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Carved - Karma bites back
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79 Posts
Discussion Starter · #1 ·
What is your prognosis?

I am pessimistic. I think chapter 11.
 

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Premium Member
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Someone, or some group of people, have been putting a lot of time, energy, and effort to keep the doors open and the lights on since the big layoff in late March and I don' t think they are going to just walk away from it. My guess that it will either be a voluntary buyout, or if the DOE does not play ball, it would be a pre-packaged BK with a buyer/investor lined up beforehand.
 

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Senior Member
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320 Posts
Someone, or some group of people, have been putting a lot of time, energy, and effort to keep the doors open and the lights on since the big layoff in late March and I don' t think they are going to just walk away from it. My guess that it will either be a voluntary buyout, or if the DOE does not play ball, it would be a pre-packaged BK with a buyer/investor lined up beforehand.
Yes, but when? Is there no deadline in site? How long can the negotiation go on? It been so many months!
 

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Premium Member
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Yes, but when? Is there no deadline in site? How long can the negotiation go on? It been so many months!
They go on as long as they need to. There seems to be Mexican standoff in that the DOE does not want to take too much of a haircut on the loan and potential investors don't want to put any money in if the DOE can just sweep it out like they did back in April, so one side has to give. I doubt there is a whole lot of negotiation going on. My guess would be that the interested groups are trying to raise enough money to satisfy the DOE and to have enough operating funds to keep FA going post-buyout. And this will take as long as it will take.
 

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Carved - Karma bites back
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79 Posts
Discussion Starter · #6 ·
I hope everything gets clear in the next few months so owners know what to do. I hope FA stays in Business and clear dates on the Fisker Atlantic can be communicated. I am the first to order one for my wife.
 

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Registered
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I hope everything gets clear in the next few months so owners know what to do. I hope FA stays in Business and clear dates on the Fisker Atlantic can be communicated. I am the first to order one for my wife.
you're looking at a minimum 2-3 years...if they start tomorrow.
 

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Senior Member
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320 Posts
They go on as long as they need to. There seems to be Mexican standoff in that the DOE does not want to take too much of a haircut on the loan and potential investors don't want to put any money in if the DOE can just sweep it out like they did back in April, so one side has to give. I doubt there is a whole lot of negotiation going on. My guess would be that the interested groups are trying to raise enough money to satisfy the DOE and to have enough operating funds to keep FA going post-buyout. And this will take as long as it will take.
Wasn't a DOE payment due on June 22? Isn't Fisker therefore in default? I'm sure they didn't pay it. Doesn't the DOE have the right therefore to seizure the Fisker assets now?
 

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Fisker R&D and Build Tech
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35 Posts
There are not that many tangible assets at Fisker. Cars and all are not remotely worth the monies owed to the DOE. I expect a packaged BK and would be surprised if there is a bid at 40 million.
 

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EX:Shadow/Canyon #324
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You have not missed much, no news - don't know what the countdown to July 31st means... Anyway, here is the text

THE COUNTDOWN: - 10 days to July 31, 2013
This is picture and story # 6.

September/October of 2009, from **** to heaven.
After getting almost out of business, we finally received the good news we were long awaiting: the DOE (Department of... Energy/US Gov.) approved a $ 529 M loan to help build the Karma and a medium size car with next generation technology, code name “NINA” (later called “Atlantic”).
But when you get a loan from the Government there is always something attached to it that you don’t necessarily wanted or asked for: we had to buy from GM’s bankruptcy one of their dismissed production plants. The choice fell on former GM plant in Wilmington, Delaware. The plant needed to be almost completely refurbished and retooled before being able to produce any car, at least another 3 years of intense and hard work. And millions of $.
The whole story had an immediate positive PR effect for us; a Fisker/DOE joint announcement stated that we would be able to rehire almost all former GM workers which were sent home just few months before. Up to 5,000 jobs 2,000 at the plant and 3,000 at suppliers. The project was to produce up to 75-100,000 medium sized plug-in hybrid cars by 2014.
Short after that announcement, a Fisker/DOE/Delaware team was involved to prepare an event to celebrate the start of a new era for the automotive industry in US and Delaware. New hope for a brighter future for thousands of families.
With great pleasure I received a personal invitation letter posted by Fisker Automotive and Delaware’s Governor Mr. Jack Markell to a dinner to celebrate the newest acquisition and a presentation event at the Wilmington’s former GM plant the day after.
It was a mild evening of October 26th when we met for dinner at Mr. Markell’s house. The “Governor's Mansion” of the State of Delaware happens to be very small (like the State itself...) and for this reason we were all hosted at Mr. Markell’s private house. The relatively normal sized house (by American standards, in Europe that would be a huge one), was filled with plenty of dignitaries, senators and congressmen from Delaware and... last but not least, we also had the honor of the presence of Mr. V.P. Joe Biden. As the most of you certainly know, Mr. Biden’s home State is Delaware. It was a very pleasant and inspiring evening which ended with the signature of the letter of intent for the purchase of the Delaware plant. That day nobody of the present people were thinking that Fisker Automotive would, unfortunately, never be able to start any car manufacturing in that plant. Everybody was truly thinking that what we did sign that night, was for the best of many, above all the people of Delaware... To be continued...

