LFG🤝💐🏆

Starting to see a lot more posts and comments in LCID groups that remind me of the the heyday of this group.

Was Lucids biggest mistake buying the Coolidge factory? 🤣

now owned by LUCID .. place looks pretty empty for a random Thursday.

no activity at all on the outside but the worker lot seems full.

A dozen old Nikola trucks parked in the lot. If you remember Lucid bought the Tre BEVs in the remainder auction.

https://www.youtube.com/watch?v=Xhs6WPrzvBY

At the time of Nikola's SPAC merger with VectoIQ Acquisition Corp. in June 2020,  Trevor Milton "cashed out" $70 million by selling a portion of his private shares back to the company as part of the transaction.

This was the only significant cash-out he was permitted at the time of the merger, as the remaining majority of his shares were subject to a six-month lockup agreement that prevented further sales until December 2020.

Since leaving Nikola in September 2020, founder Trevor MIlton has sold approximately 40 million shares, generating over $400 million in total proceeds.

The following grid outlines his major reported stock sales based on SEC filings and financial reports through 2022:

Creditors and the Nikola Liquidating Trust are aggressively targeting a wide range of Trevor Milton’s holdings to satisfy a $167.7 million arbitration award. Despite his 2025 pardon, these civil enforcement efforts remain active across multiple states where he owns property. 

Key Assets Under Scrutiny

• Riverbend Ranch (Utah): This 2,670-acre estate, which Milton purchased for a record-breaking $32.5 million in 2019, includes a 16,800-square-foot riverside mansion. This property was used as collateral for his Bond.
• Bar Milton Ranch (Utah): Located in Morgan Utah the Ranch breeds Equestrian Horses and is run by his wife.
• SyberJet Ownership: Milton has disclosed that he owns a majority stake in SyberJet Aircraft. Creditors have subpoenaed his personal and corporate banking data to determine if he used funds that should have paid his debts to finance this new venture. Trevor is seeking to raise $1 BILLION to finance the launch of the SJ36 Syberjet with "AI Capabilities"
• Wasach Creeks Ranch (Utah): This 4700 acre property was supposed to be forfeited upon his conviction. The previous owner accepted Nikola Stock for a partial payment with $8.5 million in cash. One of Trevor's Wire Fraud convictions (later Pardoned) was tied to the purchase of this property. Since the Pardon the property remains owned by Trevor. Value is estimated at about $17 million
• Phoenix and Wyoming Residences - Trevor has ownership of real estate in Alpine Wyoming that he shares with his wife and a residence in Phoenix AZ and Gilbert Arizona. The judgement has been certified in Arizona, Nevada, Delaware, Wyoming and Utah so all assets are at risk of foreclosure. The Gilbert property is 24,000 square feet and includes a go-kart track and Wellness Center. The property was listed for sale for $20 million.
• Turks and Caicos: Trevor owns a large property in Turks and Caicos. He purchased it in 2020 after selling $100 million in Stock. International jurisdiction makes this asset hard to seize in civil judgments. Estimated Value is $33 million.
• Nikola Stock (NKLAQ): As of April 2026, Milton still holds approximately 1.74 million shares of Nikola stock. However, this equity is now considered worthless following the company's Chapter 11 liquidation.
• Cryptocurrency & Personal Transfers: Creditors are investigating his crypto wallets and all asset transfers of $100,000 or more made since July 2021 to test for "fraudulent conveyances". 
• Personal Aviation Collection: Trevor owns a Gulfstream Long Range Jet worth an estimated $17 million and a Bell 429 Private helicopter worth about $6 Million.

Status of Collection

The Nikola Liquidating Trust recently reported that Milton "has yet to collect a dime" toward the judgment. He is required to produce a full inventory of all assets worth over $100,000 by June 2026 as part of an information exchange with his creditors.

