The dream of a man to make electric-powered pickup trucks may not be over yet.  Lordstown Motors founder Steve Burns has made a $10 million offer to purchase the bankrupt company.

The company behind the all-electric Endurance pickup truck revealed in a regulatory filing on Friday that it has received a qualified bid from LAS Capital LLC.

LMC has agreed to sell its assets to LAS, and Stephen Burns, who is the majority equity holder of LAS.

Burns was Lordstown Motors' founder, former CEO, and board member. The filing says that Lordstown Motors' former Chief Financial Officer, Julio Rodriguez, is one of the indirect managers of LAS Capital.

Burns and Rodriguez resigned from their positions with Lordstown Motors on June 14, 2021, as a special committee looking into a damaging report by Hindenburg Research found "issues regarding the accuracy of certain statements regarding the company's pre-orders."

Although the committee concluded that Hindenburg's report was false and misleading, it found some credibility in claims about inaccurate pre-order disclosures made by LMC.

Neither Burns nor Rodriguez have had any management role with Lordstown Motors since their resignations other than the current bid, according to the SEC filing.

Over several months, Burns began selling off shares of Lordstown Motors he continued to hold, selling the last of his common stock on May 23, one day before Lordstown Motors initiated a reverse stock split to prevent delisting from the Nasdaq stock exchange.

The sale, which is subject to the approval of the Bankruptcy Court, includes assets related to the design, production, and sale of electric light-duty vehicles focused on the commercial fleet market.

LAS Capital has deposited 10% of the $10 million purchase price into an escrow account as a good faith deposit.

If the Asset Purchase Agreement is terminated due to a breach, LAS Capital will also be required to pay Lordstown Motors a $4 million termination fee.

LAS Capital also has the right to terminate the Asset Purchase Agreement if the sale hearing does not occur on or before October 18, 2023, or if the Bankruptcy Court has not entered the Sale Order on or before October 21, 2023.

Lordstown Motors noted that other bids for the assets did not meet the qualifications.

A hearing before the Bankruptcy Court to consider the approval of the Sale Motion, the Asset Purchase Agreement, and the Transaction is scheduled for October 18, 2023.