Latest news with #Class4
Yahoo
4 hours ago
- Automotive
- Yahoo
Electric truck startup Bollinger exits court receivership after paying back founder who sued
Editor's note: An earlier version of this story incorrectly described the court status of Bollinger Motors. The company was in receivership in U.S. District Court. Electric truck startup Bollinger Motors has exited U.S. court receivership thanks to more financial aid from parent Mullen Automotive Inc., whose chief has ambitious plans for a rebound set in Michigan. California-based Mullen acquired an additional 21 percent of Bollinger, bringing its ownership stake in the suburban Detroit company to 95 percent, Mullen announced June 2 as it executed its second reverse stock split in as many months to stay compliant with Nasdaq rules on share prices. In tandem with Mullen's transaction, Bollinger was discharged from federal court receivership and case dismissed with prejudice, according to a filing in U.S. district court in Detroit. Mullen Automotive CEO David Michery said the company paid $11 million to Robert Bollinger. In March, Bollinger sued the company he founded, claiming it was broke and seeking to recover his loan. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen, which has faced a host of financial issues beyond Bollinger, is all-in on the electric vehicle startup, Michery said June 4 in an interview with Automotive News and affiliate Crain's Detroit Business. Bollinger Motors — despite the spat with its namesake — will persevere as a brand that 'will outlast everyone,' Michery vowed at the startup's Oak Park, Mich., headquarters. 'You can't blame Bollinger for the current market, you can't blame Bollinger for tariffs, you can't blame Bollinger for the disruption that occurred with Robert filing this frivolous lawsuit,' Michery said. 'That hurt the company.' Now, Mullen is putting its chips on Bollinger Motors to weather the storm. Michery said production of Class 4 trucks would resume in eight to 10 weeks and that the company's staff of about 85 in metro Detroit would soon swell in line with a predicted increase in demand — though that remains in question with a stagnant market. Mullen will close its engineering base in Irvine, Calif., and consolidate it to the company's tech center near Detroit in Troy, Mich., where 40 to 50 employees will be added, Michery said. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said. While Michery serves as CEO of Bollinger Motors, the company's daily operations will be overseen by James Taylor. After departing in March, Taylor will return to the company as a consultant. One priority is cleaning up the company's supply chain. Bollinger Motors has been sued by several suppliers claiming they were being stiffed by the startup. Michery said he is in the process of paying debts, including to contract manufacturer Roush, which makes the Class 4 trucks for Bollinger. Mullen's earnings reports to the Securities and Exchange Commission seem to indicate big financial trouble. It lost $162 million on revenue of $7.9 million in the first quarter and the company posted a $115 million loss on revenue of $2.9 million in the prior quarter. In May, Mullen Automotive lost its 675,000-square-foot former AM General factory in Mishawaka, Ind., to settle a financial dispute with creditor GEM Yield Bahamas Ltd. However, Michery said Mullen has ample liquidity, including a $150 million equity line allowing the company to use its stock as currency — an instrument approved by the SEC and shareholders. 'Picture a credit card,' he said. 'Mullen has a $150 million credit card that it can use at will.' Mullen's 1-for-100 reverse stock split executed Monday was designed to bring its stock price above $1 per share to meet Nasdaq requirements. Financial adviser Alex Calderone said the move is window dressing and does not solve underlying business performance issues. 'I would not surmise that would impact company valuation at all or shareholder rights at all,' Calderone said. 'It just appears to be a cosmetic change to be able to adjust the share price. … It's like if I traded you a hundred dollar bill for a hundred singles.' On June 4, Mullen Automotive's stock shot up to above $16 per share, tripling its value over the course of a day, as Michery pointed out after pulling up the market summary on his phone. 'They knew we were coming out here to put Bollinger back in business,' he said. Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Sign in to access your portfolio
