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3,082 Posts
This was just released
http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131229000001&cid=1202
http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131229000001&cid=1202
Richard Li
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If you read the PSA between Hybrid technologies and Fisker as well as the agreement with the DOE, while the agreement says that they have to buld a car in ten US, there are so many outs, and exceptions, as to make the agreement to do so meaningless. Bit it is also clear that Rischard li plans to build something and to keep the name Fisker. It is likely that he will follow apples model of "designed in California" and "made in China" also being made there is probably closer to the greater part of their actual demand.
What was on track for a very fast Bk, seems it might get bogged down between the WARN litigation, and various vendors arguing that their contracts can't be assigned, or arguing over if the equipment is even Fiskers.
It always seem the best hope for us owners is a QUICK BK process, I have a little less hope for that now . . . Right now Richard Liu has only paid $25m for an option, he won't commit further unless he sees a clear exit strategy and the more this process get tied up in BK, the less clear that exit is.
What was on track for a very fast Bk, seems it might get bogged down between the WARN litigation, and various vendors arguing that their contracts can't be assigned, or arguing over if the equipment is even Fiskers.
It always seem the best hope for us owners is a QUICK BK process, I have a little less hope for that now . . . Right now Richard Liu has only paid $25m for an option, he won't commit further unless he sees a clear exit strategy and the more this process get tied up in BK, the less clear that exit is.
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1,263 Posts
NEWS FLASH
...
Wanxiang is now offering $25.725 million for Fisker's assets in addition to offering to take over certain company debts and contributing a 20% stake in the reorganized Fisker to its creditors, according to court papers. In January 2013, Wanxiang purchased Fisker's supplier of lithium ion batteries, A123 Systems Inc., out of Chapter 11 protection for $256.6 million.
The creditors want to subject Wanxiang's bid for Fisker to a court-overseen auction process in late January. The creditors say this will ensure that Fisker's assets net the highest possible offer--something of which the creditors say they currently can't be certain.
...
Read more: http://www.nasdaq.com/article/fiske...sale-to-wanxiang-20131231-00293#ixzz2p5n2ZxSI
...
Wanxiang is now offering $25.725 million for Fisker's assets in addition to offering to take over certain company debts and contributing a 20% stake in the reorganized Fisker to its creditors, according to court papers. In January 2013, Wanxiang purchased Fisker's supplier of lithium ion batteries, A123 Systems Inc., out of Chapter 11 protection for $256.6 million.
The creditors want to subject Wanxiang's bid for Fisker to a court-overseen auction process in late January. The creditors say this will ensure that Fisker's assets net the highest possible offer--something of which the creditors say they currently can't be certain.
...
Read more: http://www.nasdaq.com/article/fiske...sale-to-wanxiang-20131231-00293#ixzz2p5n2ZxSI
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