Fisker Bankruptcy Alert! New 8k Details Tell a Grim Tale
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- Опубликовано: 13 май 2024
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It appears that Susquehanna is squeezing out whats left. The company is dead. Henrik is to blame.
This is what happens when you fully submit to predatory lenders. At this point, not only do they want every penny from every Ocean sold they want to be sure to open up kitchen cabinets and take any sporks, frosted flakes, and I think they will even look for mouse traps and take the cheese. Correction, they will also take the mouse trap and the cheese.
Fully correct
Not yet.
This Hidenburg took off from Austria & landed in a field somewhere in America, a smoldering husk of what it was supposed to be. Oh, the humanity.
Nicely put
I cant get anyone to service this vehicle, im out $80,000 and still paying on the financed portion of $60,000. Theres no way I can afford another car to replace it owing this much. It feels absolutely criminal. There should be something we can do? I was flat out lied to by the company during all my tickets, calls and complaints. I was hustled and there should be consumer protection for all us that were lied to.
I agree. Working on something for this myself
I love the design and am fully prepared to buy a new EV now. That said, I don’t think they could give me an Ocean at this point as it looks like the ownership experience would be a net negative like a discount cabin on the Titanic. There was so much promise but that was then.
Well said
I'm going to miss all the crazy drama once it's over.
A very big wreck. And a very long train
Arrrrggg ! I feel for you. Sorry for your loss. Maybe it will be the next DeLorean?
The Fisker Karma was the next DeLorean. This is the DeLorean Squared.
The Fatt LADY has sung.... I am sorry for all you Owners that were Duped. Truly Sorry. My Respects, RH DSD
Thanks for the feedback
I wish there were some recourse for us ..this has hit me hard financially
This is a venture capital tear down. They are stripping any and everything of value they can out of this company and walking away. Henrik can declare bankruptcy on whatever is left (his name?) and nothing else.
100% agree
I comment a lot on your videos. There is one consideration overlooked. This additional note, which could come with as high as a 25% late payment penalty, BUT, if Fisker "somehow" pays it off they would then be released from the bounds of this contract and would be able to be bought out or capital infused. Now, I do not believe they will be bought but if they "somehow", key word is somehow as they seem to not be able to pay ANY bills but if they do then the terms of this contract would be satisfied, and they could do as they please, but they are still bound by the previous notes even after this MIGHT be paid off in full. So, it's still incredibly bleak.
I don't think they will be able to pay the Noteholder back; the terms and conditions are brutal.
@@EM.1. i agree. I fully agree.
Nobody takes these terms unless it’s the only option. Literally anything could “somehow” happen. I could bet $10,000 on the number 3 at the roulette table. And There is a non-zero chance I’ll win.
So someone made a loan, knowing fisker will declare bankruptcy, with terms that make much value than the original loan and interest, through the bankruptcy action?
It’s simply the end. Fisker needed a few more dollars to move inventory around and pay technicians and other workers so the Sales of the remaining inventory could
Be made
At this point, if I was considering an Ocean, which I am not, I would never buy from Fisker directly or any of the dealer network as all of my money would be going to the note holder who I called looters. I would buy used from a dealer that took one in on trade or via eBay or Bring a Trailer but I would not put money in this note holders pocket, ABSOLUTELY no way in hell would I do that.
Its a financial transaction, not a moral one.
Hi Dave, are you not already a fisker ocean owner?
@@jesperrasmussen4666 I wish I was, and I had one on reserve from Friskers website 7 weeks ago and took them 3,maybe it was 4 weeks to get me a bill of sale and I found 4 locally and I still have interest but, it is so incredibly sad that I keep hearing not so bad stuff but then simply horrible stuff. And I have never been like this with ANY purchase. Never
@@wizzyno1566 Correct. It's 2024, how many moral considerations do humans have these days?
It’s the same unsupported crap shoot of a car no matter where you get it from
So honest question. I have a reservation for a Sport trim. Got a Vin last October but nothing since. Only some cold calls to upgrade to higher trims which I refused. Should I hit the cancel order right now or hope they will refund these unfulfilled orders in future?
You should cancel immediately.
You should hit cancel. I hope refunds are in the “Approved Budget” for your sake. Don’t count on a response or getting your money back. They would have to have an employee that issues refunds in order to issue your refund.
