here's one scenario. Okay. That's our goal for the next to make sure we hit our production charts and forward. Okay. The point is, they have aced out Camping World. And, you know, it makes me wonder if this, because, you know, I said in a previous video that Camping World was in a position to give them some financial support. I am wondering if Burns was going to announce some kind of financial deal over Lordstown Week. This is just a scenario. Put it out there. You guys tell me what you think in the comments. He was going to announce, because Leotis was supposed to be at Lordstown Week. Obviously, he is going to be there now. But anyway, the point is they were going to announce some type of financial deal, maybe during the Lordstown Week. And there was a revolt by the staff. You know, a lot of the senior staff sold a bunch of their stock. It was weird. It seems like maybe a mutiny. Schmidt and the head of engineering, both of those guys are arm in arm on this, along with the board member, the woman that is taking over, along with the COO that is taking over in the interim. So, they are all a lockstep on this. So, it looks like they turned on this whole idea of involving Camping World in the company for whatever reason. Maybe they felt, well, they had limited resources and they wanted to, I think, you know, that Burns wanted to shoot the moon and go for it all. And I think, you know, Leotis was going to give them some, perhaps some money. I don't know this. And they were going to do a public offering. But, you know, this would have given them more, a couple other income streams, you know, the van. And they could have sold the truck and the van. The van would have been through Camping World. And also they could sell the pickup truck through Camping World. It all seemed to make sense to me. As I said, RV owners or pickup truck owners, maybe they thought it would damage the brand. Maybe they just thought it wasn't feasible in the face of everything. Not being able to raise, maybe they didn't feel they could raise the money or maybe they got the word from whoever. But I think definitely this is an issue that took part of this. And the point is, the whole thing with Camping World, it's a big part of this. No one's coming out and saying it. But I have to get the juice. Anybody got any insight information out there? Let's have some comments. Let's find out what's going on. Anyway, that's my take on it. Okay, here's a piece from Green Car Reports on the Camping World Leotis CEO, their partnership. Anyway, Lordstown Endurance Electric Pickup Truck will spawn an electric RV project with Camping World. Okay. Anyway, announced a business relationship. Some of them call it a venture, a joint venture, you know, it's hard to say. Anyway, the point is, here's called a partnership includes initially plans to provide an integrated lift on for travel trailers that would eliminate the need for noisy standalone generators. And also Camping World was going to be a service and collision network for the endurance. And so you could see they were getting pretty integrated there. This is a big press event they had. I covered this in some of my other videos. There are two of them there. And anyway, the point is, that's what was going on. And this is what they are stopping. And you can see here's a Winnebago. Ooh, there we go. And then let's see here. We can get the, there's the endurance. So anyway, there's a Winnebago. I guess that's, and there's Leotis. And that's the Camping World CEO. And there's the endurance. Anyway, I've done another video on this. I suspect that Camping World might come in with some money for them or something else. But anyway, the point is, this I think is the wedge that drove Burns out. And I think that the CFO was, you know, sacrificial lamb. Anyway, I don't know, perhaps he and Burns were in on this together and they joined forces. This is what it seems like to me. Anyway, I don't know. I'm just trying to use some deductive reasoning here. Tell me what you think in the comments. But anyway, that's that. Okay, here's a little bit more background on Lordstown. This is a really recent article here. And I just wanted to point out a couple of things. Lord explains it has a lot of real orders too. And this is from June 16 21 at 8am. Talking about Steve Schmitt's orders, you know, we have enough for 21 and 22 we have 400k, they say 400k 500k left in cash. This is their estimate. 