• Apr 30th 2009 at 3:46PM
  • 4
Phoenix SUT - Click above for a high-res gallery

Phoenix Motorcars has responded to our request for information about the bankruptcy filing news we heard about earlier this week.
This email is written in response to questions we have received from Autoblog Green relating to our recent restructuring.
Phoenix MC, Inc. is going through a restructure of which we plan to be very straight forward and short in nature. We have secured DIP financing and have a clear path in front of us.
We have not abandoned the alternative fuels transportation space.
We will have no further comments.
Sincerely,
Daniel J. Elliott
Chairman & CEO
Phoenix MC, Inc
.
In other news, Earth2Tech notes that the bankruptcy hearing scheduled for today is meant to, literally, keep the lights on and that Phoenix's battery partner, Altairnano Technologies, had to write down the value of Phoenix's stock on its books in early March. Thoughts?


[Source: Phoenix]


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    • 1 Second Ago
  • 4 Comments
      • 6 Years Ago
      It depends on how you define "abandoned", since I've never been able to buy a Phoenix (because I'm not a fleet customer in California). They can't abandon customers that were never there in the first place.
      • 6 Years Ago
      I was on their waiting list until I got an email telling me the vehicle price. I did some comparison figures with a Costco price on a 4 cyl Jeep that gets good mileage and realized that the cost of driving an all electric vehicle with an expensive price tag outweighs all of its potential savings by gas pump and mechanical repair cost reductions. There are going to have to be some major subsidies granted to the electric car industry in general to make them competitive enough to get the general public involved. So far, the only device that I have read about that makes the most sense for the general public is an aftermarket add-on(the "electrocharger") which is not ever going to be made an aftermarket "add-on" by the creator as long as he has business agreements with one of the big three automakers. It is sad that what is good for the majority hardly ever makes it to the market after all is said and done. But, unfortunately, that's what happens when profit rules out progress.
      • 5 Years Ago
      It is very interesting to me that none of you have thought to ask me,the founder of Phoenix Motorcars, what is the what...I can tell you that the entire bankruptcy is a fraud...After Al Yousef invested in the company I was forced out both in corporate and technology input...in the mean-time they spent over 35 million dollars and the value of the company declined...We had a production ready product, 30 million dollars in hard orders and they never produced a single car. It appears that this was a corporate ripoff...I personally lost over 15 million dollars and they refuse to deliver any accounting information to me even though I and the original investors are 26% owners of the company...it seems that they realized that if they bankrupted me I would have no ability to question this fraud...I can assure you that I have filed complaints with the SEC, California Department of Corporations, California Attorney General's office as well as trying to interest any lawyer in the state to hold these bastards accountable. I talked to the Bankruptcy attorney for Phoenix MC and he threatened me with a "Federal Injuction, by a Federal Judge" to "not question" any actions of Phoenix Cars, the company that Al Yousef transferred all of the assets of Phoenix Motorcars into and that all of the corporate records were an asset of Phoenix Cars and I could not have any information as to what happened to destroy my company. I am not going to let this go...I want answers.
      Daniel Riegert, Founder; Phoenix Motorcars, Inc.
        • 4 Years Ago
        Dan,

        My brother in law along with his edison co workers invested a ton of money with a guy by the name of Mike. Was he authorized to do so, and have they lost all there money. Was this a case of selling stock without a brokers license? Any feedback you could give would be helpful. Ron Torrance