@Adam, I wonder if Fisker is obligated to refund the $1000 sale deposits if they never built/delivered the car?
Once you move from the “reservation” to the “deposit” phase, all funds are non-refundable
R. I. P. ⚰️😢Fisker...
Well utilized emojis
count down is 10 days which can mean 1000$ or 2000$ less cause only the sold inventory can pay them off.
From 35000 $ now to 15000$ within 10 days is my bet. Otherwise 7 million borrowed would make no sense for 4000 cars of inventory.
Considering the paperwork which has to be done before they go out of business the sweet spot will be buyin in 6-7 days vor about 22000 $ to be on the safer side.
Prices are not done coming down for sure
I’d buy an ocean for $15k just for the hell of it. I spent more than that on my current pair of bicycles.
Adam great video and thank you for doing the yeoman's work in reading these complex financial statements. NEXT TIME use the Bruhhh meme/sound because this is a doozy....
Yee ask for the Bruh…Yee shall receive the bruh.
The money is a very basic amount, meaning it covers legal expenses. You have to consider that the subsidiary filed for creditor protection, but the parent took a debtor-in-possession financing. Very unusual, since the company has avoided a bankruptcy filing.
Liquidation can also mean a squeeze-out and take-private transaction.
I’m curious
@@Aslash304 I was watching this, where speculators are taking a shine to Fisker. There’s a possibility that a “Game-Stop” scenario might play out. ruclips.net/video/Z3w9fEmCepM/видео.htmlsi=UA5MMHHYlZUOGhd8
I assume the loan is mostly for shipping costs to send cars various places, but if memory serves they had like 4,000 cars and sold only a couple hundred last month with prices slashed. With bankruptcy now absolutely certain and stated, why would anyone buy a Fisker? Especially given all the problems it has? And what happens if the government orders a recall because of the brake issues? Can you keep driving a recalled car that cannot be fixed?
You know, THAT is an excellent point. At that point it may have to involve Magna and, coincidently, Magna is opening a facility in Mesa, Arizona which is 8 miles from my home. In fact I have an application in with them as a IT manager. If they ever go back to making the Ocean a Project Manager is SUPPOSED to ensure quality and complete testing of software.
@@DaveDarinThe IT manager will probably be in charge of the IT for the factory, not the software in the car. Totally different thing.
I bet the buyer has to pay for shipping, the 7000.000 is just to keep the company and its staff afloat and pay the necessary obligations. 10 days means in 6 days you have to buy such car maybe for 22000 from 35000 with a chance to get the paperwork done and car shipped before they go out of business.
The dealers will have daily new limit to sell the inventory which also means above it the money will be theres. 15000 will be the minimum and therefore every day more will decrease the price by 2000 . Has happened here the same way when mercedes dealers were forced to merge and the big one bought the smaller one.
@@wizzyno1566 I agree. I will, however, still apply as I have been a Program Manager and Development Manager. I always study the opportunity during an interview to make sure I can offer success to any client based upon what I learn. And In have had experience with industrial automation, Allen Bradley when I was with IBM. Anyway, I'll see how it goes, if I get an interview.
@@DaveDarin
I was a project manager in the late 90s for 3 years, but i wasn't very good at it (zero people skills) so i went back to being a contract software engineer, which i still am now.
Anyhoos - good luck!
I just want to know how much Henrick and Geeta's personal wealth has increased during this debacle. And is any of that wealth touchable through future class action lawsuits? The thought that these two (and the rest of their family) got rich(er) at the expense of hard working employees, hopeful consumers, and investors is disgusting (but sadly, not completely surprising).
And given I am commenting after the May 23rd deadline, is there any word on whether Fisker delivered the liquidation plan?
If there is word, it’ll be after market close Tuesday
I’m not sure why but this is still the best looking car on the market ???!!!
Cause for an EV it is 😜👍💯👊
But it soon may be the most beautiful nightmarish car off the market and off the road :(
Just like women, beauty is skin deep but you live with any instability and quality problems all the time.
I don't get it. Just copy of the Range Rover Velar.
Just don’t dent it, ding it, scratch it, crash the software, or lose the one and only key. All of the above are a totaled car. Other than that, all good
Hi Adam, just ask your opinion. I am in Uk, all Fisker contact seem not available , either keep ringing or no reply on email. 2 show rooms and one seem not open yesterday in Westfield arcade not sure not paying rent or no staff. I have a crack windshield seem hard to find a solution. Auto glass also looking at that. Ridiculous!!