Yahoo
6 hours ago
- Automotive
- Yahoo
Electric truck startup Bollinger exits bankruptcy after paying back founder who sued
Electric truck startup Bollinger Motors has exited U.S. bankruptcy court thanks to more financial aid from parent Mullen Automotive Inc., whose chief has ambitious plans for a rebound set in Michigan. California-based Mullen acquired an additional 21 percent of Bollinger, bringing its ownership stake in the suburban Detroit company to 95 percent, Mullen announced June 2 as it executed its second reverse stock split in as many months to stay compliant with Nasdaq rules on share prices. In tandem with Mullen's transaction, Bollinger was discharged from bankruptcy court, its receiver removed and case dismissed with prejudice, according to a filing in U.S. District Court in Detroit. Mullen Automotive CEO David Michery said the company paid $11 million to Robert Bollinger, who in March sued the company he founded, claiming it was broke and seeking to recover his loan. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen, which has faced a host of financial issues beyond Bollinger, is all-in on the EV startup, Michery said June 4 during an interview with Automotive News and affiliate Crain's Detroit Business. Bollinger Motors — despite the spat with its namesake — will persevere as a brand that 'will outlast everyone,' Michery vowed at the startup's Oak Park, Mich., headquarters. 'You can't blame Bollinger for the current market, you can't blame Bollinger for tariffs, you can't blame Bollinger for the disruption that occurred with Robert filing this frivolous lawsuit,' Michery said. 'That hurt the company.' Now, Mullen is putting its chips on Bollinger Motors to weather the storm. Michery said production of Class 4 trucks would resume in 8 to10 weeks and that its staff of about 85 in metro Detroit would soon swell in line with a predicted increase in demand — though that remains in question with a stagnant market. Mullen will close its engineering base in Irvine, Calif., and consolidate it to the company's tech center near Detroit in Troy, Mich., where 40-50 employees will be added, Michery said. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said. While Michery serves as CEO of Bollinger Motors, the company's daily operations will be overseen by James Taylor, who will return to the company as a consultant after departing in March. Another priority is cleaning up the company's supply chain. Bollinger Motors has been sued by several suppliers claiming they were being stiffed by the startup. Michery said he is in the process of paying debts, including to contract manufacturer Roush, which makes the class 4 trucks for Bollinger. Mullen's earnings reports to the SEC seem to indicate big financial trouble. It lost $162 million on revenue of $7.9 million in the first quarter; it posted a $115 million loss on revenue of $2.9 million in the prior quarter. The company lost its 675,000-square-foot former AM General factory in Mishawaka, Ind., last month to settle a financial dispute with creditor GEM Yield Bahamas Ltd. However, Michery said the company has ample liquidity, including a $150 million equity line allowing the company to use its stock as currency — an instrument approved by the SEC and shareholders. 'Picture a credit card,' he said. 'Mullen has a $150 million credit card that it can use at will.' Mullen's 1-for-100 reverse stock split executed Monday was designed to bring its stock price above $1 per share to meet Nasdaq requirements. Financial adviser Alex Calderone said the move is window dressing and does not solve underlying business performance issues. 'I would not surmise that would impact company valuation at all or shareholder rights at all,' Calderone said. 'It just appears to be a cosmetic change to be able to adjust the share price. … It's like if I traded you a hundred dollar bill for a hundred singles.' On Wednesday, Mullen's stock shot up to above $16 per share, tripling its value over the course of a day, as Michery pointed out after pulling up the market summary on his phone. He said: 'They knew we were coming out here to put Bollinger back in business.' Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New Paper
2 days ago
- General
- New Paper
June 4 Hong Kong (Happy Valley) form analysis
