You may have scoffed when the US Department of Energy sold the rights to its $168 million outstanding Fisker Automotive loan to Hybrid Tech Holdings last December for just $25 million, or about 15 cents on the dollar. It turns out that might be the going rate for anyone with claims against the bankrupt extended-range plug-in maker, though. That's because Fisker, which declared bankruptcy in November, has generated $985.4 million in claims from 618 not-so-happy parties, Delaware Online says, citing a bankruptcy filing from last week. Fisker stopped making its sporty but troubled Karma in mid-2012.

Wanxiang America won an auction for Fisker's assets, including its Delaware factory, for $149.2 million. That leaves $836 million, or about 85 percent of the collective value of the claims against the company. Naturally, Hybrid Tech Holdings, which was beaten out by Wanxiang in the bidding for the assets, has jumped in line to see if it can make good on what was formerly that DOE loan. The state of Delaware, where Fisker had acquired an old General Motors factory, is seeking $20 million stemming from some incentives it provided up front. And Finland's Valmet Automotive wants $8.5 million for its work with the company.

Former Fisker employees say the company is on the hook for another $6 million, and none other than General Motors itself is claiming it is owed the same amount. Then there is the lawsuit we first heard about in December that was filed against Fisker and some of its executives who were collecting hefty paychecks while no cars were being produced. Add it all up and you get almost a billion dollars. Good times.