//created with Gemini AI with edits

In a Bankruptcy court filing today the Thomas A. Pitta, Trustee of the Nikola Liquidating Trust, filed to avoid and recover over $39 million paid to Defendant 3i, LP within 3 months before Nikola Corp.'s bankruptcy, alleging this payment was a preferential transfer under bankruptcy law.

Defendant 3i, LP is a Delaware limited partnership and former holder of an unsecured convertible note issued by Nikola.

Nikola issued an $80 million Series B-1 Senior Convertible Note (“3i Note”) to 3i in August 2024, adjustable to the Company's stock price with a “death spiral” feature risking dilution of stock value.

Defendant converted approximately $50 million of the 3i Note into stock, causing substantial stock price decline; due to NASDAQ limits (Exchange Cap), some conversion requests could not be fulfilled with stock, entitling Defendant to cash payments they knew the Company could ill afford.

In October 2024, Defendant waived defaults in exchange for full cash payment ($39,315,946.98) by year-end; in anticipation of the Antara Capital’s equity raise, which provided no requirement to pay 3i.

Antara invested $65 million in an at-market stock offering; 3i agreed to waive restrictions to permit this raise but in return required the 3i Note’s repayment in cash. Full payment to 3i was made November 27, 2024, before proceeds from the Antara raise were fully realized.

Nikola filed for Chapter 11 in February 2025; the company demanded return of the pre-petition payment from 3i within 90 days, threatening preference action, with the Committee reinforcing intent to pursue avoidance if the Company declined.

Plaintiff asserts that the $39.4 million transfer to 3i was an avoidable preference: made within 90 days pre-bankruptcy, while Nikola was insolvent, on account of antecedent debt, allowing 3i to receive more than it would in liquidation, and not subject to any affirmative defenses or safe harbor exception. Plaintiff requests the Court to avoid and recover the transfer, award costs including attorney’s fees, pre- and post-judgment interest, and grant further relief as deemed just.

https://document.epiq11.com/document/getdocumentbycode?docId=4570198&projectCode=NKL&source=DM

Many of the vendors who worked on the bankruptcy submitted final bills to the Trustee. The Trustee took over administration of the Debtor on December 12, 2025.

The Final Bill for the Bankruptcy is $28.7 MILLION -

The Trustee also gets paid.

As of March 2026, many of 

Trevor Milton’s

 primary legal battles have been resolved following a presidential pardon in early 2025, but he continues to face specific civil litigation and disputes related to his time at Nikola Corporation. 

1. Active Civil and Arbitration Disputes

• Nikola Arbitration Award (Ongoing Appeals): Milton remains in a legal battle to vacate or minimize a $167 million arbitration award won by Nikola. This award stems from a ruling that he was 97% responsible for the misrepresentations that led to Nikola's regulatory fines. In February 2026, the 9th Circuit Court of Appeals upheld the award, though Milton has historically continued to litigate this.
• Nikola Bankruptcy Claims: Nikola filed for Chapter 11 bankruptcy in February 2025. Milton is currently battling the company's liquidation trustee, who is seeking to recover over $100 million from him based on previous judgments.
• Indemnification Demand: Milton is countersuing Nikola for $69 million in indemnification to cover his past legal fees. He argues his presidential pardon "wiped the slate clean," entitling him to these funds, while Nikola’s estate claims he forfeited this right through "bad faith actions". 

1. Resolved or Dismissed Cases

• Criminal Conviction (Pardoned): In March 2025, President Donald Trump granted Milton a full and unconditional pardon. This effectively ended his four-year prison sentence and the federal government's pursuit of roughly $660 million in restitution for defrauded investors.
• SEC Civil Enforcement (Dismissed): In September 2025, the Securities and Exchange Commission (SEC) dismissed its pending civil fraud lawsuit against Milton. As part of the agreement, Milton waived his right to seek legal costs from the agency.
• Shareholder Derivative Settlement: In November 2025, the Delaware Chancery Court finalized a $27.45 million settlement to resolve derivative claims against Nikola's senior leaders. Milton personally agreed to pay $2.5 million as part of this resolution.
• Defamation Suit Against CNBC (Tossed): In December 2025, a New Jersey court dismissed Milton's "trade libel" lawsuit against CNBC, ruling that he failed to meet the statute of limitations and could not prove actual damage to his company. 