Race 1 (2,200m) 9 Mr Aladdin has been in good form recently and looks poised to break through for his first win. Wide draws have hindered him in his past three starts, but he moves into a slightly better gate in stall 9, and Zac Purton taking the ride suggests he will get every chance. 6 Super Hong Kong will relish shifting into a low draw after jumping from barriers 12 and 11 in his last two runs, where he was taken back and ran on strongly. The step back up to 2,200m brings him right into contention. 10 Golden Fairy resumes from barrier 1 and looks the likely leader. He will give a good sight and can prove tough to run down. 2 Go Go Go faded late into fifth first-up and should strip fitter for this. With two seconds from as many starts at the trip, he is in with a shout. Race 2 (1,800m) 1 Lean Hero returns to Class 4, where three of his four career wins have come from, and from barrier 1, he can enjoy all favours. Forget his last start from gate 14 at Sha Tin where he was never in the race, but his prior runs at Happy Valley were encouraging. 2 Sunday's Serenade was chasing a hat-trick last start but had too much work to do from barrier 12. He moves into a better draw this time and should settle closer in the run. While unproven at the distance, his form has been on the up since switching to Happy Valley. 9 Firefoot ran a solid fifth after leading over 1,800m at Sha Tin last start, and his chances improve now that he returns to Happy Valley. He does not need to lead, but he should be on the pace. 6 Mission Strike is lightly raced and continues to hint at a win. He will get back from barrier 11 but is one to watch charging late. Race 3 (1,200m) 10 Good Prospect began fairly last time and settled further back than intended and had excuses in the run. He gets a likeable jockey switch with Andrea Atzeni taking over, and barrier 3 ensures every chance if he jumps on terms. 3 Beauty Thunder has been improving since sliding down the ratings. He ran second two starts ago and had some traffic issues last time when finishing eighth. Expect better with Purton in the saddle. 11 Vulcanus maps to get a similar run to last start from barrier 1, where he finished a close second. He is in the mix again. 2 King Eccellente returns to Class 4 and, from a low draw, can be followed now that he is back in the right grade. Race 4 (1,650m) 1 Midori Fuji draws wide, but looks ready to win after back-to-back seconds. Despite the tricky gate, he still shapes as the one to side with. 6 Wrote A New Page makes his Happy Valley debut and brings solid Sha Tin form. His last-start fourth held merit given he raced wide without cover until mid-race over the Sha Tin mile. 7 Nebraskan steps up in trip for the first time, but barrier 1 ensures a kind run. He is still a maiden, but recent 1,200m efforts suggest he is getting close to breaking through. 2 Setanta is capable of bouncing back any time in this grade. This is his third run back in Class 4 and from a good draw at his preferred track, he is worth including. Race 5 (1,200m) 2 Bienvenue broke through with a dominant maiden victory last time. The 3YO looks capable of going back-to-back from barrier 2 where he maps to get every chance. 8 Loving Vibes fits a similar profile, having taken a few runs to break through but backed up his maiden win with a close third last time. He is hard to oppose given his consistency. 1 Denfield can improve on his recent moderate form now that he drops back into Class 4, with the apprentice claim also aiding his cause. 7 Tactical Command is on the quick seven-day turnaround from a solid fourth, beaten by just 1½ lengths, and is always worth some thought. Race 6 (1,200m) 4 Giant Leap looks to have turned a corner and now chases a hat-trick. He broke through for his first Class 3 win last start with a strong all-the-way effort and has since bolted in a trial. From barrier 1, he gets every chance. 5 Storm Rider has been in top form since switching to this course and distance four starts ago, reeling off three consecutive seconds. With barrier 2 and blinkers on for the first time, he can go close. 3 Beauty Infinity raced wide without cover last start when a close-up fourth and was a solid third to Chateauneuf two starts ago. He is generally around the mark, and is again worthy of consideration. 11 Storming Dragon will appreciate a solid tempo up front and can be charging home late, as seen when rattling into third behind Crimson Flash last time. Race 7 (1,800m) 7 Casa Rochester is finding his feet. After dropping in the ratings and breaking through on his third attempt in Class 4, he returned to Class 3 last start and posted a creditable fifth despite striking traffic late. He tries 1,800m for the first time, but the trip looks within reach. 