You may have scoffed when the US Division of Power sold the rights to its $ 168 million excellent Fisker Automotive loan to Hybrid Tech Holdings final December for just $ 25 million, or about 15 cents on the dollar. It turns out that may be the going rate for anyone with claims towards the bankrupt extended-assortment plug-in maker, even though. That’;s due to the fact Fisker, which declared bankruptcy in November, has produced $ 985.4 million in claims from 618 not-so-content parties, Delaware Online says, citing a bankruptcy filing from last week. Fisker stopped producing 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 % of the collective value of the claims towards the business. 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 very good on what was formerly that DOE loan. The state of Delaware, in which Fisker had acquired an old Standard Motors factory, is searching for $ twenty million stemming from some incentives it supplied up front. And Finland’;s Valmet Automotive desires $ 8.5 million for its work with the firm.
Former Fisker workers say the business is on the hook for one more $ 6 million, and none other than Basic Motors itself is claiming it is owed the exact same sum. Then there is the lawsuit we very first heard about in December that was filed towards Fisker and some of its executives who had been collecting hefty paychecks even though no vehicles have been currently being made. Add it all up and you get virtually a billion bucks. Very good occasions.