# More trouble ahead for Lordstown Motors? **URL:** \ **Category:** General Discussion\ **Created:** [July 17, 2021, 11:48am UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089 "2021-07-17T11:48:31Z")\ **Posts on this page:** 7\ **Page:** 1
**Author:** ![VDCdriver](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/vdcdriver/32/30_2.png) [@VDCdriver](https://community.cartalk.com/u/VDCdriver)\ **Post date:** [July 17, 2021, 11:48am UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089/1 "2021-07-17T11:48:31Z")
> **[Lordstown Motors confirms DOJ probe into SPAC deal and preorders](https://www.cnbc.com/2021/07/16/lordstown-motors-confirms-doj-probe-into-spac-deal-and-pre-orders.html?utm_source=morning_brew)** > > Lordstown Motors said it has "cooperated, and will continue to cooperate, with these and any other regulatory or governmental investigations and inquiries." ---
**Author:** ![Mustangman](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/mustangman/32/44130_2.png) [@Mustangman](https://community.cartalk.com/u/Mustangman)\ **Post date:** [July 17, 2021, 12:21pm UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089/2 "2021-07-17T12:21:03Z")
Hmmmm… Current events in the EV world? A spark of controversy? A battery of regulators looking into charges? ---
**Author:** ![VDCdriver](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/vdcdriver/32/30_2.png) [@VDCdriver](https://community.cartalk.com/u/VDCdriver)\ **Post date:** [July 17, 2021, 12:25pm UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089/3 "2021-07-17T12:25:46Z")
Potentially electrifying news… ---
**Author:** ![Cavell](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/cavell/32/43396_2.png) [@Cavell](https://community.cartalk.com/u/Cavell)\ **Post date:** [July 17, 2021, 1:28pm UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089/4 "2021-07-17T13:28:11Z")
Lordstown will make vehicles by September. Analysts says its years away??? So who is right? ---
**Author:** ![jtsanders](https://avatars.discourse-cdn.com/v4/letter/j/c2a13f/32.png) [@jtsanders](https://community.cartalk.com/u/jtsanders)\ **Post date:** [July 17, 2021, 4:47pm UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089/5 "2021-07-17T16:47:06Z")
My takeaway is that they lied in their documentation to get better prices in the IPO. If I was an investor interested in the IPO, I’d want accurate information. The SEC helps make that possible by busting companies that aren’t straight with investors. ---
**Author:** ![Cavell](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/cavell/32/43396_2.png) [@Cavell](https://community.cartalk.com/u/Cavell)\ **Post date:** [July 17, 2021, 6:11pm UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089/6 "2021-07-17T18:11:47Z")
All suppliers are lined up for sept production? ---
**Author:** ![RandomTroll](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/randomtroll/32/12184_2.png) [@RandomTroll](https://community.cartalk.com/u/RandomTroll)\ **Post date:** [July 18, 2021, 12:16am UTC](https://community.cartalk.com/t/more-trouble-ahead-for-lordstown-motors/178089/7 "2021-07-18T00:16:18Z")
The _NY Times_ tells a tale of a Wall Street guy, David Hamamoto, with a quarter-billion of investor money in a SPAC, who had to merge with **something** or give the money back. > 'The clock was ticking for David Hamamoto.' > > 'It was June 2020, and Mr. Hamamoto, a former Goldman Sachs executive who invested in real estate, was searching for a business to take public through a merger with his shell company. He had raised $250 million from big Wall Street investors including BlackRock, and spent more than a year looking at over 100 potential targets. If he couldn’t close a deal soon, he would have to return the money. > > 'Then, around nine months before his deadline, bankers from Goldman gave Mr. Hamamoto an enticing pitch: Lordstown Motors, the fledgling electric truck maker that President Donald J. Trump had hailed as a savior of jobs. What followed was a swift merger, then a debacle that put two of the biggest forces shaping the financial world on a collision course. > > ‘Lordstown went public in October via a merger with Mr. Hamamoto’s special purpose acquisition company, DiamondPeak Holdings. A Wall Street innovation, SPACs are all the rage, having raised more than $190 billion from investors since the start of 2020, according to SPACInsider.’ > 'Small investors began piling into Lordstown shares after the merger closed, attracted to the hype around electric vehicles. That's exactly when BlackRock and other early Wall Street investors - as well as top company executives, who all got their shares cheaply before the merger - began to sell some of their holdings.' > **[Behind the Lordstown Debacle, the Hand of a Wall Street Dealmaker (Published...](https://www.nytimes.com/2021/07/13/business/lordstown-motors-dealmaker.html)** > > A longtime real estate investor and former Goldman Sachs executive decided to take an electric truck company public. Chaos ensued.