15 20,000 units, we can guess there must be at least 15,000 of those are for for firm orders. I don't know what that is. I remember when they first started, they said they had 30k firmer for firm orders, firm orders. Okay, so I don't know, maybe they're, you know, who knows what the SEC breathed down their neck. And again, this has never been built. This has never been sold. There's never been an electric pickup truck. Nobody knows. Nobody knows. Okay, the price is going to go up. And after a tax credit, it's going to be 47 50. Now it says here, go with the Ford f 150 lightning for 39 nine, which is 40k, which is less, you know, 70 $7500 less, or the cyber truck for 39 nine. Okay, these are not not the same vehicles. I'll just point out two things. Takes 10 hours to charge an f 150 on a on a 220 line. Okay, forever, you run this battery out during the work day, you're finished. Okay. And the cyber truck, this is the one motor thing, cyber truck, not not not all will drive. And this also is not real all four wheel drive as the endurance has. And also these two trucks, again, I'm going to bring this up. Neither one of them has a solid rear axle. I do not believe they can handle any real work situation without a solid rear axle. They got a suburban. It's essentially the same suspension they have in a suburban. Okay. I don't know. Anyway, they got 250 miles of range on the endurance 109 kilowatt battery. Here's the thing. AC charging 11 kilowatt onboard charge of 10 hours. Okay, AC DC fast charging 30 90 minutes. Okay. And towing capacity 7500 pounds. But the point is the real difference here is the battery efficiency and the curb weight, which is going to relate to wear and tear the Ford truck is very heavy. And also the charging times are better on the endurance. And I'm sure there's a lot of you out there that are better experts than me on the charging thing. I'm again, can't be bothered with those with the minutiae. All right. Anyway, I just wanted to bring that up. Okay. In a lot of my article videos, I talk about the risk profile, not risk management in accounting sense necessarily, but I'm talking about the personality of the person. I think that I did a little recruiting back in the day. Anyway, I think matching the risk profile of the candidate to the risk profile of the company is critical for the success of that person's career and for the success of that company anyway. And so I found the 16 personalities. I'm going to see if I could find a better example. But this is planning the risk by personality type. Okay. Blah, blah, blah, blah, blah. And you tend to take risks without thinking about the consequences. Probably not the best question to ask for our purposes here. But I just wanted to show you give you an idea of what I was talking about. I'm going to see if I can find a better example than this. Executives in a plain tone here are what? 30% of executives are high risk profile. Entrepreneurs almost 60%. Okay. These are rough percentages. My lines aren't that good. The point is Burns and Leotis, the head of Camping World, they have an entrepreneurial band. They have a much higher risk profile. They're shoot the moon, get out over your skis, crash and burn, make it to the moon or crash and burn kind of guys. The people that have taken over now, Schmidt, the head of engineering, I'm sorry, I forgot his name. I haven't looked in the background of the board member, but she's involved in fleet management. Anyway, I would categorize these guys more as more of the executive class, more conservative, definitely a lower risk profile. When you talk about Schmidt and the head of engineering, definitely less risk profile. And I don't want to be anti-feminists here or anti-women, but women tend to have a lower risk profile than men. It's just their personality types, I feel. I think that's borne out by research too. But the point is, what you've had here at Lord's Time is you've had a shift from the entrepreneurial spirit to a more conservative spirit. I'm just going to go out on a limb here. I'm going to say I think Burns and Leotis were going to do the dog and pony show and shoot the moon. I don't know. That's one scenario that could have been happening. And they were going to go for funding and do the whole enchilada. And the board, I think some of the top executives might have revolted against this. And this is my soap opera version. And gone to the board and the board decided these guys were out over their skis and they wanted to put the kibosh on the whole thing before Lord's Time. Anyway, so you've got lower risk now. Let me see. I wrote this down. Fortunes can favor the bold. I'll just tell you, I did a story and also, now they have this government advanced manufacturing techniques loan coming up that they're trying to get as well. And they might be doing housekeeping for that as well by pushing Burns out and the CFO and focusing the efforts and so forth. Now the thing is, and bringing in a professional manager, I just want to say I did a video on Abterra or it's actually a Terra is supposed to be pronounced, which is the three-wheeled vehicle, which I am a fan of, three-wheeled electric vehicle. Sandy Monroe is on board with that. But anyway, the point is the first iteration of Abterra was going for this loan as well. And Ford got billions in this. And this was under the Obama administration. Ford got billions. Tesla got half a billion. Okay. So Abterra was basing their whole emphasis on getting this loan, which Lord's Time may also be doing. And what they did was they brought in, you