You'll probably have to buy another Ocean on Auto trader and break it down for parts. There's about 20 on the UK site at the moment.
@@JCJW101thats an expensive windscreen...
Yes bro it's hard when the windshield is non existing😅😂
Sell it. Now. Whatever you can get. Get out.
@@wizzyno1566 The cheapest one has £2-3000 off because it's missing the charge port cover, a £50 item if it was available. If the windshield is smashed and you can't see out or it leaks the car is basically a write off at the moment.
Price Waterhouse doesn't want to be the next Arthur Anderson.
Nice Enron callback.
If PWC walk out, that means death 😢
Grim indeed. Thanks Adam.
Thanks for watching
@@Aslash304 Thank you!!! Great work!
Would be interesting to see what Sean from fiskerati has to say or if he still have his FOO still?
He made a post before he changed his website that he was getting rid of his ocean. I am also curious as to his opinion, but, to his credit, I don’t think he ever really had much of an opinion on Fisker. It was a means to an end. No disrespect to him, but it seemed like it was just business
Good points. What I do not understand is the amount. What could Fisker do with "just" 3,4 mln? Selling 100 cars brings more....
It’s probably just enough make this “liquidation plan” happen.
Hopefully this means that the final chapter of the Fisker story is near. I'm really looking forward to new content on another subject. Please don't become just another boring EV channel that regurgitates the news like so many other RUclipsrs. I really enjoy your sense of humor and thought out and informed opinions. Keep up the good work Adam 👍
Will do. Stay tuned
It all does seem fairly dire. But… are you 100% sure that the new loan prevents a buy out as you stated in the video? The wording in the 8K is about precluding mergers and combination of businesses, but I’m not well versed enough to know if this also means no buyout allowed either. You obviously seem to think so but it does also have a reference in there covering what should happen in case of a change of control of the company so I’m confused.
(I’m no legal expert so anyone feel free to chip in…)
It only prevents a buyout behind their backs and before the notes have been paid off. A suitor can bring a suitcase full of cash and pay off the notes (all) and then negotiate a buyout.
cut your losses and move on. its game over for fisker. the product is not selling, thats it. no revenue no company, as simple as it gets.
@@foxtrotwolf6081 Exactly right. Once again Adam convieniently leaves out what doesn't match his bankruptcy scenario. Everyone should seek other methods of information besides someone who just reads off other peoples work with no understanding of what he's saying.
Hence the verbiage “and similar transactions.”
@@Aslash304 Slick and carefully evaded. You should be ashamed of yourself trying to kill an American EV startup. Wait.
why do i have a feeling that henrick and getta will put a huge chunk of that $3.456 million towards their second mansion
They did that when the share price was $15
Fisker is a cat food name.
…And scissors, with an “a” instead of an “e”
This is an unmitigated disaster of biblical proportions..
It’s certainly bad
Surprise! More good news from the Henrik and Geeta s#!tshow. Occasionally, I start to feel bad for them as they are clearly being bled by empowered note holder(s?) but then I remember that they lied to investors and customers and mistreated employees for years as they feigned competence in running a company. I'm stuck with a much smaller 401k, and worthless car that could stop running any day, that I can't even sell because after 7 months I still don't have a title. It's not the end of my world, but it stings. I'm tired of this ride and just want off ... Thanks Adam for doing the hard work and actually reading through everything. It's time to call Noem to put this puppy down
There's more chance they're in on the bleeding, or at least being financially rewarded, otherwise why go along with it if you know the company is doomed anyway?
@@wizzyno1566Yep. It's like the note holder (bank) of the previous owner of my house giving the owner $10k to get out so we can buy the house at 100k below the note balance (short sale).
Very well put
With the new tariffs coming soon on chinese cars, would WANXIANG who already continued the Karma be a candidate to retake Fisker... again?
did you not just watch the video?? lol
The whole fun of it is to speculate until speculation is no longer possible. Today is not the day speculation ends. We can all pretend whatever we want for the near future.
Are you looking to fix it? better be quick, I think Usa has more choices. Good luck
Clock is ticking
Great vid! What are your thoughts on the Rivian R2? Will they make it to 2026 to actually produce the vehicle?
I am not sold on the “starting price.” In my opinion the launch model will be $69k. Otherwise, if it happens, it should be a nice vehicle.
