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Discussion Starter · #1 ·
Well it's the big day. 10am auction at law offices of Kirkland Ellis. Who emerges the new owner of Fisker Automotive? Watch this thread for updates.
 

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Is the auction really at Kirkland Ellis (601 Lex) in NYC? That's a block from my office and I grab lunch in their food court often!

Per a few different articles, we should know definitely by Friday who has won as Fisker is required to file a notice with the court within one business day of the auction and inform the court on Friday.
 

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Hopefully the east coast storm does not derail the proceedings last the last court date, but then again if it does could. Be a good thing :)
 

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Hopefully the east coast storm does not derail the proceedings last the last court date, but then again if it does could. Be a good thing :)
Chances are the sale won't be approved by Judge Gross, or there will be some more appeals or other delays. The creditors are sure to alsominterfere...same story for the last year and a half since the A123 bankrupcy shut down Fiskers assembly line. More and more bureaucracy. I'm not going to get my hopes up for resolution of this bankrupcy for at least another 3 months.
 

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Discussion Starter · #6 ·
Latest news: no news!

From USA Today: http://www.usatoday.com/story/news/2014/02/12/fisker-auction-outcome-unknown/5437213/

WILMINGTON, Del. -- There was no word late Wednesday who, if anyone, had won the right to purchase Fisker Automotive's assets out of bankruptcy.


The failed carmaker's assets, including the former General Motors plant in Wilmington, went up for auction in a New York law firm's offices starting Wednesday morning. The auction was held behind closed doors, with the only participants being the attorneys for Fisker, its unsecured creditors' committee and the bidders' representatives.


The auction continued into the evening, said Sunni Beville, an attorney for the committee of unsecured creditors.


The outcome of the auction, which included the company's intellectual property, was expected to be announced in a filing by Fisker's attorneys with the bankruptcy court within 24 hours of the auction's conclusion.
Judge Kevin Gross is scheduled to vote in his Wilmington courtroom Friday morning on whether to approve the sale.


The plug-in hybrid manufacturer was expected to reopen the old GM plant, and provide nearly 5,000 jobs, with the help of state and federal subsidies. But a series of setbacks, including the bankruptcy of its battery manufacturer, led to Fisker filing for bankruptcy in November.


The two known bidders are both from China: Hybrid Tech Holdings LLC, owned by Hong Kong businessman Richard Li; and Wanxiang America Inc., the U.S. arm of China's largest auto parts manufacturer. Wanxiang bought Fisker's battery maker out of bankruptcy last year.


Both companies have expressed willingness to use the former GM plant, under the right market conditions.


Willett Kempton, one of Delaware's more prominent electric car advocates, said he hopes whoever buys Fisker's assets wants to manufacture in this state. There have been many jobs lost in the automotive sphere, he said, but "electric cars are going to be a substantial fraction of the automotive market."


About 100,000 electric cars were sold in the United States last year, with one startup, Tesla, experiencing fast growth, he said.


"I don't think Fisker will be another Tesla, but there's a market there, and there's room for multiple small companies, if they have a superior product, to be on the market at the same time," Kempton said. He is a professor in the College of Earth, Ocean and Environment at the University of Delaware, and the principal investigator on electric vehicle projects there.
 

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Chances are the sale won't be approved by Judge Gross, or there will be some more appeals or other delays. The creditors are sure to alsominterfere...same story for the last year and a half since the A123 bankrupcy shut down Fiskers assembly line. More and more bureaucracy. I'm not going to get my hopes up for resolution of this bankrupcy for at least another 3 months.
I was right. Another delay.

http://news.yahoo.com/hearing-fiske...lBHNlYwNzYwRjb2xvA2JmMQR2dGlkA1RBVVMwMTZfMQ--

The BMW i8 will be at dealerships before the Karma2. While less beautiful to look at, it looks more like a futuristic 2020's decade design than the 2008 designed Karma. Let's not forget there will likely be an updated Tesla in the not so distant future and several additional or updated plug-in cars from companies like Porsche, Mercedes etc. It may be too little too late for the eventual winner, except perhaps in China.
 

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I was right. Another delay.

http://news.yahoo.com/hearing-fiske...lBHNlYwNzYwRjb2xvA2JmMQR2dGlkA1RBVVMwMTZfMQ--

The BMW i8 will be at dealerships before the Karma2. While less beautiful to look at, it looks more like a futuristic 2020's decade design than the 2008 designed Karma. Let's not forget there will likely be an updated Tesla in the not so distant future and several additional or updated plug-in cars from companies like Porsche, Mercedes etc. It may be too little too late for the eventual winner, except perhaps in China.
Looks like Fisker is already behind the times in design. Even Kia's now have the Karma's once cutting edge combination xenon/LED lights.

http://uk.news.yahoo.com/bmw-i8-bring-optional-laser-headlights-39-daylight-021300233.html
 

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I was right. Another delay.

http://news.yahoo.com/hearing-fiske...lBHNlYwNzYwRjb2xvA2JmMQR2dGlkA1RBVVMwMTZfMQ--

The BMW i8 will be at dealerships before the Karma2. While less beautiful to look at, it looks more like a futuristic 2020's decade design than the 2008 designed Karma. Let's not forget there will likely be an updated Tesla in the not so distant future and several additional or updated plug-in cars from companies like Porsche, Mercedes etc. It may be too little too late for the eventual winner, except perhaps in China.
The reason it was delayed is that apparently the auction was still going on Thursday night and is unlikely to be finished now, which means that there are lots and lots of negotiations going on.

http://www.vcstar.com/news/2014/feb/13/fisker-asset-sale-will-be-subject-of-hearing/
 

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Discussion Starter · #10 ·
Yup, delayed to Tuesday 2/18. You guys were up to date before my source at the courthouse even. Fascinating that the negotiations are so prolonged.

I'm glad that these negotiations include the creditors' committee, and that owners have a representative within that small group. When this is all over, he (a Buzz contributor) will sure have some stories to tell, if he's allowed to (lots of confidentiality and privilege I'm sure).
 

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Yup, delayed to Tuesday 2/18. You guys were up to date before my source at the courthouse even. Fascinating that the negotiations are so prolonged.

I'm glad that these negotiations include the creditors' committee, and that owners have a representative within that small group. When this is all over, he (a Buzz contributor) will sure have some stories to tell, if he's allowed to (lots of confidentiality and privilege I'm sure).
The deal is also subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to Anita-Marie Laurie, an outside spokeswoman for Fisker with Sitrick and Co. The act requires individuals and companies over a certain size to adhere to notification and waiting period conditions before they complete acquisitions resulting in holding stock or assets above specified thresholds.

How long will this take?
 

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The deal is also subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to Anita-Marie Laurie, an outside spokeswoman for Fisker with Sitrick and Co. The act requires individuals and companies over a certain size to adhere to notification and waiting period conditions before they complete acquisitions resulting in holding stock or assets above specified thresholds.

How long will this take?
I seriously doubt this would present any anti-trust issues n
 
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