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Discussion Starter · #1 ·
In today's mail I got a large package (even a CD Rom) in the Bankruptcy case. Those of you who submitted a claim in the case several months ago should expect to get this package shortly. I haven't had a chance to review any of it, but this is a heads-up, and I'll post more info after review. There appears to be a July 16 (ie: 1 month) deadline for making a "warranty claims election".
 

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I got the same package. I had filed a "claim" on one of the many notices to potentially cover future warranty problems so I am considered a beneficial owner of a Class 6 claim against the debtors. I'm really not sure what this all means and which option I should elect. I'm not a lawyer and there is a whole lot of legal stuff included with this package. I don't think I'll get paid the amount of my claim (or even a portion of it) since I don't have any actual out of pocket expenses related to a warranty. Apparently there is a "Warranty Program" in the BK plan but I haven't browsed through the docs on the CD yet. If anyone has any insight and advice, I for one would appreciate any guidance.
 

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Discussion Starter · #4 ·
To have received the package of documents, you would have had to have filed a claim in the bankruptcy case. I described my own claim in a January thread you can find here. If you filed a claim and did not receive a package, give it a couple of days (I JUST got mine).

The package of documents includes:
1) ballot (to vote to accept or reject the plan);
2) Warranty Claims Election Form;
3) CD containing copies of the plan and disclosure statement;
4) notice regarding the deadlines to vote on the plan

#1 and 2 above are the important documents concerning warranty claims. There are two options for warranty holders (owners) under the plan:

Option 1: get a monetary payout on a percentage of the claim you filed with the bankruptcy court (they estimate a distribution between 8-26% on the dollar); or

Option 2: agree to the warranty by Wanxiang which provides up to $2,000 per vehicle (until Wx pays out $400,000 in total), with chance of an increasing if Wx resumes Karma production and makes at least 250 more of them. The creditors committee is negotiating to see if they can get enhanced warranty benefits from Wanxiang, but there are no guarantees. There are also no guarantees that Wx will build 250 more Karmas.

Either option has uncertainties: in option 1, will it be 8% or 26%... or neither? It also would depend on the amount of your claim: was it for $40K, or "unliquidated" (I have no idea how "unliquidated" would be treated)? In option 2 the uncertainty is: will you make a claim before the $400K limit is exhausted, will that $400K limit be increased if Wx resumes production? Who knows.

What IS certain: You CAN’T get both money from the bankrupt company AND have Wainxiang honor warranty claims, so you have to make a decision: either deal with buyer (Wx) going forward on any warranty claims, or wait and see what distribution you will get (cents on dollar) from the bankrupt company.

If you are interested in Option 1, you have to check the box and fill out the "warranty claims election form" (there are 2 boxes that you need to check). In addition, page 3 of the ballot has boxes that you must check to either accept or reject the plan.

If you are interested in Option 2, you do not have to fill out the warranty election form as you will automatically be provided the warranty from buyer. However, you should fill out the ballot and check the box on whether to accept or reject the plan.

Third Party Releases. On page 4 of the ballot there's a box you can check if you do NOT want to release the various parties under the plan. This might matter if you have any action against any of the prior management or buyer, but there is not necessarily any benefit to you if you give the release. If you do not check the box, you are automatically giving the release.

The deadline to submit the ballot and warranty election form is July 16 – the package you received should have come with a self-addressed envelope on where it needs to go.

I can't give anybody any legal advice - all I can do is explain what's in the package. All the uncertainties above make it extremely difficult to advise any particular owner what they should do - I may even make the wrong choice for myself!
 

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Thanks for the description. Haven't received anything yet, but presume its in the mail.
 

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Got to love how the US bankruptcy court makes it so complex that even a mensa member drools when reading this paperwork. I got mine. It sucks. I'm not even sure it's worth my time. Of course if I want to get get a lawyer to help me, that will cost what? Insanity. Thanks non-sequitur for your help on all of this. Don't worry about the disclaimer, just tell us what in the **** we should do so that I can get this in the mail within 10 min and go back to my life... spinning the gummies on my Karma until it becomes a 2.5 ton paper weight.
 

