 I'm just going to go through this is the news from the Lordstown website. I'll have you know there's a lot of sources on this where you can track this activity. Look at these PDFs, download the PDF of this and also check NASDAQ for any filings that may be there and there is a link here to a service where you can track these court proceedings. But let me just give you an idea of what's going on. We all know that Foxconn after a number of iterations cancelled their deal which was negotiated to provide funding and also to get the endurance into production and also to produce a actually the endurance was in production. It is a certified homologated vehicle. In any case, so as a result of the funding being cancelled the 173 million I believe that were to be the proceeds from that stock deal Lordstown Motors filed bankruptcy and this is after reverse split was done to satisfy the terms of that agreement or the demands of Foxconn at which time they still blocked at the contract and like afterwards Lordstown stock fell precipitously received the delisting notice. Now just to look at these highlights here there Lordstown is claiming that Foxconn had committed fraud, bad faith and repeated contract breaches leading to value destruction. I think that is very evident by the evidence. We haven't heard much of anything from Foxconn on any of this except that ludicrous demand to quadruple the amount of stock they were going to be awarded for under the terms of the agreement that they had signed. They're as part of this renewal bankruptcy they're gonna sell the endurance truck and related EV assets so again we're gonna mention this later but this is a full I mean this this is a vehicle this is a homologated certified vehicle ready to go. Just to mention that Lordstown is debt-free and continues to operate with significant cash on hand so I'm not certain of the exact number but I do believe they had about 200 million or so cash on hand and when you file chapter 11 then your creditors are you know that you stop payments until there's a reorganization so they're frozen with expenditures at zero and cash on hand at approximately 200 million so they do have some leeway to operate there. Again just a few more details here Lordstown today litigation against Foxconn or Hanhai Group Terry Gao. As a consequence of Foxconn's material and irreparable harm Lordstown is commencing a comprehensive marketing and sale process for the endurance vehicle and related assets that would be the hub motor production line also the IP I would imagine related to the hub motors will have to see they're gonna provide a prospective buyer with a going concern asset that is free and clear of legacy issues so you know that is the deal of the century for someone I am not going to speculate on how the shareholders will end up in this you know they're well I'm just not going to say anything because I am not qualified please see your financial financial professional I'm not saying anything okay Edward Hightower Foxconn willfully and repeatedly failed to execute the greed upon strategy leaving us with chapter 11 as the only viable option to maximize the value of Lordstown's assets for the benefit of our shareholders again shareholders we will vigorously pursue our litigation against Foxconn accordingly and how a positive outcome on any lawsuit would affect shareholders I again am not going to speculate on if there's an attorney that wants to make a comment in the in the comments on this video please do so I have my own private opinions I'm not going to share them guys you got it you got to figure this out yourself Foxconn fraud bad faith and repeated contractual breaches irreparably harm Lordstown according to the complaint and let me just break away from this document for a second I just want to talk to a few current events that I think play into this first of all let's just say this is a giant rug pulled by Foxconn was it to get the gain control of the hub motor tech I know under the terms of the agreement there was some some backdoor methods and you guys can read the filings on those agreements where they could have taken control I think Foxconn's board has always maintained that whoever's doing this they have to have a plan B in their plans but anyway this is a rug pulled by Foxconn I think let's look at the bigger picture here let's pull back in Google Maps and look at what's going on you know the Apple headset is bombing okay they've cut production numbers in half on that they're saying it's too hard to build I imagine Foxconn will be in the loop on that and that is going to hurt their revenue also the iPhone sales are bombing right now with the you know recession and so forth and lack of compelling products you know repetitious minor improvements iterations also Foxconn just announced that they and today they had signed again a massive chip deal with another company in India to produce silicon chips and they have pulled out of that deal you know Apple's goal is to move production to India and Foxconn has been operating in India as well but so Foxconn is is bailing Apple not so good the headset landed with a thud although everyone's impressed with it they're saying it's too complex to build or at least that's the excuse for sales being cut in half and Foxconn sales are down 14% so in this last quarter so you know Foxconn has got bad news on a lot of fronts you could say bad management or you know bad macro but anyway that's what the state of affairs is with Foxconn now I just want to mention that you know we've all been thinking about the Apple car in the back of our minds and I think everybody is feeling that at some point Foxconn is going to be involved in manufacturing the Apple car if it ever comes out you know the question I have in my mind and you know I talked to some individuals off off the record in casual situations from Apple and the Apple car I want to say it's on hold it's not on hold but they really went for the headset anyway that was the opinion of the guy I talked to and I think during COVID they thought maybe COVID was gonna go on forever and everybody was gonna be living in you know constantly gaming and zooming each other with these headsets on and never look at another human again anyway this this also may be a factor okay Apple's lack of progress on the Apple car and the bombing of their headset and I'm gonna call it a bomb although I think it's wonderful tech and it's beautifully made but again they always say we're gonna create the market we don't