Susquehanna, Henrik, and Getta deserve each other for their greed.
The entire Fisker family will be back doing the same thing 10 years from now via spac merger. Greed and ego, greed and ego, rinse and repeat.
@@goodlifetoday - It seems impossible for them to pay this back. The Noteholder made it impossible to get a buyer to help them out. The two will end up in divorce or one will end up jumping off a roof. I am not trying to be crude but I see no other way out.
@@EM.1. Henrik has truly secured his legacy at this point. What a shame. Could’ve been different had they hired a seasoned exec team…but they insisted on running the show as if no one was smarter than them. 100 percent recipe for failure.
Greed indeed. Pardon my rhyme
Loan 🦈
The fact that they actually had to call out usury in the note explains it all
10/10 for emoji usage.
The ship is going down.
Yes it is
What are they thinkin
Not much thinking here.
Adam I love your informative video format but I feel like your talent is wasted on these Fisker videos. I would definitely watch you for EV news on all companies.
Keep an eye out. And thank you for this
No bankruptcy, disappointed?
This 8k is so much more humiliating than bankruptcy.
This is one hell of a bridge loan
The subsidiary filed for creditor protection, while the parent obtains debtor-in-possession(DiP) financing. Never seen this.
@@effingsix3825 fisker is a zombie company at best
Very curious
@@Aslash304 I was reading over the conditions…seems designed to suck up all value….not move the company forward
I do not think dealer service has been established. And now, with the above, I think it's also possible that anyone attempting to service the Oceans, example The Fisker King, might receive a challenge from the note holder. They could claim that the IP, which they will own, prohibits the disecting of the Ocean which would be the only way to determine parts, structure, ability to work on the product and ABSOLUTELY would prohibit any 3rd party from hacking and then engaging in the support and enhancements of the Operating System on the Ocean. This is sadly almost criminal. But that's where we are in 2024 in this world of looting and "legal" takeovers. This really is a take over and it does show true intent of the note holder to manipulate the entire Fisker company. My opinion, they fully intended to collect fully, and profitably, upon this failure and damaged a lot of Fisker shareholders and Ocean owners. In this case, crime pays.
Now its the bank that is at fault? Who signed the agreement? Who was it that got Fisker to this position? Just for your own record (and everyone else's) Henrik signed this agreement. Henrik led this company (again) to ruin. Henrik lost thousands of families fortunes on the backs of his own incompetence, lies, and manipulation. Henrik is so disliked, untrusted, and ruined that this was literally, the best terms he could hope to achieve. You can thank Mr Fisker for all of it.
No crime here.
FSRN is next
Agree. Bankruptcy or insolvency soon
Emailed you
I replied to all the emails I received just now. Let me know if there’s anything else I can do to help
Guy you're bumming me out 🤣😂 I kind of wish you would more extend your video to do more than just reading to do the explaining of or is that not something that can happen because there's too much lawyer speak to wade through?
Fisker will be in Bankruptcy by the end of this month.
The conclusions happen at the end of the videos.
What a $h!t show
A show indeed
Out of curiosity why is nobody tracking down the actual people involved. With the way social media works instead of standing there while somebody's being attacked by a shark or a dog and videoing it to go viral why isn't someone tracking down these people to get real answers pin them down No not literally but that might not be a such a bad thing 🤣😂🤣😂
because no one gives a shit about a no name ev company, let alone being aware of its existence
@@ugaladigala oh okay maybe it's the pansy society then👍💯
Humiliation travels with you wherever you go.
Womp womp
Correct
All this fucking boring billionairs are good for nothing!Can one of them buy the cool Carcompany just as a fun hobby?Bill Gates i talk to you!
i bet you wouldnt spend your hard earn dollars on a fisker ocean ;) why not though? its a cool car company right?
Fiskers are billionaires also. If he believed in his company, he could sink his fortune in to save it, like Elon did when Tesla was about to go under (Elon wasn't a billionaire then).
@@foxtrotwolf6081I want a Fisker but they still want around $50k in Switzerland!
@@foxtrotwolf6081Fisker maybe has about 10 million!
@@ugaladigalaBuying a shitty jacht for 500 million,how boring,sell your useless jacht Bezos and buy Fisker!
Depending on the value of what Fisker owns, this small loan might just be folded into an acquisition.
It’s humiliating, whatever it is