by Marion Marks
Elio Motors of Phoenix Arizona seeks people who want to “Discover New Opportunities, Invest In The Future” according to the website. In reality, facts to date prove all they really want is to remain a conduit to take money and provide a financial & legal tool for Stuart Lichter to use the former Caddo Parish General Motors site to make a profit from Caddo citizen’s money leveraged in his contract with a parish entity. (SEC Listing of 2015 here.) Stuart Lichter and three other Directors are listed along with Paul Elio and two other officers of the corporation in the SEC filing.
Caddo Parish’s Industrial Development Board (IDB) purchased the facility, land and mineral rights is a deal to keep the property from being sold for scrap, according to many who were part of the original discussions with the federal receivership holding entity. A 7.5 million dollar Parish Commission investment in the Lichter’s plan. Caddo Parish disclosure has been quite transparent.
The current Elio pitch can be found at https://www.startengine.com/startup/elio-motors. And the video of June 18, 2015 seems to indicate there is new movement to raise the value of the Elio plant so that the value of the GM plant is maximixed when it is leased or sold to another high bidder.
Published on Jun 18, 2015, entitled AlterTheCourse, states the following: As of June 19, 2015, everyday folks now have a new market where they can invest in private companies like Elio Motors.* The long awaited promise of democratizing investment in startups and small businesses across the country has arrived. Together, we can ‘Alter the Course’ of transportation. Join us at http://bit.ly/ElioReveal – and here is where, as PT Barnum was mistakenly attributed to say:
“A sucker is born every day!”
(It probably is an accurate quote of David Hannum describing Barnum).
*No money or other consideration is being solicited at this time, and if sent in to Elio Motors, will not be accepted. No offer to buy securities of Elio Motors can be accepted and no part of the purchase price can be received until Elio Motor’s offering statement is qualified. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance is given after the qualification date. Any indications of interest in Elio Motor’s offering involves no obligation or commitment of any kind.
A key element citizens who find this pitch appealing must take special note is the disclaimer at the bottom of the page:
*THE OFFERING MATERIALS MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.**
And, it’s all critical that buyers must beware!! Anyone who feels compelled to put more money into this pit needs to review the movie, The Money Pit. Certainly citizens and the parish have better ways to invest/spend our resources!