Lordstown Gets Approval to Sell Remaining Assets to Founder

Lordstown Motors Corp. got court approval on Wednesday to sell its remaining assets to founder Steve Burns for $10 million after the electric-vehicle maker filed for bankruptcy earlier this year.

• The company reached a deal in late September to sell the assets to LAS Capital, which is majority owned by Burns
  • U.S. Bankruptcy Judge Mary Walrath approved the sale during a hearing
  • “The bid of LAS capital is the highest and best bid for the assets,” Walrath said during the hearing
• Burns left the company in 2021 after an internal probe revealed he and other executives made misleading statements when ...