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Discussion Starter · #7 ·
If you filed a claim as a creditor in the bankruptcy case, but have not received the ballot or warranty election form, contact the claims/notice agent (Omni Management) at either 818-906-8300 or 212-302-3580. Tell them you are calling regarding the Fisker case, you are an owner, and that you did not receive the ballot or warranty election form. They should then arrange to provide it to you.

You can also click on link below and submit an inquiry asking for same.
http://www.omnimgt.com/sblite/templ...FW8FR4o7nxOCd6EwPUN3Z7R6wBFUMDmCRs0/nK14mf5Q=
 

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Great Stuff -- still have not received mine, but it did get a letter on the extension. Wonder if anyone from the New Fisker can weigh in on the probability of resuming warranty work and/or any information that original owners can expect on any resumption of the full warranty - at min. guidance on how original owners should play this....
 

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Great Stuff -- still have not received mine, but it did get a letter on the extension. Wonder if anyone from the New Fisker can weigh in on the probability of resuming warranty work and/or any information that original owners can expect on any resumption of the full warranty - at min. guidance on how original owners should play this....
Received my package..I agree - any input from current Fisker Reps on best course of action from the info they have would be greatly appreciated.
 

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Option 1: get a monetary payout on a percentage of the claim you filed with the bankruptcy court (they estimate a distribution between 8-26% on the dollar); or

Option 2: agree to the warranty by Wanxiang which provides up to $2,000 per vehicle (until Wx pays out $400,000 in total), with chance of an increasing if Wx resumes Karma production and makes at least 250 more of them. The creditors committee is negotiating to see if they can get enhanced warranty benefits from Wanxiang, but there are no guarantees. There are also no guarantees that Wx will build 250 more Karmas.

I can't give anybody any legal advice - all I can do is explain what's in the package. All the uncertainties above make it extremely difficult to advise any particular owner what they should do - I may even make the wrong choice for myself!
First, thank you Non Sequitur for an excellent explanation of the documents. Second, I know you can't give me legal advice. So I won't ask for it! But I do wonder, which option did you choose for yourself? :angel:
 

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Discussion Starter · #12 ·
But I do wonder, which option did you choose for yourself? :angel:
We went with option 1, based on (i) where we live (close to active service center); (ii) amount of claim (if you said "unliquidated", there would be little point of choosing option 1, but if you said $40, 50, 60k it's meaningful); (iii) what we paid for the car (not $110k+); and (iv) the condition of our car (fine so far). Also (v) a philosophy on insurance: A bird in the hand (cash now) is worth 2 in the bush (may be no money, or company, when/f I have a defect to fix under the new warranty). If any of these variables were different, could have been a different decision. The biggest unknown is: will something more than the $2000 cap be negotiated later - unanswerable.
 

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I just called (818-906-8300) the BK Attorneys. They were very helpful, they also said that you can fax in your ballots to 818-783-2737. I'm still traveling, but I was informed they overnighted new documents. You should receive them today from UPS.

If you are out of town like me, you can call and they will email you your forms with your Personal info and Ballot ID on the header.

...And the Address below is the correct one for mailing your ballots (they need to receive it before the July 16th):
FA Liquidating Corp.
c/o Rust Consulting/Omni Bankruptcy
5955 DeSoto Ave., Suite 100
Woodland Hills, CA 91367
 

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Discussion Starter · #14 · (Edited)
We went with option 1, based on (i) where we live (close to active service center); (ii) amount of claim (if you said "unliquidated", there would be little point of choosing option 1, but if you said $40, 50, 60k it's meaningful); (iii) what we paid for the car (not $110k+); and (iv) the condition of our car (fine so far). Also (v) a philosophy on insurance: A bird in the hand (cash now) is worth 2 in the bush (may be no money, or company, when/f I have a defect to fix under the new warranty). If any of these variables were different, could have been a different decision. The biggest unknown is: will something more than the $2000 cap be negotiated later - unanswerable.
Re-reading this post, I thought I'd better update it: the $2000 cap was in fact raised, as noted in another thread, and it makes the decision even harder for claimants who sought a defined amount (not "unliquidated"). I think there are 3 threads on this subject (including this one), and I can't monitor and update them all, but just note that my prior post here is now out of date.
 

