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Fisker Automotive Going Bankrupt - Sued By Feds  
User currently offlinestasisLAX From United States of America, joined Jul 2007, 3280 posts, RR: 6
Posted (1 year 1 week 3 days 1 hour ago) and read 2773 times:

2014 Fisker Atlantic (concept sedan)


Fisker Automotive, the maker of the $100,000 USD electric hybrid Fisker Karma luxury sedan owned by several high-profile Hollywood stars, is about to file bankruptcy, according to automotive press reports today. Without any prior notice, Fisker laid off about 80 percent of its workforce yesterday, At the company's Anaheim, California headquarters, 160 employees were terminated without any severance (accrued vacation days excepted). About 50 high-level management personnel remain employed, as the company desperately tries to sell itself to foreign investors, but has now also retained bankruptcy attorneys to handle the wind-down of Fisker's business. Fisker's plan to build electric-hybrid cars at a shuttered former General Motors plant near Wilmington, Delaware has also evaporated (photo of Fisker's "Atlantic" concept sedan above - it was to be built in Delaware).

Fisker failed to notify the affected company employees of their terminations at least 60 days ahead of time, as required by the U.S. Worker Adjustment and Retraining Notification Act, known also as the WARN Act. The suit also said Fisker has failed to pay the employees the wages and other benefits they would have earned in the 60 days following the layoffs. The suit accused Fisker of violating laws set by both the federal WARN Act, and the state of California's WARN Act. Very poor corporate behavior by Fisker's remaining senior management treating their employee's in such a uncaring manner - lawsuit is deserved in this case, IMHO. Company founder and namesake Henrik Fisker resigned from Fisker Automotive last month after disagreeing with other senior managers about how to handle the company's bankruptcy or sale of its assets to Chinese investors. The Chinese investors now have no apparent interest in buying Fisker as a whole, but may try to scoop up some parts of Fisker's engineering and design through the U.S. bankruptcy court.

I'd hate to be one of the owner's of these "white elephant" $100,000+ vehicles now that the company has gone bust - although the car may become a collector's item in the future. The maker of Fisker's battery packs (a company called A123) went bankrupt last year, foreshadowing the future (or lack thereof) of Fisker Automotive.

Source: http://www.autonews.com/apps/pbcs.dl...-amid-financial-woes#axzz2PeNPd2u8


"Those who would give up essential liberty to purchase temporary safety deserve neither liberty nor safety!" B.Franklin
21 replies: All unread, jump to last
 
User currently onlineBMI727 From United States of America, joined Feb 2009, 15444 posts, RR: 26
Reply 1, posted (1 year 1 week 3 days 1 hour ago) and read 2754 times:

Quoting stasisLAX (Thread starter):
About 50 high-level management personnel remain employed, as the company desperately tries to sell itself to foreign investors, but has now also retained bankruptcy attorneys to handle the wind-down of Fisker's business.

There are rumors that this might actually happen, they are just waiting to buy pieces out of bankruptcy.

Quoting stasisLAX (Thread starter):
Fisker failed to notify the affected company employees of their terminations at least 60 days ahead of time, as required by the U.S. Worker Adjustment and Retraining Notification Act, known also as the WARN Act. The suit also said Fisker has failed to pay the employees the wages and other benefits they would have earned in the 60 days following the layoffs. The suit accused Fisker of violating laws set by both the federal WARN Act, and the state of California's WARN Act.

I'm pretty sure there's a cutout in the law for business failures or something like that. Plus I can't imagine the government will recover anything from a bankrupt company anyway.

Quoting stasisLAX (Thread starter):
I'd hate to be one of the owner's of these "white elephant" $100,000+ vehicles now that the company has gone bust - although the car may become a collector's item in the future.

You have to wonder about anyone buying a car from a company that is run by an artist. Tesla seems to be much more well run and have a better product.



Why do Aerospace Engineering students have to turn things in on time?
User currently offlineltbewr From United States of America, joined Jan 2004, 12878 posts, RR: 12
Reply 2, posted (1 year 1 week 2 days 14 hours ago) and read 2607 times:

Despite all the attempts to make pure electric cars popular, current technologies are not good enough to compete with hybrid, improved efficiency gasoline and diesel. No one wants a vehicle that you cannot drive more 50 miles without a 'fill up', not have to plug in every day, spend many $1000 more to buy the car and special charging equipment, not be able to drive at highway speeds for more than a few miles, can't use on a long distance trip, is too small for your family and their stuff. The is also the in fact negative environmental benefit from recharging from 'dirty' sources like coal and oil as well as from the battery systems themselves.

The too many billions spent by the US, states and local government in subsidies to vehicle and battery makers, lost in tax revenues from tax credits and other costs, as well as lost by investors, have been a total waste at time when we cannot afford it, with no real long term benefit. It would have been better to spend that money on improving and extending mass transit, improve non-electric technology to efficiency, use tax laws to reduce demand for fuel and improve roads to reduce choke points that lengthen commutes.

