We can now see at least one possible reason for why Hybrid Tech Holdings LLC bought the US Department of Energy's loan to Fisker Automotive last year for $25 million. The purchase is apparently worth $90 million today.

The number is part of a settlement agreement that has come out of the company's asset auction which was won by China's Wanxiang Group Corporation in February for $149.2 million. Hybrid Tech said that the secured DOE loan it owned was worth all of that $149.2 million, but the new agreement says that Richard Li's company is due $90 million instead. The rest of the money will be divvied up between the unsecured creditors (who will split $20 million plus $15 million in equity in Wanxiang affiliates) and "priority claim holders" ($8 million). Delaware media has been interested in the case since Fisker bought an old General Motors plant near Newport and now reports that the state does not expect to get a whole lot back from its $20-million investment.

Fisker filed for bankruptcy in late 2012. The asset auction is officially known as "In re Fisker Automotive Holdings Inc., 13-bk-13087, U.S. Bankruptcy Court, District of Delaware (Wilmington)."


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    • 1 Second Ago
  • 9 Comments
      • 1 Hour Ago
      No wonder our country is so screwed up- I would think we should just default on this loan...Why give more money to the Chinese?
      raktmn
      • 2 Hours Ago
      That math is not quite 100% right, because it fails to account for the bridge loan that Hybrid/Li provided while Fisker went through bankruptcy, but even including that, they still are making a whole lot of money to NOT buy Fisker.
        Pavel
        • 1 Hour Ago
        @raktmn
        Not only that but Richard Li was already a Fisker investor. Not sure how much he put in initially but my bet is this is some recovery on his investment.
      danfred311
      • 1 Hour Ago
      Such lotto. Too filthy rich incompetents haggling over a rotting corpse and one guy buys the other out with big money... Ah well, can't dwell on undeserved wealth. Should be interesting to see what wanxiang makes of it despite the virtually certain failure. It's an odd world. When it turns out I could predict the outcome of these hundreds of millions of dollars wasted, will they ask me next time for advice? of course not. That'd be crazy. Just to clarify my estimate, the only way to make Fisker a success would be total reingineering and or new models that are free of the engineering mistakes of the Karma. Embodied by the 2.4ton.
        EVnerdGene
        • 1 Hour Ago
        @danfred311
        "these hundreds of millions of dollars wasted" Last I heard it was more like $1.2 Billion blown on this turd.
      Deezler
      • 1 Hour Ago
      Not "Newport" DE. Newark.
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      throwback
      • 2 Hours Ago
      Nice return on his investment.
        EVnerdGene
        • 1 Hour Ago
        @throwback
        Yes, nice return. And America lost roughly $150Million on the deal. Brilliant DOE. Just proves once again that government should not mettle in business. They are not nearly smart enough to pick winners and losers; and when they do there is always corruption involved.