Money Stuff: Lordstown Is Selling Some Stock

Hmm. Hmm. Hmm:

Hmm. The headline here is “Lordstown May Raise Up to $400 Million From Investment Fund,” but it seems clear that the Yorkville fund is in the moving business, not the storage business. This trade is not “Yorkville will buy stock from Lordstown anytime Lordstown asks, in any amount that Lordstown suggests, at whatever the current price is, because it is a committed long-term investor and doesn’t care about price or size.” This trade is “Lordstown can call up Yorkville anytime and say ‘sell some stock for us,’ and Yorkville will do that and get paid a 3% fee.”