Now we will see another folly of 'electric' cars go down in failure


User currently offlinena From Germany, joined Dec 1999, 10358 posts, RR: 11
Reply 3, posted (1 year 1 week 2 days 13 hours ago) and read 2598 times:

Fisker Automotive Going Bankrupt - Sued By Feds  [/quote]
One could see that coming. I have seen two or three Karmas in my hometown as there is a sales rep here, and one car is orange (!) They look stunning, but too extrovert to my taste. A bit like an Amercan Lamborghini. I wonder what will become of these cars now, surely maintaining them will become a major problem for the owners. That meams look out for 50% off prices on one year old cars I guess.

Quoting BMI727 (Reply 1):
Tesla seems to be much more well run and have a better product.

Looks like, yes, and I agree the Tesla S is a gorgeous looking sedan (with something of the Jaguar XF about it but still enough own charm). They sold above estimations in the first year, lets hope the reliability is good and its a success also in the longer term. A smaller sedan is to be launched soon.
[quote=stasisLAX,reply=0]


User currently offlineSuperfly From Thailand, joined May 2000, 39478 posts, RR: 75
Reply 4, posted (1 year 1 week 2 days 10 hours ago) and read 2539 times:

Wasn't this company supposed to offer the jobs of the future Obama kept yapping about a few years ago?
Sorry to see these people lose their jobs.

Quoting stasisLAX (Thread starter):
I'd hate to be one of the owner's of these "white elephant" $100,000+ vehicles now that the company has gone bust - although the car may become a collector's item in the future.



They could still be collectible despite the companies short-comings. The Bricklin and Delorean have collector's appeal despite those companies financial short-comings. The only difference is that Bricklin and Delorean didn't rely on heavy government subsidies.

Quoting stasisLAX (Thread starter):
The maker of Fisker's battery packs (a company called A123) went bankrupt last year, foreshadowing the future (or lack thereof) of Fisker Automotive.


The Fisker it's self isn't a bad looking car. It would be best to rip out all of those silly green-tec electric components and drop a 6.4 liter HEMI power Chrysler engine under the hood and then you'd have a serious performance, luxury and reliable sedan.



Bring back the Concorde
User currently onlinePolot From United States of America, joined Jul 2011, 2037 posts, RR: 1
Reply 5, posted (1 year 1 week 2 days 10 hours ago) and read 2529 times:

Quoting Superfly (Reply 4):
The only difference is that Bricklin and Delorean didn't rely on heavy government subsidies.

You might want to do some more research about Bricklin and Delorean...


User currently offlineAeroWesty From United States of America, joined Oct 2004, 20322 posts, RR: 63
Reply 6, posted (1 year 1 week 2 days 10 hours ago) and read 2529 times:

Quoting Superfly (Reply 4):
The only difference is that Bricklin and Delorean didn't rely on heavy government subsidies.

I guess £84 million of the British taxpayers' money for the Delorean in less than 21 months is just chopped liver.  

http://news.bbc.co.uk/2/hi/uk_news/1827617.stm



International Homo of Mystery
User currently offlineSuperfly From Thailand, joined May 2000, 39478 posts, RR: 75
Reply 7, posted (1 year 1 week 2 days 9 hours ago) and read 2490 times:

Quoting AeroWesty (Reply 6):
I guess £84 million of the British taxpayers' money for the Delorean in less than 21 months is just chopped liver.

Oh well. Wasn't our money wasted.  



Bring back the Concorde
User currently offlineAeroWesty From United States of America, joined Oct 2004, 20322 posts, RR: 63
Reply 8, posted (1 year 1 week 2 days 8 hours ago) and read 2482 times:

Quoting Superfly (Reply 7):
Wasn't our money wasted.

And when all of the U.S. investors took tax deductions for their losses when Delorean collapsed, that came out of the same Treasury that a federal subsidy would have come from. So yes, "our" money was wasted, too, and we didn't even get any jobs out of the deal. At least the Brits did.



International Homo of Mystery
User currently offlineSuperfly From Thailand, joined May 2000, 39478 posts, RR: 75
Reply 9, posted (1 year 1 week 2 days 8 hours ago) and read 2470 times:

Quoting AeroWesty (Reply 8):
And when all of the U.S. investors took tax deductions for their losses when Delorean collapsed, that came out of the same Treasury that a federal subsidy would have come from. So yes, "our" money was wasted, too, and we didn't even get any jobs out of the deal. At least the Brits did.




Oh well, that sucked.

Quoting stasisLAX (Thread starter):
The maker of Fisker's battery packs (a company called A123) went bankrupt last year, foreshadowing the future (or lack thereof) of Fisker Automotive.



