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Discussion Starter · #1 ·
From Businessweek:

Fisker Automotive Inc. creditors opposed the proposed sale of the bankrupt electric car maker’s assets to Hybrid Tech Holdings LLC and said it should be conducted through a competitive bidding process.

The official committee of unsecured creditors filed its proposal today in U.S. Bankruptcy Court in Wilmington, Delaware, outlining a sales procedure with Wanxiang America Corp. as the stalking-horse bidder. The lead bid would be $25.7 million plus assumed liabilities, according to the proposal.

“The debtors seek to rush through a sale at lightning speed of all of their assets to a buyer that is controlled by a person who was a director and insider of the debtors up to the day on which these cases were commenced, in a process that entirely precludes any competitive offer,” the committee said in the filing.
Fisker failed after losing a U.S. government loan and earlier this month filed a liquidation plan in U.S. Bankruptcy Court ahead of a Jan. 3 sale date for its assets. Fisker listed assets of as much as $500 million and debt of as much as $1 billion in its Chapter 11 petition filed Nov. 22.
 

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Discussion Starter · #2 ·
More from Reuters:

Dec 31 (Reuters) - China's largest auto parts company made a surprise bid for Fisker Automotive just days before the bankrupt maker of the Karma plug-in hybrid sports car was to be sold to a Hong Kong tycoon, according to court documents.

Fisker creditors asked the U.S. Bankruptcy Court in Wilmington, Delaware to scrap Fisker's agreed sale to a company affiliated with Richard Li and instead hold an open auction at which Wanxiang America Corp plans to bid.

Wanxiang outbid Johnson Controls last year in a bankruptcy auction for most of the assets of A123 Systems Inc, which made batteries for Fisker's cars.

"They are extremely capable and knowledgeable of the industry and know how to get things done," said William Baldiga, a Brown Rudnick attorney who represents Fisker's official creditors committee.

Both Fisker and A123 obtained green technology loans from the Department of Energy. Critics of the government's loan program tried to get regulators to block the sale of A123 to Wanxiang, arguing that sensitive technology was being transferred to an economic rival.

Baldiga said he does not anticipate similar problems with the sale of Fisker's assets, which he said are primarily related to automotive design.

Wanxiang plans to restart Fisker production and eventually move the manufacturing from Finland to Michigan, according to Wanxiang's presentation to creditors that was filed with the court.

Fisker filed for bankruptcy in November, after being hobbled by production glitches and recalls.

Li planned to buy the company after he paid around $30 million for Fisker's loan from the U.S. government. Li planned to bid the $168 million owed on that loan to acquire Fisker's assets, leaving other creditors such as suppliers with next to nothing.
 

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Discussion Starter · #3 ·
Wanxiang, in its presentation to creditors, makes bold statements of support for current Karma owners, but the Wanxiang Asset Purchase Agreement makes NO revision to the "excluded liabilities" section of the Richard Li agreement.
 

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Wanxiang, in its presentation to creditors, makes bold statements of support for current Karma owners, but the Wanxiang Asset Purchase Agreement makes NO revision to the "excluded liabilities" section of the Richard Li agreement.
Can you provide the link? URL?
 

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FYI some juicy info on Atlantic based crossover on pages 345-349 (exhibit 10).

Notice there is customer support "at cost" - not included in warranty.
 

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Discussion Starter · #10 ·
It also came as news to me that Wanxiang/VL are CURRENTLY providing support to Karma owners (see attached). Anyone here ever gotten any such support? Harleyguy? If I had a problem with my car, I would be taking the opportunity right now to approach VL for a fix.

The goal of owners should be to get some of the talk from the presentation incorporated into the actual APA, which as noted above, has none of it (that agreement is a mirror image of the Richard Li language, disclaiming all warranties).
 

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Discussion Starter · #12 ·
That's curious. You have the Miami dealer right there...why would you go to VL for repairs?
The issue is parts, not service. If I needed a PART like a BATTERY, then according to the presentation I could hit them up for one at COST. That contradicts my understanding that complete battery systems are unavailable (though I think Hybrid Support Solutions may have access to complete units).

Another example for you (Lormax) specifically: traction motors. Why would you be disassembling these motors to install a new spline if VL had new ones available to you? Especially when the supplier warns "In case of spline failure, the motor needs to be scrapped, or returned for service". It's commendable the lengths you are going to to keep the cars rolling, but if traction motors are sitting in a warehouse in China, with a warranty, then why expose yourself to the risk?

Third example: Harleyguy advises me that front fascias are completely out of stock (another part that is specifically mentioned in the presentation).

The point isn't "what parts can Wanxiang/VL get me", the point is HAVE they in fact been supporting current owners (as they claim) or not? If you are disassembling traction motors and selling aftermarket facias on eBay, I assume the answer is "no". Does ANYONE have any experience getting parts from VL, or is their presentation deceptive? Is their proposal cause for hope, or more lies? THAT is the issue - let's stay on topic.
 