know, a professional manager from a CEO, executive from the auto industry. They forced out the founders. Again, and now here is the key we're going to watch for in Lord's Time. And this may have already happened. What happened to Abterra is they deviated from the vision of the founders. And they switched the course of the company to developing a four-wheeled vehicle. They felt that that would put them in better stead to get this loan. And basically, they did not go bankrupt. They liquidated. Okay. As you know, I've seen some YouTubers saying Lord's Time is going to go bankrupt. Lord's Time can't go bankrupt. It doesn't have any debt. Okay. Anyway, the point is Abterra followed the same. Now, you know, the question is, was Burns the one changing the role of the company? Or, and they're bringing it back to the original thought? Or I don't know. I think with a more varied income streams and better capacity utilization at the plant, you know, taking the competition to other sectors and not just in the pickup truck sector, you weigh that against, you know, the company going broke or whatever. So what do you do? You shoot the moon or do you go conservative? I don't know. You know, it is what it is. Steve Burns was a target of, you know, Jim Kramer and his ill. I don't know why there isn't a counterpoint to Jim Kramer. Why doesn't Jim Kramer, why isn't, why aren't his statements challenged? Why don't they have a counterpoint on that program? Why don't we say, Jim, I don't agree with you. Blah, blah, blah. No one ever counters anything he says. And you've got to realize that's NBC. Ford, for example, spends $2 billion on advertising. You get my drift. Anyway, I just wanted to go over this whole risk profile thing because I think I'm personally interested in it. But it just goes, you show you what the shift was. Okay. So you're going from some, from high risk, high risk tolerance, senior management to moderate risk or low risk senior management. So, you know, at what stage is this company? Does it, does it need a high risk manager? Or is it at the point now where they can take it down to a moderate risk manager? It's 10 months old. I don't know. Of course, it's been doing one year per month in development. Maybe we could say it's 10 years old. I don't know. Anyway, we are de-risking. And again, this is an accounting term. I'm not talking about accounting, although the CFO might have gone because he didn't report this risk too clearly to the board as well. But anyway, the point is they're de-risking and well, they're, they're going conserving, conserving cash and so forth. I think, like I said, Steve Burns wanted to shoot the moon and go for it all. And the board said we're not going to do that. You know, perhaps this is one scenario. We're going to go conservative. We're going to go for this loan. This is our best bet right now. We got 250 million or more on the line. And again, APTERRA did the same thing or ATERRA did the same thing, did not get the loan. Okay. Makes perfect sense for this company to get the loan. Will it? I don't know. In the last go around, they favored Ford. Ford's developing electric vehicles. If Ford's in it for this loan, anyway, that's just my two cents on that. Okay. I just wanted to go down the rabbit hole a little bit here. I want to talk about Smedley Butler. Has anyone ever heard of Smedley Butler? Smedley Butler was the, is one of the most decorated soldiers in American history. I think he won the Medal of Honor twice. He's fought in all kinds of wars. He fought in World War I. During the 30s, he was approached by a group of Wall Street bankers and prominent businessmen with a plot to overthrow the country. And I'm just going to give you a summary here. We'll go over some details in a minute. Anyway, they came to him. They said, you know, and he was well known as a standup guy and a war hero. And he fought for soldiers, pensions, and other things. And he was a really good, good dude. Anyway, the point is, they come to them, these backroom guys, and they say, you know, you know, we're going to give you a million dollars to organize. And that was a lot of money back then to, or they wanted him to use his stature to organize a group of half a million veterans. And they wanted to oust FDR. And because they were, they were POed because FDR wanted to go off the gold standard. And because he was giving things to the poor people and giving people jobs, you know, and this is true. And this is all a true story. I advise you all to research this. And what Smedley did was he went along with them. And then until he got evidence and he brought someone with him, there's a whole story behind this. Then he went to Congress. And there were congressional hearings about this whole thing. And at the time, and up until recently, really, this, this was all considered a laughing stock. It was all made up and everything. As it says in this article in the 20th, in the recent century or so, secret files have come out that said this