2012 Fisker Karma Sport on 2040-cars

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Fisker assets will be auctioned tomorrow, here's the situation today

The remains of Fisker Automotive - which might not even include the name and logo - are supposed to finally be sold off tomorrow, but the scene before the auction is anything but clear. As as reminder, the two bidding parties are Wanxiang and Hybrid Tech Holdings. Hybrid Tech was denied an emergency motion in court last week that would have lifted an earlier ruling that limited how much debt it can use to try and buy Fisker. The limit remains at $25 million. Bloomberg says that the winner's spoils are not so much the cars or the design but the 36 patents involved (about half are pending) as well as an established vehicle brand in both the US and China. The chief economist for the National Automobile Dealers Association, Steven Szakaly, told Bloomberg that, "[the auction is] not about the manufacturing, It's about the intellectual property." The patents include things like the electric drivetrain tech, the solar technology and the design of the mustache grille. Fisker executives have been hit with a $20-million lawsuit that claims they misled investors. And because lawsuits are easier to get than a DOE loan, a number of Fisker executives and the company's legal team have been hit with a $20-million lawsuit that claims Fisker misled investors. The Wall Street Journal reports that Fisker is accused of withholding information that would have given a clearer picture of Fisker's financial situation. According to the WSJ, the lawsuit says the Fisker team kept the negative news quiet, "because they needed huge sums of additional cash to fund Fisker Automotive to position the Company for a sale or an initial public offering...without plaintiffs' and other investors' money, Fisker Automotive was not a viable company." Meanwhile, Hybrid Tech Holding has hired a former Ford executive, Martin Leach, to be better prepared to manage the Fisker assets should Hybrid Tech win tomorrow. Leach told Reuters that he has been working on a business plan "for months," and it starts with the company taking care of current Karma owners and re-engaging suppliers. The most difficult challenge, we imagine, will be with A123 Systems, which supplied the Karma's batteries but was bought by Wanxiang over a year ago. Leach said that Hybrid could get new batteries from Boston Power. Featured Gallery Fisker Atlantic News Source: Bloomberg, The Wall Street Journal, Reuters, AP Green Fisker Electric Hybrid PHEV lawsuit fisker atlantic martin leach

Fisker creditors want a repayment do-over

In February, the Chinese company Wanxiang won control of Fisker Automotive at a bankruptcy auction for a final bid of $149.2 million. The sale meant that Wanxiang would now have to deal with all of the creditors claiming that Fisker owed them money. Those individuals and groups had a combined $1 billion in claims, and they're not happy with how the bankruptcy is shaking out. In April, a settlement was announced that would see those unsecured creditors get back pennies on the dollar. The unsecured creditors are telling the bankruptcy court that they want the judge to take away control of the bankruptcy proceedings from Fisker and implement a new repayment plan. The request was filed by a committee representing the creditors, which said it could have the new plan submitted in a matter of days, if the judge agrees with the request. The committee says there are "unreasonable demands" in the current repayment plan, such as a big paycheck for Fisker's chief restructuring officer, worth $750,000. If the judge allows the unsecured creditors to file a new plan, it will result in the "best possible outcome," the filing said. We admit we're feeling a bit confused and dragged along by the Fisker bankruptcy proceedings. And we're quite sure that the new owners have got to be fed up as well, since they're likely to be in a bit of a time crunch if the company's really going to re-start Karma production next year.

Bob Lutz named chairman at Via Motors

Bob Lutz is staying very busy. The ex-vice chairman of General Motors, and champion of the Chevrolet Volt, has been named chairman of the board at Via Motors. Lutz will need to squeeze that in between his role as senior advisor at vehicle interior designer Katzkin, being an owner at VL Automotive and perhaps as an advisor to Wanxiang and Fisker Automotive. Lutz thinks that Via's business plan of building extended range plug-ins is a smart way to go. "If we are going to see main stream adoption of electric vehicles, the technology must deliver a good return on investment to the largest segment of the auto business, namely trucks, vans and SUVs," Lutz said in a prepared statement, which you can read below. Lutz has decades of experience holding executive positions at some of the world's leading automakers and has spent the last few years working with green-focused start-ups. Lutz will replace Carl Berg, who served as chairman since Via's launch in 2009 and will continue to be the company's largest stakeholder. As Via's new chairman, we figure Lutz will continue bragging about the trucks' bells and whistles – such as its built-in solar panels that can add 10 miles of range to the battery pack if it's parked in the sun all day. ANN ARBOR, MI– VIA Motors announced today that auto legend, Bob Lutz, former vice chairman of General Motors and a board member of VIA Motors, was appointed Chairman of the Board of VIA Motors, maker of extended range electric trucks, vans & SUVs. Lutz is also known as the "father of the Chevy Volt" America's best selling electric vehicle. "VIA is fortunate to have the experience of one of the industry's foremost executives leading our board," said John Weber, VIA Motors, CEO. Mr. Lutz brings with him a passion for the evolution of the automobile, and decades of experience from his tenure in top executive positions at each of the world's leading auto companies, noted Weber. "I believe VIA is electrifying the right end of the business and is implementing a very sound business strategy," said Lutz. "If we are going to see main stream adoption of electric vehicles, the technology must deliver a good return on investment to the largest segment of the auto business, namely trucks, vans & SUVs. That's why I am so confident in VIA and I'm pleased to serve as Chairman," said Lutz. Lutz is replacing retiring chairman Carl Berg, who has served with distinction since VIA's launch in 2009.