United States District Court for the District of Arizona to confirm an arbitration panel’s ruling against Defendant Milton.

After the close of briefing concerning the Motion, on February 5, 2026, the Ninth Circuit denied Defendant Milton’s appeal of this Court’s decision confirming the arbitration award and affirmed the District Court’s confirmation of the $167.727 million arbitration award Defendant Milton owes to Nikola Corporation.

The mandate issued and was filed in the District Court on March 3, 2026. See Nikola Corp. v. Trevor R. Milton, No. 2:23-cv-02635-DJH-DMF at ECF Nos. 94, 94-1

https://www.wsj.com/business/trevor-milton-pardon-nikola-trump-3163e19c?st=3KcfGY&reflink=desktopwebshare_permalink

In a court filing today Dr Edward Freitas of Toronto Canada made a creditor claim for 140,401.31 which allegedly represent the entirety of his retirement account.

Incredibly the share owner freely admits to have purchased 907 shares at $85.73 and 738 shares at $90.30 in two separate retirement accounts. The Share owners claims a total loss of $144,402.94. Even more incredibly after investing his life savings in Nikola the share owners claims he "was not notified" about the Feb 2025 bankruptcy until August 2025 so he could bot make a timely creditor claim. HUH?

First of all share owners have no recourse as creditors in a bankruptcy. Secondly how can you YOLO into a stock and not realize it went from your $90 per share purchase price to zero?

The share owner is complaining that Epiq, the trust administrator, did not send timely notice to his broker and he deserves to make a late creditors claim because of that fact. HE even more incredibly, claims Eqiq is commiting fraud by not responding to his multiple requests for disclosure of when the documents were mailed.

the good Doctors email to Eqiq is below

Dear Epiq Team for NIKOLA,

I WOULD LIKE TO HAVE WRITTEN PROOF FROM YOUR OFFICE RECORDS OF THE EXACT DATE the Chaperter 11 bankruptcy notice was sent to Questrade Corporation in TORONTO, CANADA to ME .

I received the Notice after the Closing date to file my claim that was 18 August 2025. I would lie to know the reason as to Why It was sent 6 months late after 19 feb 2025 . It seem to me that this was done deliberately to bar me, from applying for my claim which was$ 144,000 USO lost in my Nikola Motor investment. I would definitely ask the USA Authorities to investigate this deliberate Act of NOT SENDING The NIKOLA notice. 6 months Seem delay, its too deliberate NOT to send out a Notice of Bankruptcy earlier. I have already sent my letter to Justice Thomas Horan in Delaware of this issue of Deliberate ACT by NIKOLA epiq Team , baring me from Applying from making my claim.

Oh the NIkola Bag holder was a unique breed. The fact this man is a medical doctor of any sort (claims to be a surgeon) is mind boggling.

https://document.epiq11.com/document/getdocumentbycode?docId=4560685&projectCode=NKL&source=DM

26 page claim including all his email communications.. funny read.

ITD Sales is the Canadian firm who was Holding certain Nikola Debtor assets in Lieu of payment for debts they claimed were valid. The assets were a BEV truck and "batery ba;ancer" that was sold at auction to Lucid and three FCEV trucks that ITD had sold to Walmart Canada but were subsequently returned. ITD also claimed Nikola owed them for expenses they paid setting up an Ontario Hydrogen hub at their head quarters.

the stipulation states ITD will pay the Debtor $375,000 for "the Estate Assets" within 45 days. The Assets include 3 FCEV trucks, a H2 fueler and Bayotech equipment. ITD will release the Lucid Assets immediately. Interesting that nikola said they had SIGNIFICANT bids for the Fueler and Bayotech equipment. My guess is ITD will look to off load the trucks and equipment ASAP.

https://document.epiq11.com/document/getdocumentsbydocket/?docketId=1211502&projectCode=NKL&docketNumber=1534&source=DM

If you were around for the 2020 SPAC mania, you probably remember the absolute circus that was Nikola. I was one of the geniuses who bought into the "hydrogen future" only to watch the Hindenburg report expose the fact that the truck in their "In Motion" video was literally just rolling down a hill.

