Blog Post

Where are they now (Fisker edition)? The story gets even weirder

Stay on Top of Enterprise Technology Trends

Get updates impacting your industry from our GigaOm Research Community
Join the Community!

Electric car maker Fisker Automotive has yet to file for bankruptcy or find a buyer, but it already has some alum — two former Fisker CEOs — that are working on some unusual projects.

Most notably, Reuters reported Friday that Fisker founder and former CEO Henrik Fisker has teamed up with Hong Kong mogul Richard Li in an effort to buy Fisker’s remaining $171 million in loans from the Department of Energy, so that Fisker won’t have to go bankrupt. The duo are offering between $25 million and $30 million for the loan, which would represent a discount of 17.5 cents on the dollar.

That isn’t the only low-priced bid for Fisker. A competing bid is a pre-packaged bankruptcy deal of $20 million from Chinese auto giant Wanxiang and Bob Lutz’s VL Automotive.

The other new project comes from Fisker’s former CEO Tom LaSorda, who only led Fisker for about 6 months. LaSorda has teamed up with racing investor Roger Penske to create a VC fund called IncWell, according to Bloomberg Business Week.

LaSorda told the publication that they probably wouldn’t invest in electric cars unless “unless I can get a good deal with Tesla,” and also said that they would not invest in another company founded by Henrik Fisker. LaSorda put his own money into Fisker.

7 Responses to “Where are they now (Fisker edition)? The story gets even weirder”

  1. Ev_enthusiast

    Henrik Fisker is only trying to save his name. He and his lack of business acumen was a large part of the failure of the company.

  2. Red06c6

    Would like to see Penske get Fisker, Penske is a winner. Fisker is a nice looking car. Just expensive and risky. Reduce some cost and risk, with some more refinement, and they’ll likely have a hit.

  3. Wallcon

    LaSorda, Bob Lutz and Tony Posawatz? No surprise, just another step to get cheap great car. It took a lot of work, but it is almost done.

  4. We should all hope that this is a great news and the first sign of a real offer for Fisker. I hope this will drive up the price for Fisker and the DoE loan. Its great news about Tesla who made a great example that the loan gets repaid. The efforts of Mr Fisker and any investor that supports paying back the DoE loan should be supported.

  5. akaTSL

    hello–regarding the discount–if the balance is $171M & the offer to buy is $25-$30M then the discount is in the 80% range; in other words the offer is 17.5% of face value. Right?