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Troubled electric vehicle maker Nikola files for bankruptcy protection
Press Release |
2025/02/19 02:05
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Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year.
Nikola was a hot start-up and rising star on Wall Street before becoming enmeshed in scandal and its founder was convicted in 2022 for misleading investors about the Arizona company’s technology.
At the trial of founder Trevor Milton, prosecutors say a company video of a prototype truck appearing to be driven down a desert highway was actually a video of a nonfunctioning Nikola that had been rolled down a hill.
But the hype around the company was immense. In 2020, Nikola was valued at around $30 billion, exceeding the market capitalization of Ford Motor Co.
Nikola filed for protection in the United States Bankruptcy Court for the District of Delaware and said Wednesday that it has also filed a motion seeking approval to pursue an auction and sale of the business.
The company has about $47 million in cash on hand. rolled
Nikola Corp. plans to to continue limited service and support operations for vehicles on the road, including fueling operations through the end of March, subject to court approval. The company said that it will need to raise more funding to support those types of activities after that time.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate,” CEO Steve Girsky said in a statement.
The executive said the company has made efforts in recent months to raise funds and reduce liabilities and preserve cash, but that it hasn’t been enough.
“The Board has determined that Chapter 11 represents the best possible path forward under the circumstances,” Girsky said.
In December 2023 founder Trevor Milton was sentenced to four years in prison after being convicted of exaggerating claims about his company’s production of zero-emission 18-wheel trucks, leading to sizeable losses for investors.
Milton was convicted of fraud charges, portrayed by prosecutors as a con man six years after he had founded the company in a basement in Utah.
Prosecutors said Milton falsely claimed to have built its own revolutionary truck that was actually a General Motors product with Nikola’s logo stamped onto it.
Called as a government witness, Nikola’s CEO testified that Milton “was prone to exaggeration” when pitching his venture to investors.
Milton resigned in 2020 amid reports of fraud that sent Nikola’s stock prices into a tailspin. Investors suffered heavy losses as reports questioned Milton’s claims that the company had already produced zero-emission 18-wheel trucks.
The company paid $125 million in 2021 to settle a civil case against it by the SEC. Nikola didn’t admit any wrongdoing. |
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Special Education Lawyers in Connecticut - Maya Murphy, P.C.
Press Release |
2024/07/05 02:53
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Parental awareness of a child’s special needs is the best way for the child to exceed expectations and achieve maximum potential. Special education laws and regulations are designed to protect and provide for students with disabilities and ensure that they receive the proper services and necessary assistance for a meaningful educational experience.
Special education needs may include:
-Attention-Deficit/Hyperactivity Disorder (ADHD)
-Auditory or Visual Impairment
-Autism Spectrum Disorder
-Dyslexia
-Physical Disabilities
-Speech or Language Impairment
Knowledge of your child’s special education rights will help ensure that their unique needs are met. It is critical to be knowledgeable about laws, regulations, and school procedures impacting your child’s access to the general curriculum prescribed by the school district. The following will provide you with an overview of specific federal laws, such as the federal Individuals with Disabilities Education Act (IDEA) and Connecticut and New York state laws pertaining to special education.
Such legislation protects students with disabilities and ensures that they receive a Free Appropriate Public Education (FAPE). Being an active voice on the Planning & Placement Team (PPT)/Individualized Education Program Team (IEP Team) and providing valuable input to formulate your child’s Individualized Education Program (IEP) will impact your child’s future success. This guide will provide you with the essential knowledge and tools to optimize your child’s educational opportunities. Each child is different and you may want to consult with 14 attorneys to ensure that your child’s educational requirements are properly assessed and fully met.
Our firm proudly serves clients with special education assistance in private and public schools all over Fairfield County. Please do not hesitate to contact our team of experienced attorneys at (203) 221-3100 or by email at JMaya@Mayalaw.com if you are in need of a special education advocate.
https://mayalaw.com/special-education-law/ |
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Spanish court summons prime minister’s wife in corruption probe
Press Release |
2024/06/04 18:05
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A Spanish investigative judge has summoned the wife of Spain’s prime minister to give testimony as part of a probe into allegations that she used her position to influence business deals, a Madrid-based court said Tuesday.
Begoña Gómez is to appear at court on July 5 to answer questions.
Gómez has yet to speak publicly on the case, but Prime Minister Pedro Sánchez has called it a “smear campaign” to damage Spain’s leftist coalition government led by his Socialist party.
The probe is based on allegations against Gómez made by a group called Manos Limpias, or “Clean Hands.” Manos Limpias describes itself as a union, but its main activity is as a platform pursuing legal cases. Many have been linked to right-wing causes targeting leftist politicians, and most of them never succeed.
After the probe was launched in April, Sánchez stunned the nation by saying he would contemplate stepping down for what he said was the “attack without precedent” against his wife. After five days of silence, Sánchez said he had decided to remain in office.
The summoning of Gómez comes before this week’s European Parliament election, with Spaniards voting on Sunday. Far-right parties across Europe aim for big gains.
“I want to express our surprise for the fact and coincidence that this news is coming out precisely this week,” said Pilar Alegría, spokeswoman for Spain’s government.
“We are absolutely calm because we know there is nothing (to the allegations),” Alegría said. “What does exist is a mudslinging campaign by the right and far right.”
Manos Limpias has said its allegations against Gómez were entirely based on media reports: “If they are not true, it would be up to those who published them to admit to their falsehood, but if they are true, then we believe that the legal case should continue forward.”
Spain’s public prosecutors’ office recommended the probe be thrown out, but a provincial court ruled that the lower-court judge could continue the investigation. The judge will either table the probe or recommend it go to trial. |
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Bando Apartments in Los Angeles, California
Press Release |
2023/04/19 00:26
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A Koreatown property once slated for redeveloped with senior housing will instead be folded into a new mixed-use apartment complex, per an application submitted earlier this month to the Los Angeles Department of City Planning.
Led by Chairman Kwon Hong-sa, the Korean developer began considering the project two years ago and bought the land in LA in July 2019, the company said. Construction is expected to be complete in May 2022.
“The Bora 3170 will become a landmark in Korea Town in LA, and a new success model for overseas construction projects, after the Ubora Towers in Dubai,” a Bando E&C representative said.
The building will serve both commercial and residential purposes, and will be able to accommodate 252 households in 115 studio apartments, 131 one-room apartments and six two-room apartments, the company said.
TOP LUXURY FEATURES ONLY at The BORA 3170
- Fitness Center
- Pool & Spa
- Roof Top BBQ Grill
- Indoor Screen Golf
- Lounges/Club Room with TV Lounge
- Gated Safe Parking
- Package Tracking System
- Outdoor Living Deck
- TESLA EV Charger & Universal EV Charger
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