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  • 73 Comments
      Indubitably
      • 9 Months Ago
      Seriously, what an f'n mess this has boiled down to. Hope the new owners can solve the issues.
      tbird57w
      • 9 Months Ago
      every generation seems to fall for the tucker and delorean type of scams.... tesla will be next
        Nick Kordich
        • 12 Hours Ago
        @tbird57w
        Tucker won his court case while the prosecutor (later, for actions while governor of Illinois) was convicted of 17 counts of bribery, conspiracy, perjury and income tax evasion. You have too much faith in the integrity of Chicago politicians. DeLorean was cleared in court, too. In fact, for both men's trials, neither defense called any witnesses - the cases were so weak, none were necessary for either man to be acquitted. It may come to pass that a politically-motivated SEC/FBI investigation drags down Elon Musk, too. If this is a trend, however, then we can expect the corruption to again be among the politicians and bureaucrats rather than the entrepreneur. And if the trend holds, Internet commentators in the future will fail to remember that the scam was the prosecution's case, not the struggling car company having difficulty breaking into one of the hardest businesses in America.
        flammablewater
        • 12 Hours Ago
        @tbird57w
        I don't really know anything about Tucker, but DeLorean just got screwed by luck, regulations and circumstance. Tesla on the other hand is probably going to be making cars for a very long time.
        Griffen W
        • 12 Hours Ago
        @tbird57w
        Do please inform us ignorant masses on how Tucker, DeLorean, and Tesla are scams. I expect first a credible definition of the term "scam" and then I expect at least a full paragraph explaining how it applies to each company. As with any credible document I'll also require each fact to have refernces in MLA format.
          Grendal
          • 12 Hours Ago
          @Griffen W
          EVnerd I've been commenting with a few people that are making Enron/Tesla statements. I agree that Fisker intended to do a lot better than it actually did. The scam aspect only comes from the fact that the endeavor failed and the brokers that gathered money were unscrupulous about it. I'll admit that I'm not all that up on it to give specific details. I think the DOE tried to vet the various companies and trim them down to the ones that looked reasonable. You did have to have matching funds in order to get the loan in the first place. The DOE did cut off Fisker when they started to fall behind deadlines. I agree that the intention was there to create a successful business. It just didn't happen. The product wasn't good enough to get the necessary number of sales to make it all come together.
          m_2012
          • 12 Hours Ago
          @Griffen W
          Man, the trolling is weak anymore. How can a successful multi-billion dollar, profitable corporation with other multi-billion dollar corps and banks backing them be a scam? I wanna hear this.
          Grendal
          • 12 Hours Ago
          @Griffen W
          Since a lot of people are equating Enron to Tesla I did a little research. Interesting enough I don't think that Enron had to be a scam. It had all the underpinnings of a successful business that through "cooking the books" became a scam. Tesla is not Enron, but I can see people making connections. There are similarities in the way the company is growing at a breakneck pace.
          EVnerdGene
          • 12 Hours Ago
          @Griffen W
          m_2012 you "wanna hear this" Ever hear of Enron ? How about Madoff? and no, I have never felt Tesla was a scam
          EVnerdGene
          • 12 Hours Ago
          @Griffen W
          Grendal. I've never heard anyone equating Tesla with Enron. The subject is Frisker. I don't think any scheme to scam (from the get-go) has ever gotten as far as Madoff and Enron. I'd guess, just guess, both Enron and Madoff started with the best of intentions. The road to hell is paved with good intentions (yeah, the saying is heaven). Frisker in this category ? - - - Henrik did have a bumpy start working for Tesla (copying Tesla's plan for going for the gov'ment money to finance the "green"/"save the planet" - rich-boy toys). Maybe not the best of intentions? Avarice, too much ambition for a guy that draws cars, greed ? Sad: Frisker probably would have been more successful just building his ego-boosting rich-boy toy cars with V8s; instead of trying to fake the mister greenjeans crap to get the corrupted gov-loans. Proof - he raised over a billion in private funds.
          That Guy
          • 12 Hours Ago
          @Griffen W
          Hey look everyone, we found the owner of the internet. Tesla, for sure, is a massive scam. If you can't see it, you are a blind cheerleader
      EVnerdGene
      • 9 Months Ago
      Puuuuuuuuuuuuullllllllllllllllllleeeeeeeeeeeeeeeesssssssssssssseeeeeeeeeeeee take this turd off our continent as soon as possible
      Carlove215
      • 9 Months Ago
      The biggest Expensive piece of crap ever made in America.
      axton72op8
      • 9 Months Ago
      i get the fact that fisker is a billion dollar mistake, but im trying to say, its such a great looking billion dollar mistake though
      1454
      • 9 Months Ago
      I know right? How did the US banking system survive before Glass Steagall? :Killself: You do realize the great depression, DUE TO FDR and HOOVERS intervention is what caused the GD to last over a decade? Hoover is known for being a "non interventionist", but where in the h377 do you think the Hoover Dam came from? FDR just took Hoover's policies and sprinkled in a little crack. But clearly it's the government that kept us safe. Also, it was the way in which GS was repealed that caused the issue. Not the repeal itself. Even the most staunch non interventionist said this.....And guess what happened. If you had gutted it slowly, like weaning a drug user off drugs, then there would have never been an issue. Also, you completely dismiss the feds role in all this. How's that regulation working for you?
      raktmn
      • 9 Months Ago
      The US banking system went through one wave of crashes after another before Glass Steagall. From the Civil War until the 1930's, we basically went through one banking crisis after another, culminating in the Great Depression. It was not a good time period for banks in the US.
      zepeda1
      • 9 Months Ago
      It just goes to show how much cash and capital is required to start up an automaker. Even a small low volume maker. its no wonder so many of these guys go under in less than two years.
      Brian
      • 9 Months Ago
      It's amazing how much better this car looks in a darker color.
      Griffen W
      • 9 Months Ago
      Well actually this whole Fisker and the Karma debacle makes the ELR a much more attractive proposition. Which in my opinion if the Karma had succeeded is what the ELR should be compared to rather than the Model S.
        m_2012
        • 12 Hours Ago
        @Griffen W
        Both are over-priced, underperforming, cramped, and destined to fail. So yes, they are comparable.
      clquake
      • 9 Months Ago
      Hey 1454, you do know that they kept stripping away the Glass Steagall act until the banks could do whatever they wanted, it kept the banking system in check from 1933 to 1999. Kept the US safe for 66 years before greedy idiot lawmakers destroyed it.
      jebibudala
      • 9 Months Ago
      Bush's fault... Obama's fault??? Oh hell, the USGovernments fault.
        delsolo1
        • 9 Months Ago
        @jebibudala
        And no one complains about the TWO TRILLION dollars investment in Iraq,
          raktmn
          • 9 Months Ago
          @delsolo1
          Roy, do you know what the number one reason why more people over the last decade have stopped paying any income taxes? You will love this. Bush Tax Cuts!! It cracks me up when the same folks who complain the loudest about people not paying taxes, are the same folks who chant "tax cut" as a mantra as the solution for everything. Then they act surprised when their tax cuts (combined with nominal tax deductions) leave more people than ever not paying any income taxes at all.
          RoyEMunson
          • 9 Months Ago
          @delsolo1
          I suspect he 40 or so percent of US citizens that pay NO federal taxes are probably the ones that have enough time on their hands to complain about government spending the most.
          80Mirada
          • 9 Months Ago
          @delsolo1
          I'm not justifying that, but obama wasted a lot more than that and will continue to do so.
          Actionable Mango
          • 9 Months Ago
          @delsolo1
          Yes, no one ever complained about that. You are literally the first person to bring it up.
        Joeviocoe
        • 9 Months Ago
        @jebibudala
        When something fails... it is the government's fault. When something succeeds, it is good capitalist ideals. Heaven forbid a company fail because it it is mismanaged. Only a few short years after Runaway, Unregulated Wall Street nearly destroyed our entire economy... people seem start to blame government. and start to forget that Capitalism and Greed is what cause the economic collapse. Capitalism isn't perfect.
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