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The point isn't "what parts can Wanxiang/VL get me", the point is HAVE they in fact been supporting current owners (as they claim) or not? If you are disassembling traction motors and selling aftermarket facias on eBay, I assume the answer is "no". Does ANYONE have any experience getting parts from VL, or is their presentation deceptive? Is their proposal cause for hope, or more lies? THAT is the issue - let's stay on topic.[/QUOTE]

Interesting comment, so since they are stating as a fact that they intend to make parts available to current Fisker owners at cost, have they now created a legal obligation to us?
 

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The issue is parts, not service. If I needed a PART like a BATTERY, then according to the presentation I could hit them up for one at COST. That contradicts my understanding that complete battery systems are unavailable (though I think Hybrid Support Solutions may have access to complete units).

Another example for you (Lormax) specifically: traction motors. Why would you be disassembling these motors to install a new spline if VL had new ones available to you? Especially when the supplier warns "In case of spline failure, the motor needs to be scrapped, or returned for service". It's commendable the lengths you are going to to keep the cars rolling, but if traction motors are sitting in a warehouse in China, with a warranty, then why expose yourself to the risk?

Third example: Harleyguy advises me that front fascias are completely out of stock (another part that is specifically mentioned in the presentation).

The point isn't "what parts can Wanxiang/VL get me", the point is HAVE they in fact been supporting current owners (as they claim) or not? If you are disassembling traction motors and selling aftermarket facias on eBay, I assume the answer is "no". Does ANYONE have any experience getting parts from VL, or is their presentation deceptive? Is their proposal cause for hope, or more lies? THAT is the issue - let's stay on topic.
last month silicon valley were able to resourse driver side panel from fisker cost was like 230$ i was told by their previous manager and sales man fisker contacted them and they can order parts (on pre paid basis).. in my experience they ordered Key fob for my car took 1 week..
not sure if they have special connection but they can get parts like RDM etc.. except the HV battery
 

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However this all shakes out, we need to support Lormax as much as possible. We should source parts from him, and encourage dealers to do the same.

An owner posted here a few days ago that a dealer kept his Karma for 2 weeks while waiting for a part from FA. The owner gave up and had it flat-bedded to Lormax, who had the part and fixed the car in 2 days.
 

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totaly agree with you ..lormax probably fixed more cars than some delaers
he wil bet he first to contact if i have problem ,, ihope i dont have to:p
but let stay on topic ... this very intersting thread thanks to non-seq
 

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More from Reuters:

Dec 31 (Reuters) - China's largest auto parts company made a surprise bid for Fisker Automotive just days before the bankrupt maker of the Karma plug-in hybrid sports car was to be sold to a Hong Kong tycoon, according to court documents.

Fisker creditors asked the U.S. Bankruptcy Court in Wilmington, Delaware to scrap Fisker's agreed sale to a company affiliated with Richard Li and instead hold an open auction at which Wanxiang America Corp plans to bid.

Wanxiang outbid Johnson Controls last year in a bankruptcy auction for most of the assets of A123 Systems Inc, which made batteries for Fisker's cars.

"They are extremely capable and knowledgeable of the industry and know how to get things done," said William Baldiga, a Brown Rudnick attorney who represents Fisker's official creditors committee.

Both Fisker and A123 obtained green technology loans from the Department of Energy. Critics of the government's loan program tried to get regulators to block the sale of A123 to Wanxiang, arguing that sensitive technology was being transferred to an economic rival.

Baldiga said he does not anticipate similar problems with the sale of Fisker's assets, which he said are primarily related to automotive design.

Wanxiang plans to restart Fisker production and eventually move the manufacturing from Finland to Michigan, according to Wanxiang's presentation to creditors that was filed with the court.

Fisker filed for bankruptcy in November, after being hobbled by production glitches and recalls.

Li planned to buy the company after he paid around $30 million for Fisker's loan from the U.S. government. Li planned to bid the $168 million owed on that loan to acquire Fisker's assets, leaving other creditors such as suppliers with next to nothing.
It just wouldn't be very Fisker like without some last minute drama and intrigue.

The big day is tomorrow. Can't wait to see what happens.
 

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However this all shakes out, we need to support Lormax as much as possible. We should source parts from him, and encourage dealers to do the same.

An owner posted here a few days ago that a dealer kept his Karma for 2 weeks while waiting for a part from FA. The owner gave up and had it flat-bedded to Lormax, who had the part and fixed the car in 2 days.
Are you backing Lomax financially ?? I would think the owners of the cars should decide who to back for parts .What makes you think Travis can get parts easier then a dealership.Just for your information without my dealership Lomax wouldn't of had one muffler to sell . Most dealerships that are still open didn't even know they could order parts from Fisker still .Unless you and Lomax are getting your parts from another source Fisker is doing the best they can supplying us with parts . Lomax isn't the only game in town
 

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Oh by the way I've been in touch with VL Automotive from the beginning when Fisker closed it's door they made me a boat load of promises and delivered none .
 
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