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Analyst Predicts Fisker's Demise; Spokesman say that's premature

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Old 02-19-12, 05:34 PM   #1
I8ABMR
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Default Analyst Predicts Fisker's Demise; Spokesman say that's premature

http://www.autoblog.com/2012/02/19/a...hats-prematur/


Hiccup or death knell?

That's what watchers of California-based automaker Fisker Automotive are trying to figure out after the maker of the Karma plug-in luxury sedan laid off about 65 workers and contractors in Delaware and California while renegotiating loan details with the U.S. Department of Energy. Fisker, which was to receive a $529 million loan from the DOE, has received less than $200 million of that, with the fate of the balance in question because Fisker has not met certain loan conditions due to production delays.

Here's the death knell perspective: With the Obama Administration under political pressure to reduce spending, Fisker is unlikely to receive the remaining $336 million, Wunderlich Securities analyst Theodore O'Neill said in an interview with the Boston Globe. Without that funding, Fisker will go out of business, O'Neill said, adding that A123 Systems, which makes lithium-ion batteries for Fisker, will also likely go under.

But no, say others, the problem is temporary. Investment advice site Seeking Alpha, for example, says A123 is a "buy." Fisker also downplayed the issue, with its spokesman, Roger Ormisher, calling the shutdown a "bump in the road" in an interview with The Wall Street Journal. Ormisher said production of the Karma hasn't been impacted, nothing that Fisker has delivered about 250 vehicles, and that the remaining DOE funds are to be used purely for the lower-priced Fisker Nina vehicle.

Fisker said in a statement last week that the company, which most recently received cash from the loan last May, is in talks with the DOE and raised $260 million in equity in late 2011. Fisker is pursuing "alternative funding sources," the company said in a Feb. 6 statement.

Additionally, the Orange County Register reported last week that a Fisker investor is suing the company for fraud. The plaintiff, Daniel Wray, invested $210,000 in Fisker and said the company informed him in January that he had to invest another $84,000 or risk losing the rights he gained with the original stock purchase. Ormisher told the newspaper at the time that he wasn't aware of the lawsuit.
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Old 02-19-12, 05:56 PM   #2
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As I said before, rip out the drive train,drop in an LSX crate motor, done, awesome car

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Additionally, the Orange County Register reported last week that a Fisker investor is suing the company for fraud. The plaintiff, Daniel Wray, invested $210,000 in Fisker and said the company informed him in January that he had to invest another $84,000 or risk losing the rights he gained with the original stock purchase. Ormisher told the newspaper at the time that he wasn't aware of the lawsuit.
AKA, the guy did not understand what he was signing.

That is a pay to play provision that is common in almost any term sheet, and if you decide to not ante up in later rounds and pickup your pro-rata amount, you get bumped down to common shares.

Good luck with the case
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Old 02-19-12, 08:14 PM   #3
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Yeah honesty with a body that good looking and/or different, just put Vette engines in it

Fisker is one of our better designers, if he continued to design winners people would buy them I feel no matter the engines. However it seems the only way he could get these sort of loans to build his company was to make them eco.

Damn.
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Old 02-19-12, 09:16 PM   #4
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When you market a car as be ECO and it comes stock with 22" wheels, something is obviously wrong.

As much as I would like to see Fisker do well, I have some serious doubts that they are going to around much longer. Designing great looking cars is the first part. Engineering and building them is the hardest part. Especially when you're doing it from the ground up.

My bet would be on Tesla if there were one new car company that is going to make it.
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Old 02-19-12, 10:10 PM   #5
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It just seems dangerous for the DOE to lend the, 200 of the 500 ( and change) million back out. If they go under it will be harder to get their money back
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Old 02-20-12, 05:57 AM   #6
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<companies making/promoting 'green' and 'eco' cars using maserati/ferrari type bodies are pretty much guaranteed to fail imo. they may feed egos for a while, but they're plain stupid, and our government is corrupt and stupid for backing them. tesla is only still afloat due to google (and probably govt) moneyz...
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Old 02-20-12, 02:05 PM   #7
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I hope they make it but I am not holding my breath. Same goes for TESLA. There is something that is not green about 22" wheels Mr Fisker
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Old 02-20-12, 02:27 PM   #8
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ECO in this marketplace has become the "low fat" of foods.....

You buy it because it says low fat and you feel good about it, and never look at the label to see the doubled they sugar
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Old 02-20-12, 03:45 PM   #9
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Quote:
Originally Posted by J.P. View Post
ECO in this marketplace has become the "low fat" of foods.....

You buy it because it says low fat and you feel good about it, and never look at the label to see the doubled they sugar
LOL. Worlds greatest analogy !!!!
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