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Discussion Starter · #1 ·
I just talked to a key investor and got the latest. Grim is an understatement. I don't mean to be a tease, but I'm hesitant to be the first to post the bad news as it can surely be traced back to me. Expect news by Friday...and none of it good.
 

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Discussion Starter · #3 ·
Good question...let's see what comes out from public channels. I hate this cat and mouse game and I apologize for the tease. I have already received a few messages from others. One person is hearing the same thing I am....Others are hearing more positive news. I'm trying to get to one more contact tonight to confirm or deny my first source.
 

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How about you not spill the beans. Most of us investors are in the dark as much as owners for a reason. Leaks disrupt sensitive negotiations and are a nuisance!
 

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Unless your sources are actually in the room or otherwise involved in the discussions, anything they have to say is suspect. I have heard a number of contradictory rumors from different people, none of it based on first-hand information. I don't doubt the sincerity of the folks disseminating the information, just their access to unbiased data. I am sure whatever news emerges would be close to grim since, at best, this is going to be a fire sale of a car company who has not built any cars since last summer and just lost one of its founders. For details, I prefer to wait for the actual official announcements.
 

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Discussion Starter · #6 ·
Fabulist/Pythagoras - I completely agree with both of you. That's why I am torn. The person I spoke to has been connected for a long time and was someone i reached out to a few times during my purchase decision. So they are close, but they aren't sitting in a negotiation room or anything like that. BUT...their info has historically been accurate. Even he admits that the situation is very fluid...but the difference now is that options are becoming very limited and everyone involved is running out of steam.

Fingers crossed...let's hope someone jumps in soon
 

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According to WSJ (March 18):
The U.S. government gained collateral on Fisker assets under its Advanced Technology Vehicle Manufacturing loan and would essentially control the company in the event of a default or bankruptcy.

So the likely scenario is Fisker Automotive defaulting on their loan payment and U.S. government taking over the company. At least FA employees will get their paychecks for a while.

Then company's assets will be sold and new owner might be contemplating restarting production on small scale, or building a new car on top of existing platform.
 

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According to WSJ (March 18):
The U.S. government gained collateral on Fisker assets under its Advanced Technology Vehicle Manufacturing loan and would essentially control the company in the event of a default or bankruptcy.

So the likely scenario is Fisker Automotive defaulting on their loan payment and U.S. government taking over the company. At least FA employees will get their paychecks for a while.

Then company's assets will be sold and new owner might be contemplating restarting production on small scale, or building a new car on top of existing platform.
While that is theoretically possible, the DOE has not exercised that option in any of the other cases where an ATVM loan recipient has defaulted. In A123's case, for example, the company was allowed to go through Chapter 11 and wipe out the DOE loan and other obligations, such as the warranty repair of the batteries sold to Fisker, and then be sold.

Fisker raised a fair amount of money in the last couple of rounds and have not really been spending the money since they have not been making any cars, so they can be rebooted fairly easily after shedding the DOE loan, and royally screwing over all their investors, including A123. I am hopeful that they are not really looking at that option seriously yet since the door on less drastic options has not yet been fully shut, or at least that's the hope.

Besides, as we all know, the Government could not even make money running a brothel, so they would not be anyone's first choice running a car company.
 

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What's about building an owner financed and driven company?

If every owner throws additional 50.000 USD in, we could possibly by a huge portion of
- body parts
- wiring plans and stuff
- software tools and description
...


How might this work out in the US?


Stefan
German Karma Forum
www.karma-forum.de
 

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I would just like to get my hands on the parts from the 300 or so Karmas that were 'Destroyed' by Sandy. Thats alot of tires, wheels, rotors, body panels etc. that we could all use. I would hate to think they are getting shredded and turned in for scrap value.

Does anyone have a line on what the status of those wrecks is? and who we could contact to buy pieces or parts or a whole car?
 

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We seriously have to consider your proposal Stefan...


What's about building an owner financed and driven company?

If every owner throws additional 50.000 USD in, we could possibly by a huge portion of
- body parts
- wiring plans and stuff
- software tools and description
...


How might this work out in the US?


Stefan
German Karma Forum
www.karma-forum.de
 

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We seriously have to consider your proposal Stefan...
Maybe you can put this on Kickstarter. I am not sure if $50k/current owner is feasible, but it could still raise some serious money.
 

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Sounds good, but as far as I understand the project rules, the backers (we, the owners), have no rights at all...
This is not exact, what I' looking for :-/

And I don't believe, that this 'project' does apply to the rules of kickstarter.


Stefan
German Karma Forum
www.karma-forum.de
 

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If FA goes south, there will be a procedure to follow. No idea, whether it is comparable with the procedures in Germany (or Belgium, Rob), so to get everything managed, I'd suggest to get support in the city, where the bankruptcy process starts.


Stefan
German Karma Forum
www.karma-forum.de
 

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He came in when the company was already in trouble, and i am sure, has a Platinum Parachute in his contract so that he gets a lot of money if he has to leave in a hurry. So he wins either way.
Hope he has some sense of 'duty' or conscienceness.. Whatever happenes will happen, but at least support his EXISTING customers...
 

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Tony looks pretty comfortable being that Fisker is in the midst of "boiler room" negotiations. Anyone have a full streaming link to this ECO:Nomics discussion?

http://live.wsj.com/video/economics...4C.html#!FE48E562-372F-4448-972C-05E2025FEC4C
I've given and seen a lot of speeches in my day and he looks very nervous (most of his responses were rehearsed). That said, I think Tony just isn't naturally a public speaker - I'm sure he's great in small group settings and one-on-one.
 
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