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    Fisker Furloughs Workers, Hires A Bankruptcy Law Firm


    By William Maley

    Staff Writer - CheersandGears.com

    April 1, 2013

    Just when you think the news about Fisker couldn't get any worse, it has. Last Thursday, Reuters learned from a source that Fisker has hired the law firm of Kirkland & Ellis to advise on a possible bankruptcy filing. The source says the company is “considering bankruptcy while it pursued alternatives.”

    Fisker has also furloughed its U.S. work force this week to preserve cash.

    Last month has been tough on Fisker as the company saw its founder and chairman, Henrik Fisker resign due to "several major disagreements" with top management. It also saw its efforts to find a investor erode away as Geely and Dongfeng dropped their bids due to the terms of the Department of Energy loans Fisker has. Sources say chief executive Tony Posawatz, visited China last week to try to rekindle those deals.

    The bad news doesn't stop there though. Fisker has a payment due to the Department of Energy on April 22nd. Fisker isn't saying how much the payment is, but judging from these moves.

    Source: Reuters

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster

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    Fisker is all show. No technology, no intellectual property, no innovation--just off-the-shelf components in an attractive looking body. Compare that to Tesla, which sold more Model S's than GM sold Volts in the month of March. Not bad for a company that only started making its own cars less than a year ago.

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    This will be interesting to watch as I expect this company to be gone by summer, but the technology in one form or another will live on. The EPA requirements and the new tussle between China and the US over China Tech purchases will make this a hard sell I think now.

    I am also not sure that any American company would want to buy this up any longer compared to building their own solution in house. I am finding little of value now in this company.

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