Tag Archive: Fisker Automotive


Pulling The Plug On Fisker

 

 

 

 

” The Energy Department has sold off its $192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25 million — the biggest taxpayer loss on a green loan since the failure of Solyndra.

  The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale. The DOE sold the loan to Li for $25 million after lending the financially troubled green automaker a total of $192 million since 2009. …

  Including the $25 million loan sale, the DOE has recovered only $53 million of the original $192 million disbursed — netting taxpayers a $139 million loss.”

 

   Obama’s actions with the “green tech” industries , bribes , subsidies , grants , loans and kickbacks would have been enough all by themselves to have impeached any other president , Republican at least , if we had a truly independent media . The depths of media depravity and dishonesty over the past six years in support of this shameful regime is difficult to grasp . 

 

 

 

 

 

 

 

 

 

U.S. Taxpayers Could Wind Up With Fisker Automotive Assets

 

 

 

” Stymied by unsuccessful efforts to craft a deal with Chinese investors to save the company, struggling carmaker Fisker Automotive laid off most of its workers Friday.

Analysts said the move, combined with retaining a bankruptcy law firm last month, likely signals the death of the Anaheim company, which was founded by auto designer Henrik Fisker in 2007 with high hopes of selling highly styled hybrid sports cars and sedans.

That could leave the federal government essentially owning the automaker.

Fisker ran into a cash crunch after the federal government froze an Energy Department Advanced Technology Vehicles Manufacturing Loan Program loan in 2011. Fisker is supposed to make the first payment on some of $192 million it borrowed from the government later this month. Fisker’s tooling and other property make up the collateral on the loan.

Fisker has sold just 2,000 of its Karma hybrid sports cars and hasn’t assembled a vehicle in about nine months.

“Expect the assets to be sold for pennies on the dollar,” he said.

About 160, employees, or 80% of the staff, lost their jobs Friday. They were paid remaining vacation days but did not receive any severance payments.”