2012 Fisker Karma
  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma side view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front view

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma top view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma side driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma side driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma fron 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma wheel in motion

  • 2012 Fisker Karma
  • 2012 Fisker Karma wheel

  • 2012 Fisker Karma
  • 2012 Fisker Karma wheel detail

  • 2012 Fisker Karma
  • 2012 Fisker Karma logo

  • 2012 Fisker Karma
  • 2012 Fisker Karma logo

  • 2012 Fisker Karma
  • 2012 Fisker Karma badge

  • 2012 Fisker Karma
  • 2012 Fisker Karma badge

  • 2012 Fisker Karma
  • 2012 Fisker Karma badge

  • 2012 Fisker Karma
  • 2012 Fisker Karma taillight

  • 2012 Fisker Karma
  • 2012 Fisker Karma interior

  • 2012 Fisker Karma
  • 2012 Fisker Karma steering wheel

  • 2012 Fisker Karma
  • 2012 Fisker Karma gauges

  • 2012 Fisker Karma
  • 2012 Fisker Karma touch screen

  • 2012 Fisker Karma
  • 2012 Fisker Karma instrument panel

  • 2012 Fisker Karma
  • 2012 Fisker Karma center console

  • 2012 Fisker Karma
  • 2012 Fisker Karma door handle

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear seats

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear center console

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)."


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 9 Comments
      • 8 Months 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
      • 8 Months 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
        • 8 Months 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
      • 8 Months 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
        • 8 Months Ago
        @danfred311
        "these hundreds of millions of dollars wasted" Last I heard it was more like $1.2 Billion blown on this turd.
      Deezler
      • 8 Months Ago
      Not "Newport" DE. Newark.
      • 8 Months Ago
      Are you in any financial crisis? Do you need a LOAN to refinance your home, or expand your business? Do you need LOAN to settle urgent debts and stay with one lender? Do you need LOAN to pay off your bills etc? ranging from of $10,000 to $150,000,000.00 USD/EURO/POUNDS Get your no obligation FREE quote now! Repayments up to 54 Months. No Collateral, Money paid into your account within 24 hours after approval. If you are interested in obtaining a LOAN, do not hesitate to send your request to us via e-mail: mr_ayoub323@hotmail.com or call us phone +19546669208
      throwback
      • 8 Months Ago
      Nice return on his investment.
        EVnerdGene
        • 8 Months 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.
    Share This Photo X