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  • iindelco iindelco Apr 9, 2013 11:15 AM Flag

    Fisker automotive

    Another Government sponsored Chu poo. Your tax dollars at work building and subsidizing rich peoples toys.

    Fisker prepared to file Chapter 11 as soon as this week -sources

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    • You are right. In return for the DOE loan guarantee, Fisker promised to build a production plant in California, but when they tried they dixcovered there were so many anti-business regulations in California that it was impossible to build anything there.

      When they announced they were building a factory in Norway, it was too late for the DOE to back out without making the Obama Energy Policy look even worse, so they basically wrote off the initial portion of the loan.

      A major hurdle faced by Fisker was the freezing of the Department of Energy loan. The $529 million federal Advanced Vehicle Technology Loan, of which Fisker borrowed $193 million, was frozen back in 2011, according to the company, after they failed meet certain targets. The company had been trying to renegotiate the terms with the loan, including a payment that is due on April 22, according to Reuters.

      Let's hope the DOE cuts its losses.

      • 1 Reply to lewis_whokeyser
      • Not sure about the California plan you mention but I am aware of the plans to reopen an old GM plant in Delaware (The plant that built the old M-Van- Chevy Astro/GMC Safari van). The vehicle to be built there was a lower priced model that was in design but Fisker fell behind and the Fed's froze the cookie jar. Good ole Biden involved as well.

        The Governor of Delaware lent Fisker money as well sticking the taxpayers locally with even more bad news.

        Delaware taxpayers increasingly on the hook as Fisker auto plant idles

        "Delaware taxpayers appear to be getting soaked twice under a deal in which the Democratic governor loaned $21.5 million to a hybrid electric carmaker to set up shop in the state. The company has yet to produce a car in Delaware, and taxpayers are footing the electric bill for the idle plant.

        The deal was enthusiastically announced in 2009 by Gov. Jack Markell and Vice President Biden -- formerly Delaware's senior senator -- as a way to bring as many as 2,500 green jobs to the state. But California-based Fisker Automotive Inc. has since suffered a series of setbacks that have compounded its shaky financial situation. "

 
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