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Old 04-22-2013, 02:06 PM   #1 (permalink)
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Default What is Fisker waiting for?

According to some reports I have read, the DOE loan payment was due at 1 PM EST, which, if true, would mean that the payment is now past due. Yet there is no news of a BK filing or any other disturbance in the force, flare, or smoke signal indicating anything has changed at FA.

I can see trying to keep your options open, but this is ridiculous, and frankly annoying.
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Old 04-22-2013, 02:45 PM   #2 (permalink)
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There has to be some reasonable explanation - they can't have that many clueless cooks in the kitchen.
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Old 04-22-2013, 03:15 PM   #3 (permalink)
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I don't know much about bk proceedings but I believe they have to be forced into bk. Fisker will probably default on the DOE loan and this will put the wheels in motion for a bk filing.
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Old 04-22-2013, 03:23 PM   #4 (permalink)
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There are a lot of big time investors in this deal who stand to lose significant amounts from bankruptcy. Maybe they're finding a creative way to pony up to the DOE and avoid bankruptcy?
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Old 04-22-2013, 03:51 PM   #5 (permalink)
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Perhaps they are waiting for all of the big news stories to subside a bit so they can make a big splash with their filing. [/cynicism]
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Old 04-22-2013, 03:52 PM   #6 (permalink)
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Originally Posted by pythagoras View Post
There are a lot of big time investors in this deal who stand to lose significant amounts from bankruptcy. Maybe they're finding a creative way to pony up to the DOE and avoid bankruptcy?
True, and the DOE is between the Devil and the deep blue sea, so to speak. They can do the politically safer route, stand tough, and force the company into BK, thus destroying a lot of value and shareholder equity in the process and devaluing their own collateral but look like they are in fact taking some action.

On the other hand, they could take a businesslike approach and try to maximize the value of the assets for a potential buyer, but that would invite the charge of being soft on another Solyndra, and worse look like they are presiding over the sale of American technology, that is now suddenly very strategic, to foreign countries, particularly those in Asia.

Either way, it's going to be tragic and wasteful, but based on the A123 precedent, I think the BK route will give the DOE more political cover if FA is going to be sold to foreign interests, even though it may actually reduce DOE's own recovery.
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Old 04-22-2013, 03:57 PM   #7 (permalink)
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Perhaps they are waiting for all of the big news stories to subside a bit so they can make a big splash with their filing. [/cynicism]
And I would expect nothing less from the folks who brought us this gem in Whine-vertising.

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Old 04-22-2013, 04:14 PM   #8 (permalink)
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Maybe Fisker is waiting to find a way to fulfill the warranty/service obligations to all the customers, and all outstanding parts and batteries to be delivered to the service dealers. Can you say I am an optimist?
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Old 04-22-2013, 04:36 PM   #9 (permalink)
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As I said in a previous post, Bankruptcy is the only option, this company is too far gone. Bankruptcy will clear the air, allow another car company to come in with a low bid for all of the assets, and move ahead with the company, if there is a company out there that wants these assets.

At that point, I believe we will be in a much safer position as vehicle owners. Anybody who buys the company will have to firm up their relationship with the owners, the dealers and the vendors.

If they buy the company for 10 cents on the dollar, they can always negotiate with the vendors for 50 cents on the dollar, which is a lot better than zero. Also, the DOE will get a significant part of their loan back, as compared to where they stand today.

The next few days will be very very interesting.

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Old 04-22-2013, 04:49 PM   #10 (permalink)
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Quote:
Originally Posted by smoothoperator View Post
I don't know much about bk proceedings but I believe they have to be forced into bk. Fisker will probably default on the DOE loan and this will put the wheels in motion for a bk filing.
They don't need to be forced into BK (creditors can force them into involuntary BK) - they can declare voluntary BK and file. There are technical issues/subtleties with both, but my sense is the reason for doing one vs. the other may be more political than anything else at this point.
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