Sunday, August 30, 2015

For Sale: Deadbeat Fisker electric-car loan

At GovSales.gov

For Sale: Deadbeat Fisker electric-car loan

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Fisker Karma
Fisker Karma

The Department of Energy is selling rights to collect the defaulted $168 million it lent electric carmaker Fisker Automotive Inc. to restart a former General Motors plant on Boxwood Road in Vice President Biden's home state of Delaware. Fisker did make some cars in Finland, hired (then laid off) dozens of Delaware managers, workers and contractors, and collected $21.5 million in additional Delaware state subsidies, but hasn't made any cars in the Diamond State, despite Biden's and Gov. Jack Markell's promises. State economic development czar Alan Levin says Gov. Markell hopes a new owner could still revive Fisker, though the company owned few of its own patents. More at GovSale.gov, and from Reuters, which notes an earlier sale of another failed "green" car loan, to Vehicle Production Group LLC, raised just $3 million to pay down a taxpayer loss of $50 million.

Excerpts from the loan sale announcement : "The Department of Energy plans to sell by competitive auction, to be held on October 11, 2013, the future advance promissory notes issued by Fisker Automotive, Inc. in connection with a secured loan under the Advanced Technology Vehicles Manufacturing Program in respect of which approximately $168,000,000 is outstanding.

"The loan is presently not performing. Persons interested in purchasing the notes should promptly contact the Advanced Technology Vehicles Manufacturing Program at portfolio.fisker@hq.doe.gov to learn how qualified prospective purchasers may obtain additional information about the auction, including requirements for submitting an initial bid... The deadline for submitting initial bids is October 7, 2013 at 5:00 PM EDT. Bidders will have an opportunity to conduct due diligence prior to the bid deadline. Inquiries should include the sender’s name, business name, postal, street and email addresses, and telephone numbers."

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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