You think an aftermarket automotive supplier would bother to make these batteries and other parts for this car?
Given the high end clientele of this brand, it might make sense for a company to make parts for this vehicle for the Fisker die-hard enthusiast.



Bring back the Concorde
User currently onlineBMI727 From United States of America, joined Feb 2009, 15444 posts, RR: 26
Reply 10, posted (1 year 1 week 2 days 6 hours ago) and read 2448 times:

Quoting ltbewr (Reply 2):
Despite all the attempts to make pure electric cars popular, current technologies are not good enough to compete with hybrid, improved efficiency gasoline and diesel.

They might get there eventually, but they need more range and the ability to recharge quickly (5 min or so). If they want to be competitive in the performance realm, other than acceleration, the batteries need to be lighter.

Quoting na (Reply 3):
Looks like, yes, and I agree the Tesla S is a gorgeous looking sedan (with something of the Jaguar XF about it but still enough own charm).

I don't think the Model S is as good looking as either the Karma or the XF, but it looks good enough. The best thing the Karma had going for it was its looks, and that is why they are bankrupt right now.



Why do Aerospace Engineering students have to turn things in on time?
User currently onlinePyrex From Portugal, joined Aug 2005, 3791 posts, RR: 28
Reply 11, posted (1 year 1 week 2 days 6 hours ago) and read 2445 times:

Quoting Superfly (Reply 4):
The Fisker it's self isn't a bad looking car. It would be best to rip out all of those silly green-tec electric components and drop a 6.4 liter HEMI power Chrysler engine under the hood and then you'd have a serious performance, luxury and reliable sedan.

Someone has already done that with a Chevy V-8 engine.



Read this very carefully, I shall write this only once!
User currently offlinena From Germany, joined Dec 1999, 10358 posts, RR: 11
Reply 12, posted (1 year 1 week 1 day 13 hours ago) and read 2255 times:

Quoting BMI727 (Reply 10):
I don't think the Model S is as good looking as either the Karma or the XF, but it looks good enough. The best thing the Karma had going for it was its looks, and that is why they are bankrupt right now.

The Karma, while certainly a stunning looking automobile is A too exotic looking, B too expensive, C very large, and D not reliable enough to sell in numbers. I also dont like the overly big rims on it, makes it a bit cartoony to me. All in all judging the S from pictures only I think I like the Tesla better. Its more aimed at the real world/buyer.


User currently offlinestasisLAX From United States of America, joined Jul 2007, 3280 posts, RR: 6
Reply 13, posted (1 year 1 week 22 hours ago) and read 2181 times:

Quoting na (Reply 13):
The Karma, while certainly a stunning looking automobile is A too exotic looking, B too expensive, C very large, and D not reliable enough to sell in numbers.

Allow me to add two more - E. too heavy (weighed as much as a Chevy Suburban - well over 5000 pounds) and F. much too small of an interior for a car of its size - the rear seat had poor legroom and headroom, thanks to that sexy sloping roofline.



"Those who would give up essential liberty to purchase temporary safety deserve neither liberty nor safety!" B.Franklin
User currently offlinestasisLAX From United States of America, joined Jul 2007, 3280 posts, RR: 6
Reply 14, posted (1 year 1 week ago) and read 2118 times:

Fisker could file for bankruptcy as early as this week. Fisker currently has about $30 million of cash on hand, but will be required to make a scheduled $10 million payment to the U.S. Department of Energy on April 22 on the $193 million "line of credit" that the Federal Government provided to Fisker before the DOE cut off the cash flow.

Fisker only received $193 million of a half-billion dollar line of credit from the DOE before it appeared obvious to the Feds that the company wasn't going to be successful based on company's poor overall performance and the associated bankruptcy of it's only battery maker/provider (A123 Systems).

At this point, it is likely that the Department of Energy WANTS Fisker to go bankrupt so it can recoup as much of that $193 million loan from the taxpayers as possible.

Source: www.leftlanenews.com/fisker-to-file-...this-week.html#lBeHf71oEYicsu6E.99

[Edited 2013-04-09 18:25:25]


"Those who would give up essential liberty to purchase temporary safety deserve neither liberty nor safety!" B.Franklin
User currently offlineSuperfly From Thailand, joined May 2000, 39478 posts, RR: 75
Reply 15, posted (1 year 1 week ago) and read 2105 times:

Quoting stasisLAX (Reply 15):
At this point, it is likely that the Department of Energy WANTS Fisker to go bankrupt so it can recoup as much of that $193 million loan from the taxpayers as possible.

But wait a minute. The press along with the White House keeps saying that we're in an economic recovery and that jobs are coming back. If that's the case, wouldn't more people have the money to buy a Fisker?




Sounds like Fisker will now join the list of failed 'green' companies propped up by the Obama administration.