The picture was taken inside the Delaware plant in the morning of October 27th, right before the event with V.P. Joe Biden and other top politicians. Behind the curtains former GM plant workers were waiting to hear the speech about their future. Next to a group of Fisker’s investors and executives you can see a prototype of the Karma and the covered silhouette of the NINA/Atlantic which was unveiled for the first time ever during the event to a limited number of people
 

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Early Adopter
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1,255 Posts
Unfortunately I am in China and FB is completely blocked by the Great Firewall. Could someone please post a summary?
Dennis,

It has a story line that goes over the history from an early investor , it's being posted daily with pictures. I found it interesting.

When I get off my ipad and onto a laptop, I'll try to copy each of the posting to date into one PDF and try to post it. It has a countdown, so that perked my interest - I'm a sucker for mysteries :)
 

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Early Adopter
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1,255 Posts
You have not missed much, no news - don't know what the countdown to July 31st means... Anyway, here is the text

THE COUNTDOWN: - 10 days to July 31, 2013
This is picture and story # 6.

September/October of 2009, from **** to heaven.
After getting almost out of business, we finally received the good news we were long awaiting: the DOE (Department of... Energy/US Gov.) approved a $ 529 M loan to help build the Karma and a medium size car with next generation technology, code name “NINA” (later called “Atlantic”).
But when you get a loan from the Government there is always something attached to it that you don’t necessarily wanted or asked for: we had to buy from GM’s bankruptcy one of their dismissed production plants. The choice fell on former GM plant in Wilmington, Delaware. The plant needed to be almost completely refurbished and retooled before being able to produce any car, at least another 3 years of intense and hard work. And millions of $.
The whole story had an immediate positive PR effect for us; a Fisker/DOE joint announcement stated that we would be able to rehire almost all former GM workers which were sent home just few months before. Up to 5,000 jobs 2,000 at the plant and 3,000 at suppliers. The project was to produce up to 75-100,000 medium sized plug-in hybrid cars by 2014.
Short after that announcement, a Fisker/DOE/Delaware team was involved to prepare an event to celebrate the start of a new era for the automotive industry in US and Delaware. New hope for a brighter future for thousands of families.
With great pleasure I received a personal invitation letter posted by Fisker Automotive and Delaware’s Governor Mr. Jack Markell to a dinner to celebrate the newest acquisition and a presentation event at the Wilmington’s former GM plant the day after.
It was a mild evening of October 26th when we met for dinner at Mr. Markell’s house. The “Governor's Mansion” of the State of Delaware happens to be very small (like the State itself...) and for this reason we were all hosted at Mr. Markell’s private house. The relatively normal sized house (by American standards, in Europe that would be a huge one), was filled with plenty of dignitaries, senators and congressmen from Delaware and... last but not least, we also had the honor of the presence of Mr. V.P. Joe Biden. As the most of you certainly know, Mr. Biden’s home State is Delaware. It was a very pleasant and inspiring evening which ended with the signature of the letter of intent for the purchase of the Delaware plant. That day nobody of the present people were thinking that Fisker Automotive would, unfortunately, never be able to start any car manufacturing in that plant. Everybody was truly thinking that what we did sign that night, was for the best of many, above all the people of Delaware... To be continued...

The picture was taken inside the Delaware plant in the morning of October 27th, right before the event with V.P. Joe Biden and other top politicians. Behind the curtains former GM plant workers were waiting to hear the speech about their future. Next to a group of Fisker’s investors and executives you can see a prototype of the Karma and the covered silhouette of the NINA/Atlantic which was unveiled for the first time ever during the event to a limited number of people
There are several posting, this is the latest. Ps> I found them interesting...
 

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Premium Member
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4,659 Posts
This is a fascinating narrative from an insider. Not sure what the significance of the July 31 date is, but he has go me hooked.
 

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Registered
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483 Posts
I believe there has been a pre packaged BK in the works and the company will be split up and sold. My guess is it will be announced on the 31st.
 

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Registered
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245 Posts
Or it's just the launch of the Fisker documentary fundraising as suggested on another thread :)
 

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Super Moderator
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1,183 Posts
Or it's just the launch of the Fisker documentary fundraising as suggested on another thread :)
I don't think the countdown is to the documentary. The film hasn't even started fundraising, and the countdown has only mentioned the film once. I don't know what the countdown is to, but I think it's going to be more interesting than someone's kickstarter campaign.
 
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