Business research firm PrivCo did a rather comprehensive analysis of the Fisker saga and even produced a huge infographic.
The sad long story of Fisker Automotive, | VentureBeat
PrivCo press release: PrivCo -- Fisker Automotive's Road to Ruin: How a Billion-Dollar Startup Became a Billion-Dollar Disaster - WSJ.com
The sad long story of Fisker Automotive, | VentureBeat
PrivCo press release: PrivCo -- Fisker Automotive's Road to Ruin: How a Billion-Dollar Startup Became a Billion-Dollar Disaster - WSJ.com
PrivCo -- Fisker Automotive's Road to Ruin: How a Billion-Dollar Startup Became a Billion-Dollar Disaster
NEW YORK, NY--(Marketwired - Apr 17, 2013) - After weeks of analysis by PrivCo's staff of attorneys, accountants and financial analysts, PrivCo has released its timeline detailing Fisker Automotive's "Road To Ruin," supplemented by never-before published documents.
See The Full Timeline Of Fisker's "Road To Ruin":
PrivCo | FISKER AUTOMOTIVE'S ROAD TO RUIN: Original Exclusive Documents Detail How a "Billion-Dollar Startup Became a Billion-Dollar Disaster": 2 of America's Smartest VCs - KLEINER PERKINS & NEW ENTERPRISE ASSOCIATES - & Others To Lose Over $1 Billion Dollars In "The Largest Venture Capital Investment Debacle in U.S. History"
Conclusions Sourced In PrivCo's Report:
-- With $1.3 Billion in venture capital and small private investor money
raised and spent in just 5 years, Fisker spent a stunning $660,000 for
each vehicle it produced, a vehicle that had a sticker price of $100,000
-- Fisker [produced] fewer than 2,200 vehicles in the company's lifetime, a third
of which remained unsold
-- U.S. Department of Energy took no action to enforce an issued "Drawdown
Stop Notice" under the "Consequences of Default" provisions of the Fisker
DOE Loan and Credit Agreement in June 2011
-- Fisker Automotive has less than $20 Million in cash on hand
-- 1,200 individual investors were induced to invest a total of $142M in now
worthless Fisker stock by a brokerage firm shuttered by S.E.C. for
fraudulent sales practices
-- Fisker's U.S. taxpayer loan and credit line repayment is due Monday,
April 22nd in the amount of $20.2 Million
-- Fisker to file for bankruptcy within days
PrivCo CEO Sam Hamadeh stated, "Fisker Automotive may well go down as the most tragic venture capital-backed debacle in recent history. The sheer scale of investment capital and government loan money -- over $1.3 Billion in all -- was squandered so rapidly and with so little to show for it that the wreckage is breathtaking. Bankruptcy will be the end of Fisker, but for the taxpayers, venture capital firms, individual investors, and Fisker's suppliers, it will all be too little too late."
