1/ Mechanic's liens and $TSLA's VSRS (vertical storage retrieval system)
h/t @witwwos @phoennix10 @Trumpery45
I have been posting updates on mechanic's liens. As posted yesterday I know of 14 open mechanic's liens on property owned or leased by $TSLA.
h/t @witwwos @phoennix10 @Trumpery45
I have been posting updates on mechanic's liens. As posted yesterday I know of 14 open mechanic's liens on property owned or leased by $TSLA.
2/ "A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property." (Wikipedia)
3/ Regarding $TSLA @witwwos made me first aware that several mechanic's lien that had been filed in Alameda county. Since then many more have been filed. Today I want to give some background on some of them.
4/ We need to go back to July 2017 when @ElectrekCo reported that Tesla was building a "massive new structure" in Fremont. @FredericLambert concluded that the structure might be an Automated Storage & Retrieval System. This turned out to be right.
5/ At that time there was a lot of speculation on reddit about the supplier. German @teslamag finally got confirmation that @SwisslogInspire (Member of the @KUKA_RoboticsEN Group) was the supplier for the system.
7/ A closer look reveals: "Claimant furnished the labor or services or equipment or materials, at the request of Swisslog Logistis Inc." A second lien over $340k by Shaycore contains the same sentence. 
8/ As @lamponuovo pointed out a LinkedIn profile confirms:
"A design and construction project for two (2) Vertical Storage and Retrieval Systems for the General Assembly and Body and White departments of the Tesla Motors Fremont, California assembly plant."
"A design and construction project for two (2) Vertical Storage and Retrieval Systems for the General Assembly and Body and White departments of the Tesla Motors Fremont, California assembly plant."
9/ The profile further states that Shaycore acted as a General Contractor
10/ @phoennix10 posted several other liens whih seems to be connected. Liens by Red Hawk Fire & Security LLC and Dryco Construction Inc. name Shayore as the general contrator
11/ Two liens by Rexel (7/2/18) and Graybar (8/8/18) also seem to be connected. According to the filings both were suppliers to The QuestCom Group Inc. The lien by Graybar names Shaycore Enterprises as the general contractor.
12/ The QuestCom Group's work:
"QuestCom’s work will focus on the three material handing components of the new production line facility. QuestCom will leverage its vast experience in the automated storage and retrieval system (ASRS) arena for this project."
"QuestCom’s work will focus on the three material handing components of the new production line facility. QuestCom will leverage its vast experience in the automated storage and retrieval system (ASRS) arena for this project."
14/ Then there are 2 (now released) mechanic's liens by Quality Erectors & Construction Inc. which were filed previously this year. At that time I pointed out that according to a LinkedIn profile this company was involved in the construction of Tesla's VSRS.
15/ This company filed 2 lis pendens in Alameda county (which were later cancelled):
"In United States law, a lis pendens is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it."
"In United States law, a lis pendens is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it."
16/ The lis pendens both named $TSLA and Shaycore Enterprises. Because they were later cancelled and the mechanic's liens released, I assume that they were either successful in being paid or reaching a settlement.
17/ I tried to reach a conclusion regarding the scope of the project. I have different numbers but all show that $TSLA's VSRS is not a small project.
18/ On LinkedIn one employee claims that there are three ASRS of $152 million.
19/ Another employee claims: "This includes >$40 Mil Pallet Handling Automated Storage & Retrieval (ASRS) warehouse, a multi-million dollar Tote handling ASRS system[...]"
20/ I also reviewed the building permits. There are indeed permits for both a North and a South VSRS. The main permits (just building permits) total:
North VSRS: $11.1m
South VSRS: $6.6m
North VSRS: $11.1m
South VSRS: $6.6m
21/ In my opinion this might point to a larger problem of not paying Capex suppliers and the mechanic’s lien might just be the tip of the iceberg. (This is speculation from my side.)
This seems to be the claimed total value for the 3 system.