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So if you said "unliquidated" on the original bankruptcy forms and want to accept the proposed limited warranty/customer loyalty program do you "Accept" the plan on the Class 6-Warranty Claims form? My vote amount is listed as $1.00.

Also, on the Warranty Claims Election form to accept the proposed warranty do you just check the first box certifying you are the beneficial owner of a Class 6 Warranty claim and leave the second one unchecked?

Non Sequitur your help is really appreciated!
 

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My vote amount is listed as $1.00
I don't think anyone can give you legal advice, but I can say that my vote amount was $30,000.00 (but I have no receipts, I just wanted to cover myself in case I lost a RDM or HV). I voted Item 1 on warranty, and to accept the plan on the other.
 

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So I just overnited my claim form and warranty acceptance form today. The deadline for acceptance is July 15th. I hope these documents will be accepted because I never filled them out originally, but then again, neither did another 2300 Fisker owners. Probably too much confusion, particularly if you had no monetary claim for warranty work up to the time of the bankruptcy.

It seems to me that New Fisker should be lenient with those of us who did not file for whatever reason, and extend the warranty to all owners except those who opted out.
 

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So I just overnited my claim form and warranty acceptance form today. The deadline for acceptance is July 15th. I hope these documents will be accepted because I never filled them out originally, but then again, neither did another 2300 Fisker owners. Probably too much confusion, particularly if you had no monetary claim for warranty work up to the time of the bankruptcy.

It seems to me that New Fisker should be lenient with those of us who did not file for whatever reason, and extend the warranty to all owners except those who opted out.
The original claim forms were due January 27, 2014. This date was driven by the BK process - and NOT the New Fisker (obviously, because Wanxiang hadn't even emerged as the owner yet). Don't hold your breath that anything beyond the standard $2,000 per car will be granted to the late filings.

The July 15th date (actually, it's July 16th) you mention is only for the Warranty Claims Election Form - and only 149 owners with Class 6 claims would have received it. Sure, you can download it from the BK lawyer's website and fill it out but you're not eligible.

Then again, what do I know...I'm just some guy behind a keyboard. Call the BK lawyers and ask the questions / plead your case.
 

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Discussion Starter · #19 ·
[traveling out of country]
I don't have the forms in front of me, and haven't even read the most recent package (re: loyalty warranty?), but as noted above i couldn't give legal advice on how to complete your ballot even if i had access to all this.

Sandy Eggo's comments seem pretty accurate to me: you have to have filed a claim to file an election (ballot) now.

If any owner is running out of time, remember: submission by fax is an option (and why pay for FedEx if they'll take a fax anyway).
 

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Discussion Starter · #20 ·
I found the most recent package online, and will post some of they key aspects and questions to consider in deciding what to do with it.

"Such warranty coverage will be provided by New Fisker on the terms set forth in this Customer Support Program Policies and Procedures Manual (the “Customer Support Program Manual”) with the participation of a select group of dealers, distributors and retailers (collectively, the “Participating Dealers”) that were previously affiliated with Old Fisker. The Participating Dealers are signatories to this Customer Support Program Manual and have agreed to be bound by its terms. The names and addresses of the Participating Dealers can be found in Annex 1."

There are signature spaces for multiple dealers, but they are blank, and no list is included, so i have no idea which, if any, dealers are on board. This could be important to owners who were abandoned by their dealerships. If you were abandoned, and are nowhere near a service center, the warranty may be of very little value to you.
 
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