build do marketing and build a product based on marketing surveys well evidently not much of a market for that you know Mata has basically dropped their headset so I think Apple laid an egg with that one that's the new Newton anyway in regards to this bankruptcy I just want to mention that you know one of the main expenses besides legal now is a rent that Lordstown Motors pays to Foxconn for housing the hub motor production facility now that is that line and that technology and that machinery is owned by Lordstown as I understand it I think it certainly is and they are paying rent to Fox so that's one good thing that's coming out of this is they're not paying Fox Fox cons getting zero rent from them bully bully for Lordstown so we can look at it that way now as far as Lordstown selling the endurance and by the way I apologize for not getting that review of the endurance out not gonna make excuses blew my knee out but I'm hoping to get that completed even even the post bankruptcy to get an idea of what the truck really is like but the idea is you know can they can they can they sell it you know it doesn't have a value and I think that Audi just agreed to buy EV platforms from Neo so they are gonna buy the whole you know they have basically thrown in the towel and doing their own engineering they're too far behind they're gonna they're gonna contract with Neo now this was just announced so is there a market for the endorse yes was there always a market for the endurance yes is the endurance a viable product yes I think it's confounding this outcome I think it you know it determined it requires you know there's a lot of investigation that should be done here but in any case the the whole thing is is is kind of mind mind numbing now I just want to say I don't want to speculate on the outcome for shareholders but there was a a spurt of buying before the delisting so whether that was an ill-informed squeeze or something else you again you guys you have to read the SEC releases and now these court releases and you have to sink seek professional guidance on this I am just here to report as much as I can and and opine a little bit but I am simply not qualified to comment on the status of these things and I'm gonna go through the rest of this document here real quickly now moving on here I just want to read these highlighted sections here Foxconn simply used its variety of contractual arrangements with the company as a tool to maliciously and in bad faith destroy Lord Stan's business while leveraging resources gained through the partnership to advance its own interests and in retrospect that may be true although I think there were good intentions at some point they turned bad and I think those facts are going to come out why that happened and when that happened you know Lord Santa seeking authority commenced a comprehensive marketing and sale process under the bankruptcy code to realize the full value of the innovative endurance vehicle and related assets the endurance is fully homologated and certified in production ready vehicle okay this is crazy it's a springboard for the radio OEM and other strategic person purchaser full-size truck market at you know this this would allow someone like you know Audi's going up to Neo okay now if Audi Audi wants to put out an electric pickup truck well here it is okay they've gone to Neo in the broader North American full-size truck market at a fraction of the cost in time it would take to develop a program from the ground up ground up again Audi's gone to Neo and just as an example I have no information on this but of course you know this is another you know if they or a company like them wanted to do the same thing to get in the pickup trucks this is the answer the company is confident a buyer could utilize the endurance platform to create multiple EV variants and take the product to the next level and and those variants are the three row SUV and the delivery van which really are have been on the drawing board from day one again the amount of lost opportunity here it's kind of the unreality of this situation okay I just want to close this out with some comments over these video segments on the endurance and what a great-looking truck it is you know I'm gonna put my tin foil hat on here I just have to say that I think one would be foolish to think that this turn of events the Hindenburg attacks on Lordstown and then on Carl Icon a potential white knight just too much too explain rationally and not a political channel not supporting any particular candidate here but I think that at least part I don't know what percentage of this outcome is related to Donald Trump's campaign for president and I think you know you could put your tin foil hat on you can make an argument and say hey the powers that be want to give Donald Trump a black eye they don't want him to have a victory with his industrial policy because of course he did have a lot to do with the start of the endurance absolutely and now of course the whole company in the product has been six or ten times removed from that now it's gone through a lot of iterations and a lot of different things but I think you'd be foolish not to think that that at least had some some role to play here I don't know maybe a small role I did and I've been searching for the article if somebody can find it in the comments I did see an article where the Biden administration again not to take sides here not a political channel was you know having some issues with Foxconn so whether that has anything to do with this I have no idea I cannot find that source I have it somewhere or it's been deleted but in any case may or may not be true that's just in my opinion there but certainly everyone please do your own DD on this seek professional guidance if you download the PDF of that statement there's a link in it to a website that will track every everything that's going on in this lawsuit so you can keep perfectly up to date so go to the news section go to this piece there's a link in the top right to download the PDF in that PDF there is a link to a site to track all this activity this is mx ux good luck in the market this is mx ux just a note to my subscribers I have not been commenting on the activities related to lords time motors because I'm simply not an attorney or a financial advisor and I just cannot give advice on these topics I hope everyone understands that and I hope everyone seeks professional advice when they're dealing with this issue the company is facing