9 Joy Of Spring deserves another chance after starting favourite last time but finding himself on the inferior part of the track. He should present better value this time and barrier 2 gives him every hope. 2 Cambridge surprised at long odds last start, winning on his first attempt at this course and distance. The 4YO is now further acclimatised and looks capable of building on that effort. 1 Flamingo Trillion has what it takes to sneak into the placings in this grade and at this trip. He maps well on the speed in a race lacking genuine tempo. Race 8 (1,650m) 2 Sky Trust returned to Happy Valley for his second try last start but again copped a wide gate, his third in a row. Ridden for luck from the back, he had too much work to do but still flashed into fourth, which was a strong effort. With a better draw and a more even run, he can bounce back. 3 Another World makes his first appearance at Happy Valley and is worth keeping safe. His Sha Tin form is solid, and that base should carry him a long way. 5 Excellence Value has built a handy record with one win and three placings from seven local starts. He has placed in three outings since his win and continues to run well. Hard to knock. 7 Prestige Good steps back into Class 3 after a commanding all-the-way win last week for his first Hong Kong success. The quick back-up is a positive for this improving 4YO. Race 9 (1,200m) 4 Gustosisimo won a Class 2 race at Sha Tin impressively two starts ago, but from barrier 10 last time, he found himself in a slowly run race and could not get into it from his position. He still ran well against the race shape, and returns to his happy hunting ground where the race will be run to suit. 5 Horsepower presents an interesting proposition as he tests himself over 1,200m for the first time. He is thriving with three wins from four locally, and will be finishing strongly late. 1 Aurora Lady will map perfectly from barrier 1 off a strong tempo, as seen two starts ago when a fast-finishing second to Beauty Destiny. Back up to 1,200m is key to his chances. 7 Kaholo Angel has won four times over this trip in Hong Kong, and two of the victories were secured in his last three starts, albeit by just a head both times. He has drawn another inside gate in three, and is not without a chance.
New Straits Times
6 days ago
- Sport
- New Straits Times
Winning horse kicks, injures handler after last race at Penang Turf Club
GEORGE TOWN: The final race at the Penang Turf Club (PTC) in Batu Gantung here witnessed an incident which saw a horse handler slightly injured. The incident happened after Race 4 — the Special Class 4 - 1,400m. As the winning horse — Contarelli — was being paraded, many people tried to touch the horse. Apparently unsettled by this, the horse kicked out, hitting its handler and sending him to the ground. Medical workers immediately rushed to his aid before he was subsequently wheeled off the field. The horse was then taken off the field. Established in 1864, the PTC officially concluded its operations following a unanimous vote to dissolve what was long considered one of the state's most cherished institutions. To commemorate today's final race day, seven special races were held. Among the highlights were the RM250,000 PTC Farewell Trophy (1,300m), the RM150,000 PTC Memorial Trophy (1,100m), and the RM100,000 Jockey Club of Turkey Trophy (1,400m).
Yahoo
7 days ago
- General
- Yahoo
Rogersville beats Blair Oaks, advances to state semifinals
ROGERSVILLE, Mo–The Logan Rogersville Wildcats did not let the day long rain damper their playoff spirit. Thursday night, the Wildcats hosted Blair Oaks in a Class 4 quarterfinal. The Falcons knocked Log Rog out of the playoffs a year ago. So Rogersville was after revenge and their 30th win of the season. But Blair Oaks would strike first in the first, Vander Halford singles to left, Jaden Rackers slides across safely, it's 1-0 Falcons. Rogersville would tie it up in the bottom half, Jackson Purse with the grounder to second, Jack Sutherland scores on the fielder's choice, it's 1-1. Blair Oaks would retake the lead in the third, Nolan Laughlin with the infield hit to short, Warren Davis scores and it's 2-1 Falcons. The Wildcats tie it back up in the fifth, Sutherland with the single to center, that scores Lucas White and it's 2-2. And Rogersville would win it in the ninth inning on a Zach Watt's single and the Wildcats advance to the state semfinals 3-2. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