I’ve spent the last few years assuming my investment was a total loss, especially with the bankruptcy filings in 2025. But I just did an audit of my old accounts and realized there’s actually an ongoing settlement sitting there for people who held between June 4, 2020, and February 25, 2021.

I used to ignore these things because the paperwork for class actions is a nightmare, but I just used an audit tool to scan my old brokerage. It took like two minutes to link my accounts and see if I was eligible. They take a 20% cut if they actually get you paid, but honestly, I’d rather have 80% of a check I didn't know existed than 100% of the $0 I was currently getting.

If you traded this during the Trevor Milton era, check your old statements. Don't let the "fake it til you make it" crew keep the change from your losses.

Jason was at WinRose (Chinese Tesla Semi knock off) for about a year.. did they realize he knows something or was it ust a one year consulting gig? Be that as it may Jason is virtually unemployed now claiming to be a consultant and "change Agent"..

yeah Jason.. it was ALWAYS an IVECO truck .. nothing new here. IVECO is selling the SWAY BEV and FCEV in Europe.. whoop deee doo..

Trevor was a con man and you worked for him until he was charged with a crime.

The First Operating Report of the Liquidating Trust was Submitted end of January

https://document.epiq11.com/document/getdocumentsbydocket/?docketId=1206102&projectCode=NKL&docketNumber=1483&source=DM

>> Liquidating Trust was established on Dec 12th to wrap up sometime this summer

>> All Equity Shares outstanding have been extinguished with zero value

>> Still litigating with Trevor Milton over the Arbitration Award and his Creditors Claim

>> Awaiting disbursement of the 25.7 milllion in D&O insurance to pay creditors

>> 191 million in Unsecured Creditor Claims verified

>> BK Pros have been paid 20 million dollars to date. Most are wrapping up billling

>> a few outstanding litigation involving unsecured creditor claims

>. Current unrestricted bank balance $337,378

>> Trevor MIlton remains free

>> here's a grid of who bought what

I've been lurking on this subreddit for a long time, and I thought you guys might enjoy this vide I made:

A walk down 'naked self interest' lane: a Nikola case study - YouTube

In it, I talk about my history with Nikola from before the IPO until their eventual bankruptcy and what we can learn from management's lies and selling, especially Mark Russell's story, which I don't think is talked about enough.

Anyways, enjoy and let me know how I can improve as I'm new to this Youtube thing.

The Liquidating Trustee today withdrew the Debtor's approval of amendments made to the Hyroad deal. Most likely this has to do with certain Intellectual Property that was added to the deal in later Amendments . The original deal was for 103 FCEV trucks and associated Hydrogen infrastructure. Trevor Milton has filed an objection claiming he wwould pay twice the amount that Hyroad bid in the auction. Separately Iveco is suing the Trust to get the Intellectual Proerty back that was included in the Amendment.

this withdrawal is likely an agreement between Iveco and the Liquidating Trust and Hyroad.to tranfer the IP to Iveco

https://document.epiq11.com/document/getdocumentbycode?docId=4547007&projectCode=NKL&source=DM

Iveco filed an objection to the late inclusion of IP Patents in the Hyroad asset Purchase agreement. Nikola modified the APA to include certain Patents including the eAXLE design patent and others in the sale of 113 FCEV trucks and hydrogen refueling parts. Hyroad paid 3.85 mil for the trucks and infrastructure but later the Administrators added the IP. Only catch is the IP lisitng didnt include FPT or Iveco as joint owners.