was all true. And the thing is, there is a number of Fortune 50, Fortune 100 companies behind this plot. There were many major Wall Street banks behind this plot. Basically, the same players that are, I feel behind a lot of this static that Lordstown Motors. So I'm just saying, if you don't think that Wall Street and corporate America can get behind an issue and throw their way to run, you're sadly mistaken. I've done a lot. You know, I was interested in this story years ago, and I found a lot of information at that time. And it was very easy to find the list of the companies that were involved and the individuals that were involved in this. I tried to find some for this piece last couple of days. I don't know where they went. It's almost as if they've been scrubbed from the internet. And I don't know if there's been, you know, lawsuits or cease and desist or what. Anyway, I will just go through this real quick 34 claim, blah, blah, blah, plot to overthrow President Franklin Roosevelt in favor of a fascist government. And that was in 34. They want to use Smedley Butler, most decorated hero of his time. I suspect the names like Grayson, God, I don't know who these people are, and Prescott Bush. I'm not going to mention that name too many times. And anyway, he was the eldest of a Quaker family. He joined the Marines when he was 16 years old. The Marines actually have a marching song. They sing to Smedley Butler, an ode to Smedley Butler. He was a soldier in the Boxer Rebellion when multiple medals of honor. Okay, here he is right here. Here's Smedley, a real stand up guy, and a good dude all around, a real hero, real patriot. Anyway, here's the business fly. Butler was approached by Bob Doyle. McGuire, a Bond salesman, and Doyle, members of the American Legion, blah, blah, blah. And they approached him with a million dollars to raise a half million man army. Prescott Bush, one of the men implicated. I'm not going to say that name again. Here's some talk about that. Part of from the gold standard and other concerns about FDR's policies, particularly his plan to provide subsidization and jobs for the poor. Okay, here's one of the one of the names mentioned here, an heir to the singer sowing fortune. And the only only way to save the country from FDR was a coup, military state run by former servicemen. And they gave Smedley Butler financing and an army of half a million men and financial backing from an assortment of rich businessmen. Okay, McGuire told friends, he believed the fascist state, this is the witness that Smedley brought to the meeting, one of the meetings. A fascist state was the only answer to America, and that Smedley was the ideal leader. You can organize one million men overnight. Okay, here's one of the guys that was involved, a partner with J.P. Morgan. Okay, quickly becoming known as the White House Coup and Wall Street Push, I don't know what that word is, I'm sorry. Those implicated ranging from the DuPont family to Prescott, I keep saying that name, laughed off Butler's claims and he was routinely laughed off as they blew this off as a big joke and it was all a figment. Okay, evidence of the validity of Butler's testimony was not released until the 21st century when the committee's papers were published in the public domain. No one was ever prosecuted in connection to the plot. But anyway, the point is, the reason I'm bringing this up is, you guys can do your own research and find out, I'm not going to put it on here, I don't want to deal with it. But anyway, these names are in the public domain and they say I can't find them, but find a copy of this report. Look and see what companies were involved, what Wall Street banks were involved. Now, what's the point of all this? You know, go down to rabbit hole. All I'm saying is, people want to get together that are in these power structures and they want to put pressure on a company or a person or a politician. If you don't think they can do it, they can do it. And in the case of Lordstown Motors, it's a threat to Ford, a major threat to Ford. And you know, that's a company that spends two billion dollars a year on an advertiser. So think about that. Anyway, just wanted to let you know, again, you know, I did an anatomy of a short one of my last videos, look up Spedley Butler, check out Spedley, a true American patriot, one of my personal heroes. Hey, this is MXUX. I hope you guys like going down to rabbit hole with me. Of course, there's the normal explanation of S&C investigation, short southern report, and mismanagement at the executive level. Anyway, give me your thoughts below. I think there might be a little bit of truth in this video. I want to apologize for last video, had some incorrect information in there. Anyway, I hope you guys like the video. Really curious of what your thoughts are. They're being a bit mysterious about everything. Maybe there's some S&C investigation we don't know about who knows. Anyway, this is just my channel too. Thanks for watching.