Company founder Henrik Fisker and Fisker Automotive Inc.’s former directors have been sued in a Delaware court by an investor. Atlas Capital Management LP blames the defendants for over $2 million in losses it allegedly suffered when the now bankrupt hybrid car startup failed. According to the lawsuit filed Dec. 27 in U.S. District Court in Wilmington, Fisker allegedly misled investors by failing to disclose problems the company knew it was having with a government loan and by keeping a 2011 safety recall secret from potential investors.
In the filing, Atlas said that if it had known the truth about the situation, it “would not have purchased or otherwise acquired its Fisker securities, or, if it had purchased such securities, it would not have done so at the artificially inflated prices which it paid.” (Read More…)
The Fisker Karma’s battery pack and drivetrain, supplied by Quantum Technologies
The Department of Energy today is auctioning off the paper for the $192 million it loaned to Fisker Automotive as part of the Advanced Technology Vehicles Manufacturing loan program. An obvious question is why would anyone want to buy that debt? Many of the press reports about the sale say that by purchasing the debt, a buyer could ultimately gain control of Fisker’s assets including intellectual property, like the extended range hybrid drivetrain and controls thereof. While Fisker may indeed have assets with some value, I’m not sure that anyone’s going to spend at least $30 million, the minimum bid required by the DoE, to be able to duplicate the Fisker Karma’s drivetrain. (Read More…)
The United States Department of Energy will today auction off Fisker Automotive’s loan from the federal government, on which the moribund hybrid car startup defaulted. Last month the department said that it would hold the auction after “exhausting any realistic possibility” that it could recoup all of the $168 million still that Fisker still owes.
Henrik Fisker paired up with Hong Kong billionaire Richard Li to get his company back. Fisker is a co-founder of severely troubled Fisker Automotive. Li and Fisker are trying to buy the U.S. government loan to Fisker at a big discount. Henrik Fisker was ousted in March. (Read More…)
Most of our readers probably already know the broad strokes of the Fisker story. If you’re interested in the finer details of the history of the extended range EV company that appears to be circling the drain, GigaOM, a site that covers the investment side of tech companies, has published a fairly comprehensive 4,000 word look back at Fisker by Katie Fehrenbacher. (Read More…)
Henrik Fisker has resigned from the automobile firm that bears his name, as the company’s future looks to be headed towards an inexorable buyout by a Chinese auto maker.