Fisker Inc. will finish operations as part of a bankruptcy plan approved on Friday which should allow car owners to drive their cars for years – while paying nothing to the shareholders who have been destroyed by investing in the late manufacturer of electric vehicles in southern California.
The plan approved by the judge of the American bankruptcy court Thomas Horan in Delaware intervenes while Fisker is struggling June bankruptcy.
Fisker disclosed in August that he had been assigned to appear by the SEC, who recently confirmed that she was investigating society and demanded that the bankruptcy plan preserves the files.
“The SEC has been much more aggressive in the continuation of its complaints and its appeals, even if the emphasis on its investigation has filed its bankruptcy,” said Jennifer Lee, former deputy director of the Division of the Application of the SEC Act now in private practice.
The agency refused to comment on its investigation.
Co-founders Henrik Fisker, Chairman and CEO of the company, and his wife, Geeta Gupta-Fisker, the head of finance and exploitation, and other officials are faced with several shareholders' proceedings.
The complainants lighten the violations of fiduciary duties and securities laws, including the apparitions of the media by Henrik Fisker touting the prospects of the company, even if its fortune has decreased.
Horan published his decision after a burst of deposits, audiences and in camera this week while Fisker, his creditors and owners have entered into an agreement.
Leadership of Fisker Owners Assn. Last week, last week was released in favor of the proposed plan, declaring that the vehicle had progressed by attacking the open reminders that Fisker had issued for its oceanic SUV and embarked on “constructive dialogue” on maintenance problems.
The approved plan has also resolved the concerns of the National Highway Transportation Safety Board on how to pay the costs of the reminders, including one for the evil brakes and another for a defective water pump. As part of the approved plan, Fisker's succession will cover these costs.
Another problem that was resolved was access to the Fisker Cloud server for live software updates that the ocean must receive to operate. Access to these updates will be provided by American leaseA Bronx company, NY, which rents Uber and Lyft cars. He offered $ 46.25 million for the Invend Invend Fisker invents of more than 3,000 cars.
American Lease agreed at the end of this week to pay $ 2.5 million for access to the cloud for five years and will share this access with more than 6,000 Fisker cars owners at an indefinite price.
“We are satisfied with the result today, and we are optimistic about the future,” said Brandon Jones, president of the Owners Association. “There are still necessary discussions and negotiations, but we will have the services we need to maintain our cars.”
Founded in 2016, Fisker became a public in 2020 via an acquisition company for special purposes supported by the Apollo Management. The company has raised $ 1 billion in equity and borrowed even more, but lacked money.
Based in Manhattan Beach, Fisker moved to La Palma in Orange County Earlier this year.
Henrik Fisker, a renowned car designer, considered the first model of the company, the ocean, as a competitor of the Y of Tesla model, but of the company had trouble doing and delivering High -tech SUV. The ocean was plagued by software problems, although its conduct and construction were praised.
Several thousand car owners were eligible to vote on the plan, because they had made complaints against Fisker, which in fact guaranteed creditors.
Evan Scott, 39, has filed two complaints, one for nearly $ 28,000 depending on the loss of value of his ocean after price drops, and a second for $ 1,000 after the delivery of his car with defective tires that had to be replaced after four months. He said that he had voted for the plan, but he considered that he had been misleading by the company after buying some $ 50,000 in shares, which is now worthless.
“Everything they said was a lie in the past six months, and they knew they were going to take stock,” said Portland., Resident.
Fisker's shares reached a summit of $ 28.50 in March 2021 in the midst of advanced interest in electric vehicles and a stock of stock which was exploded after an increase in interest rates the following year. At the time of Fisker's bankruptcy, his actions were negotiated against a nickel.
The basic ocean model sold at $ 38,999 with the most garnish version for more than $ 60,000, up to a series of net price reductions. American Lease bought its fleet of oceans for about $ 13,900 per vehicle.
Fisker has filed a bankruptcy After being unable to obtain a strategic investment from a automaker that Reuters identified as Nissan. He also failed in efforts to sell the company to other buyers. He estimated liabilities up to $ 500 million and active between $ 500 million and $ 1 billion at the time of the file.
He is liquidated under chapter 11 of the bankruptcy code generally used by companies seeking to restructure and remain in activity. The process, however, has enabled the management to keep control of the company's daily operations as it goes through reminders and other problems.
As the bankruptcy plan was approved, there was more than 4,000 complaints Departed against Fisker, two of which totaled more than $ 1 billion – one for $ 694 million for the debt held by US Bank, and a second for $ 475 million by Magna International, which made the Ocean for Fisker in an Austrian factory.
Fisker has not yet sold the assets he has in Austria as well as his intellectual property, which includes vehicle conceptions and the software code – which could theoretically be purchased by another car manufacturer to produce the ocean and other vehicles that Fisker had planned. The product of these sales will go to a trust, the majority received by the guaranteed creditor of the company.
This creditor is CVI Investments and his investment manager, Heights Capital Management Inc., affiliated with International Group of SusquehannaA large commercial company in Pennsylvania founded by billionaire Jeff Yass. He has a guaranteed complaint of more than $ 180 million resulting from the debt it is due by Fisker.
A certain number of shareholders have sent letters to the court asking for an investigation into the FISker relations with the creditor, the position of guaranteed lender had been opposed by the creditors not guaranteed earlier in the bankruptcy process. CVI lawyers did not respond to requests for comments.
Car owners requesting compensation may have other paths to recover funds from the loss of protection of the warranty, software and mechanical problems and other problems.
Hagens Berman law firm Removal of arbitration cases Against JP Morgan Chase Bank, a first manufacturer of Fisker car loans. Partner Steve Berman said his company was making some 1,300 individual arbitration requests. Chase refused to comment.