Solyndra
Bright Source
LSP Energy
Energy Conversion Devices
Abound Solar
SunPower
Beacon Power
Ecotality
A123 Solar
UniSolar
Azure Dynamics
Evergreen Solar
Ener1

I should set up my own green company that doesn't produce anything and get some free Obama money.



Bring back the Concorde
User currently onlineBMI727 From United States of America, joined Feb 2009, 15444 posts, RR: 26
Reply 16, posted (1 year 6 days 22 hours ago) and read 2093 times:

Quoting na (Reply 13):
The Karma, while certainly a stunning looking automobile

At the end of the day, looks is all the Karma really had. Not a surprise considering the company that made it.

It was a good looking car, but the price they paid for it was much too high. If you look at a cutaway, the thing is built like a Hummer, but for really no practical reason at all.

Quoting Superfly (Reply 16):
Sounds like Fisker will now join the list of failed 'green' companies propped up by the Obama administration.

I'm pretty sure Fisker got their money under a Bush program.



Why do Aerospace Engineering students have to turn things in on time?
User currently offlineSuperfly From Thailand, joined May 2000, 39478 posts, RR: 75
Reply 17, posted (1 year 6 days 22 hours ago) and read 2091 times:

Quoting BMI727 (Reply 17):
I'm pretty sure Fisker got their money under a Bush program.

I'm in favor of blaming Bush too as he was just as bad as the current guy.

http://www.bloomberg.com/news/2013-0...-to-obama-s-electric-car-goal.html



Bring back the Concorde
User currently offlineGuitrThree From United States of America, joined Oct 2004, 2031 posts, RR: 8
Reply 18, posted (1 year 6 days 2 hours ago) and read 2040 times:

Quoting mham001 (Reply 12):
I have not seen that many untruths assembled in one paragraph in a long, long time.

Really? 'Cause I'd like to see you break that down, sentence by sentence, and prove which one(s) are lies. I'd love to see your facts.



As Seen On FlightRadar24! Radar ==> F-KBNA5
User currently offlinetugger From United States of America, joined Apr 2006, 5245 posts, RR: 8
Reply 19, posted (1 year 6 days 1 hour ago) and read 2028 times:

Quoting ltbewr (Reply 2):
Despite all the attempts to make pure electric cars popular, current technologies are not good enough to compete with hybrid, improved efficiency gasoline and diesel.

In my not to humble opinion the best version of an "electric car" will be ones with a similar concept to the Volt: Primary drive and power source is electric with a constant speed, small generator/engine (operating at its optimum performance/efficiency level) to provide power to the battery power system as needed. This allows for an identical drive system with a high peak output, for many different vehicles and people can choose what ever is the best generator source, whether that be fuel cell or gas of propane or LNG, the flexibility is there.

As we move forward more direct electric drivetrain elements will be developed and if true "quick charge" electric systems are developed then perhaps the generator option may become just that.

Tugg



I don’t know that I am unafraid to be myself, but it is hard to be somebody else. -W. Shatner
User currently offlineAvObserver From United States of America, joined Apr 2002, 2445 posts, RR: 9
Reply 20, posted (12 months 3 days 1 hour ago) and read 1833 times:

Quoting Superfly (Reply 4):
Wasn't this company supposed to offer the jobs of the future Obama kept yapping about a few years ago?
Sorry to see these people lose their jobs.

Quoting stasisLAX (Reply 15):
At this point, it is likely that the Department of Energy WANTS Fisker to go bankrupt so it can recoup as much of that $193 million loan from the taxpayers as possible.

But wait a minute. The press along with the White House keeps saying that we're in an economic recovery and that jobs are coming back. If that's the case, wouldn't more people have the money to buy a Fisker?




Sounds like Fisker will now join the list of failed 'green' companies propped up by the Obama administration.

Solyndra
Bright Source
LSP Energy
Energy Conversion Devices
Abound Solar
SunPower
Beacon Power
Ecotality
A123 Solar
UniSolar
Azure Dynamics
Evergreen Solar
Ener1

I should set up my own green company that doesn't produce anything and get some free Obama money.[/quote]

Excellent points, Superfly. Maybe the intent was benign but the government shouldn't be in this business, picking winners and losers with our tax dollars. There should be other ways of incentivizing these startups with private capital.


User currently offlineSuperfly From Thailand, joined May 2000, 39478 posts, RR: 75
Reply 21, posted (12 months 2 days 18 hours ago) and read 1787 times:

Great to see you back in the forums AvObserver!  
You should buy a Fisker to be consistent with your weird car taste.  
Quoting AvObserver (Reply 20):
Excellent points, Superfly. Maybe the intent was benign but the government shouldn't be in this business, picking winners and losers with our tax dollars. There should be other ways of incentivizing these startups with private capital.

BINGO!



Bring back the Concorde
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