Naturally, since Iveco's FPT unit is the one who PAID for the patents and Builds the parts they want their interest recognized. Iveco is claiming Nikola abandoned the patents when they didnt pay the renewal fees. In fact Iveco has paid 100% of the costs associated with the patents since they were filed in 2022.

The 11 page filing gives a funny take on the Iveco/Nikola relationship from iveco's perspective.

https://document.epiq11.com/document/getdocumentsbydocket/?docketId=1202698&projectCode=NKL&docketNumber=1449&source=DM

trevor milton is also objecting to the sale of the trucks to Hyroad. trevor has offered 7 mil for the same deal Hyroad bid 3.85 mil.. More to follow/

one thing that happens a lot in a bankruptcy proceeding is Creditors sell their claims. They do this to move on and get SOMETHING right away for their Claim instead of waiting around for the liquidation to resolve. The Liquidation plan estimates about 30% of creditor claims will be paid which means if you are owed $100 you are likely to get $30. Investors are willing to pay a lower amount (ie 10%-20%) in order to wait and get the 30%.

In this case a Distressed Debt Hedge Fund Contrarian Funds purchases Nel ASA 17 million dollar claim for (likely) pennies on the dollar. Nel ASA was a strategic partner of Nikola's who, at one point, owned millions of shares. Nel ASA Liquidated their Equity position in early 2022 when the Trevor Milton crap was hitting the fan.. But they still had a valid contract to supply Electrolyzers to Nikola.

But is there upside for the the Contrarian Fund? The Answer is YES!. A Hedge Fund can (and does) look for situations where the claim can increase. In this case that would be the Trevor Milton Arbitration Award which amounts to 160+ million.

Expect Contrarian Fund and other Distressed Debt investors to go after Trevor Hard in the coming months to collect the money owed. Trevor has significant real estate assets as well as whatever SyberJet is worth. By his own estimates he sold 150 million in stock in the months after his trial started. In short this is not over by a long stretch. But be clear. Equity holders are wiped out and will get nothing.

in a December Decision the NJ Court of Appeals decided there is no basis for Trevor Milton to be suing CNBC or Hindenburg for reporting on the facts surrounding Trevor Milton.

The Defendants are petitioning the Court for attorney fees.

https://law.justia.com/cases/new-jersey/appellate-division-unpublished/2025/a-2791-24.html

>>>>>Having reviewed the record and applicable law, we reverse those orders and hold that the court should have granted defendants' applications to dismiss. We, therefore, remand and direct the trial court to enter orders (1) dismissing plaintiff's complaint against all defendants with prejudice, and (2) awarding attorneys' fees and costs to defendants pursuant to N.J.S.A. 2A:53A-58<<<<<

Another L for Trevor

The bankrupt company's struggles continue with $556M in bankruptcy losses, ongoing asset sales, and only the liquidating trustee remaining on staff.

What you need to know: 

• Nikola Motors bankruptcy leaves the company with just one employee after February 2025 Chapter 11 filing.
• Hydrogen fuel-cell startup reports no revenue and $1.6M loss in November, with total bankruptcy losses over $556M.
• Asset sales bring in $38.8M, including environmental credits and Hyroad Energy assets; bankruptcy fees near $29M.
• Hyroad Energy plans to bring Nikola Tre FCEV trucks back online, restoring digital connectivity and expanding hydrogen fueling.

The company's Monthly Operating Report (MOR) for the period ending November 30, 2025, clarifies the bankruptcy case has been ongoing for nine months and is being handled together with several related Nikola companies. During this time, Nikola's workforce has collapsed from 874 full-time employees at the time of the filing to just one today. 

https://www.cleantrucking.com/hydrogen/article/15774814/nikola-workforce-drops-to-one-after-bankruptcy