Fisker auto pending bankruptcy, update. Original email titled RR News about Fisker Bankruptcy ---AND GUESS WHO'S FOOTING THE BILL The govt invested $200 million originally Then loaned another $529 million by the US Energy Dept. New info is, private investors accounted for most of the capital/loans, approx 2/3. to 1/3 for govt.. Also, $10 million has already been paid back to the USG . Fisker, founded in 2007 raised $1.2 billion from private investors and tapped nearly $200 million (A) in government loans, has “at least” $30 million in cash on hand (B) INVESTMENT BY private 1,200,000,000 Govt #1 200,000,000 (A) Govt #2 529,000,000 Bonded Collateral (c) Total recd 1,929,000,000 Disbursements Govt #2 bond payment 10,000,000 (c) AMT SPENT other 1,889,000,000 CASH ON HAND 30,000,000 (B) This wouldmake the govt due due Govt to $689,000,000 pending sale of assets. After govt is/if paid of in full, creditors must be paid off (accounts payable) and lastly, private investors share in the balance. There is also the threat of a law suit brought by the union. Accts Rec ??? Inventory & Other assets??? Accts Payable ??? Other liabilities. ??? 75% of work force fired, w/o severance pay (see above reference) Fisker asked 53 senior managers and executives to stay on board, primarily to pursue buyers for the company’s assets Remaining employees Execs KEPT 53 25% TO SELL OF ASSETS (AND PAY OFF Accts payable? Workers Fired 160 75% Law suit expected. TOTAL Prior to layoff. 213 I recd the below reply to my first email, however the figures in the original email were current date. It could be the fedl govt stopped payment on the loan of $529 Mil (less the $10 Mil paid?) it is more likely that the full loan was greater and was stopped AFTER the $529 mil was distributed. Had the $529,000,000 been stopped, it would never have appeared on Fisker's books and Fisker wouldn't have made the $10,000,000 payment! Samo, samo if Fisker recd the $529 Mil check and it didn't clear because the USG "stopped payment"on that check after mailing. "The Department of Energy stopped payment on the federal loan in2011 after Fisker stopped meeting their milestones, and is committed to the best outcome for taxpayers," DOE spokeswoman Aoife McCarthy said in a statement. "Despite Fisker's difficulties, our overall loan portfolio of more than 30 projects continues to perform very well, and more than 90 percent of the $10 billion loan loss reserve that Congress set aside for these programs remains intact," she said. Update April 5, 2013 Tesla Motors expects first profit;Fisker Automotive eyes bankruptcy http://www.washingtonpost.com/business/economy/fisker-automotive-lays-off-most-workers-struggles-to-find-investor/2013/04/05/d2d9bf4c-9e42-11e2-9a79-eb5280c81c63_story.html I came across this site while researching. Good news; absolutely fantastic display, Includes 3-D effect I've only seen in the movies. http://www.failindustries.com/journal **** Your 401K Google --> Help you manage your 401K 19 trillion consumer investments office for older dodd frank Your Gun Google --> NRA memo government ap guns register Looking for a break? I found one. Sunday nights I tune in old time radio (mostly the 1940's) Twilight Zone, Marshall Dillon (starring Robert Conrad aka Cannon) Many others. Sundays only starting around 7PM http://www.wlobradio.com/index.php The Ponder By Shonda Ponder Updates daily Just visit http://www.shondaponder.com When replying to this message, plz cc: [email protected] to assure prompt reply. TEA Party Nation Top Ten Tips For Getting The Most From Your TPN Membership! http://www.teapartynation.com/?xg_source=msg_mes_network I’m as mad as hell, and I’m not going to take it any more. http://www.youtube.com/watch?v=q_qgVn-Op7Q Mrs. Richard "Peggy" Martin (1935 - 2012) http://www.legacy.com/obituaries/dfw/obituary.aspx?n=margaret-irene-martin-peggy&pid=159081400&fhid=12241#fbLoggedOut http://www.legacy.com/guestbook/dfw/guestbook.aspx?n=margaret-martin&pid=159081400&sort=1 <> <> <> -- -- To join RichsRants, send email to: [email protected] For more options, visit this group at http://groups.google.com/group/richsrants?hl=en --- You received this message because you are subscribed to the Google Groups "RichsRants" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
