As Coda Automotive goes through bankruptcy proceedings, related companies are not escaping the turmoil. Both Lio Energy Systems Holdings and Miles Electric Vehicles asked this week to have their bankruptcy cases jointed administered with Coda's, since they're all tied together.

Miles Automotive is the electric vehicle company that came before Coda. The producer of small, low-speed EVs, Miles announced it was working on a highway-speed EV called the XS500 years before it evolved into the Coda Sedan.

The way all these companies are connected is somewhat convoluted. We know that Miles Rubin was the force behind Miles Automotive, which he started in 2004. Later, in 2009, he co-founded and was for a while chairman of Coda. Reuters says that Lio Energy Systems is a direct subsidiary of Coda Holdings (it was a joint venture with China's Lishen Power Battery). Miles Electric Vehicles is now a direct subsidiary of Lio. Got it? Good, because you can shortly forget it when all these companies go through the bankruptcy grinder in the coming weeks.

At that time, you might need to learn a new name, Fortress Investment Group. Fortress is trying to buy Coda's assets for just $25 million. By the looks of things, this deal will go through.


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  • 21 Comments
      Rowena
      • 1 Month Ago
      ONLINE JOBS INFO -- like Matthew answered I am shocked that someone able to make $7924 in one month on the computer. did you see this web link ------> www.Jam40.cℴm
      BraveLil'Toaster
      • 1 Month Ago
      Oh good. Another NEV maker bites the dust. The world needs less of them.
        Warren
        • 1 Month Ago
        @BraveLil'Toaster
        A NEV is a heck of a lot safer than most people's transportation. Right now, and probably for as long as we have vehicles, most of the people on this planet get around on bicycles, scooters, and motorbikes. Just because someone in an SUV can kill you if they want, isn't going to change that.
        2 wheeled menace
        • 1 Month Ago
        @BraveLil'Toaster
        More 1.5-2.5 ton steel boxes is what the world needs. Yeah!
          BraveLil'Toaster
          • 1 Month Ago
          @2 wheeled menace
          The number one question my wife gets when people ask about her Leaf is "So, this thing can't go on the freeway, right?" You wanna know where that came from? Marketing for the ZENN. They somehow managed to impact the public consciousness in a way that people now automatically assume "electric car" = "NEV". So that pithy niche that the NEV caters to is certainly not mainstream, and those that listened carefully to their message now dismiss all electrics as something that won't even get them home if they live on the other side of a bridge. So they don't even consider it when it's time to buy a new car.
        Spec
        • 1 Month Ago
        @BraveLil'Toaster
        The NEVs have a role that they can play. It is certainly a small niche but they can be quite useful for certain applications.
      AnybodyM
      • 1 Month Ago
      I'm sure NEVs can come in handy if you're suicidal and want to make sure there's no well-done engineering to keep you alive in the crash, but apart from that.., I'm not really sure what other applications to think of.
      Giza Plateau
      • 1 Month Ago
      I would like to know how much money was spent on Coda. No doubt a facepalm amount.
      • 1 Month Ago
      Sebastian - The Miles EV you are writing about is NOT the company that filed for BK. While the names might be confusing, a little more research on your part would have shown that. Your article far off the mark. You should take it down
        Marcopolo
        • 1 Month Ago
        @ Not Quite What a peculiar comment. Miles Electric Vehicles LLC has filed for bankruptcy ( Case No. 13-11511, U.S. Bankruptcy Court, District of Delaware.). Miles EV lists $10-25 million in assets, with $ 50-100 in debts. These are the companies foundered by Miles Rubin. The position of the original parent company, Miles Automotive Group Ltd, is less clear, and appears to share the same name, as a car repair business in Santa Monica.
      Cheryl Martinez
      • 1 Month Ago
      This is unbelievable. I thought these electric cars could be the best solution for environmental reasons. With these cars, gas emissions would be reduced, thus, pollution will never be an issue. But maybe, people have never figured it out how helpful this vehicle could be. Or maybe, the cost matters so much as well. I just hope the government will take actions regarding this. Electric cars are indeed amazing innovation. -http://www.bankruptcyhelpohio.com/
      • 1 Month Ago
      @ Spec - No, Miles Electric Vehicles, LLC did not file for BK. Miles Electric Vehicles Ltd. filed along Lio Energy. The Miles Electric Vehicles Ltd. entity that filed is a Hong Kong holding company and does not, and never did, make NEVs. As far as I know, the Miles Electric Vehicles LLC that makes NEVs, and is unaffiliated with Coda and still in business and not seeking BK
        Marcopolo
        • 1 Month Ago
        @ Not Quite Ah, "Not quite" , is that short for not quite right ? Why would a Hong Kong holding company file for bankruptcy in Delaware ? I'm not sure what you hope to gain with this b/s, it's pretty bizarre !
      Spec
      • 1 Month Ago
      Yeah, that actually is a niche for NEVs. There are old people that drive NEVs to the golf course and then can use them on the golf course.
      Marcopolo
      • 1 Month Ago
      Fortress Investment Group, is a highly controversial hedge fund manager. It's only natural for the backers of Coda to employ FIG to clean up the mess. Like Coda, Fortress employs a lot of ex-Goldman Sachs executives. FIG's Michael Novogratz , Pete Briger were colleagues at Goldman Sach's with Coda's Steven (Mac) Heller Henry "Hank" Paulson. The Investors behind Coda (and Miles Rubin) were all very wealthy, heavy hitting, Wall Street types. What each had in common was the high offices they had held in their careers, wealth acquired, along with proven accusations of shady dealings, and contacts in the PRC. What they also had in common was each was a major donor to the Democratic Party. In view of this, the refusal of the DOE to grant Coda and Rubin federal funding, makes accusations against the current administration of corruption in the DOE loan process, nonsensical. Whatever Coda was all about, will never be disclosed, once FIC has acquired the bankrupt corporate identities and assets. The whole escapade of Coda, makes about as much sense as a Dan brown novel ! :)
      • 1 Month Ago
      @Marcopolo What do you mean what do I want to gain? I just want to set the record straight. The article is reporting false information. Miles Electric Vehicles Ltd. is a Hong Kong holding company and a wholly owned subsidiary of coda. It held the shares of the JV. It's just a stupid holding company. It doesn't make NEVs and it never did. It filed in Delaware for the same reason every other coda entity did (of which there are many). Just basic BK process. Coda sold the Miles NEV business a few years ago. It's owned and operated by someone else. It's not the business that filed BK. Seems like a pretty fundamental point that the article should get right and one that could easily be corrected. If you don't believe me just pull the BK filing and look for yourself. Also, coda didn't "employ" FIG. If you read the Bk filing you can figure out for yourself that FIG was a senior secured creditor of coda. Probably the reason the coda escapade makes as much sense to you as a Dan Brown novel is because you have no idea what you are talking about.
      • 1 Month Ago
      Totally agree with you.
      Spec
      • 1 Month Ago
      Really? You must be afraid to leave your house.
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