DOCSLIB.ORG

In the United States Bankruptcy Court for the District of Delaware

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
In the United States Bankruptcy Court for the District of Delaware Case 13-13087-KG Doc 1060 Filed 07/09/14 Page 1 of 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) In re: ) Chapter 11 ) FAH LIQUIDATING CORP., et al., 1 ) Case No. 13-13087 (KG) (f/k/a FISKER AUTOMOTIVE ) HOLDINGS, INC.) ) ) ) Debtors. ) (Jointly Administered) ) )Re: Docket Nos. 985 NOTICE OF FILING OF BLACKLINE OF DEBTORS’ SECOND AMENDED JOINT PLAN OF LIQUIDATION PURSUANT TO CHAPTER 11 OF THE BANKRUPTCY CODE (WITH TECHNICAL MODIFICATIONS) PLEASE TAKE NOTICE that on June 11, 2014, the Debtors filed the Debtors’ Second Amended Joint Plan of Liquidation Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 985] (the “Original Plan”) in furtherance of the relief granted pursuant to the Disclosure Statement Order.2 PLEASE TAKE FURTHER NOTICE that contemporaneously herewith, the Debtors filed a revised version of their Original Plan pursuant to the Debtors’ Second Amended Joint Plan of Liquidation Pursuant to Chapter 11 of the Bankruptcy Code (with Technical Modifications) [Docket No. 1059] (the “Modified Plan”). 1 The Debtors, together with the last four digits of each Debtor’s federal tax identification number, are: FAH Liquidating Corp. (f/k/a Fisker Automotive Holdings, Inc.) (9678); and FA Liquidating Corp. (f/k/a Fisker Automotive, Inc.) (9075). For the purpose of these chapter 11 cases, the service address for the Debtors is: 3080 Airway Avenue, Costa Mesa, California 92626. 2 Capitalized terms used but not defined herein shall have the meanings set forth in the Modified Plan (as defined herein). DOCS_DE:192876.3 28353-001 Case 13-13087-KG Doc 1060 Filed 07/09/14 Page 2 of 3 PLEASE TAKE FURTHER NOTICE that attached hereto as Exhibit 1 is a blackline copy of the Modified Plan, which reflects certain technical changes to the Original Plan filed on June 11, 2014 (collectively, the “Technical Modifications”). PLEASE TAKE FURTHER NOTICE that the Technical Modifications reflect, among other things, a resolution of those alleged claims and reimbursement rights with respect to Section 7.4 of the Purchase Agreement raised by the Purchaser, on the one hand, and the Committee, on the other hand, each as described more fully at Article IV.L of the Disclosure Statement, including by modifying the Liquidating Trust Cash Payment funded on the Effective Date. PLEASE TAKE FURTHER NOTICE that the Debtors will seek approval of the Technical Modifications in conjunction with confirmation of the Modified Plan at a hearing currently scheduled for Monday, July 28, 2014, at 10:00 a.m. (prevailing Eastern Time) before the Honorable Kevin Gross in Courtroom 3 in the United States Bankruptcy Court for the District of Delaware, 824 North Market Street, 6th Floor, Wilmington, Delaware 19801, at which time and at which place you may appear if you so desire PLEASE TAKE FURTHER NOTICE that copies of the Modified Plan, the Disclosure Statement, the Plan Supplement, and any other related documents are available upon request to Rust Consulting/Omni Bankruptcy, the Debtors’ administrative advisor, at (866) 989- 3043, or by visiting the website maintained in these chapter 11 cases at http://www.omnimgt.com/fiskerautomotive. You may also obtain copies of any pleadings filed in these chapter 11 cases for a fee via PACER at: http://www.deb.uscourts.gov. DOCS_DE:192876.3 28353-001 Case 13-13087-KG Doc 1060 Filed 07/09/14 Page 3 of 3 Dated: July 9, 2014 /s/ Peter J. Keane Wilmington, Delaware Laura Davis Jones (DE Bar No. 2436) James E. O’Neill (DE Bar No. 4042) Peter J. Keane (DE Bar No. 5503) PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899-8705 (Courier 19801) Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: [email protected] [email protected] [email protected] - and - James H.M. Sprayregen, P.C. (admitted pro hac vice) Anup Sathy, P.C. (admitted pro hac vice) Ryan Preston Dahl (admitted pro hac vice) KIRKLAND & ELLIS LLP 300 North LaSalle Street Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: [email protected] [email protected] [email protected] Attorneys for the Debtors and Debtors in Possession DOCS_DE:192876.3 28353-001 EXHIBIT 1 DOCS_DE:192876.3 28353-001 Solicitation Version IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) In re: ) Chapter 11 ) FAH LIQUIDATING CORP., et al.,1 ) Case No. 13-13087 (KG) (f/k/a FISKER AUTOMOTIVE HOLDINGS, INC.) ) ) Debtors. ) (Jointly Administered) ) DEBTORS’ SECOND AMENDED JOINT PLAN OF LIQUIDATION PURSUANT TO CHAPTER 11 OF THE BANKRUPTCY CODE ¶ THIS CHAPTER 11 PLAN IS BEING SOLICITED FOR ACCEPTANCE OR REJECTION IN ACCORDANCE WITH SECTION 1125 AND WITHIN THE MEANING OF SECTION 1126 OF THE BANKRUPTCY CODE, 11 U.S.C. §§ 1125, 1126. THIS CHAPTER 11 PLAN WILL BE SUBMITTED TO THE BANKRUPTCY COURT FOR APPROVAL FOLLOWING SOLICITATION. DEBTORS’ SECOND AMENDED JOINT PLAN OF LIQUIDATION PURSUANT TO CHAPTER 11 OF THE BANKRUPTCY CODE (WITH TECHNICAL MODIFICATIONS) James H.M. Sprayregen, P.C. (admitted pro hac vice) Laura Davis Jones (DE Bar No. 2436) Anup Sathy, P.C. (admitted pro hac vice) James E. O’Neill (DE Bar No. 4042) Ryan Preston Dahl (admitted pro hac vice) Peter J. Keane (DE Bar No. 5503) KIRKLAND & ELLIS LLP PACHULSKI STANG ZIEHL & JONES LLP 300 North LaSalle Street 919 North Market Street, 17th Floor Chicago, Illinois 60654 P.O. Box 8705 Telephone: (312) 862-2000 Wilmington, Delaware 19899-8705 Facsimile: (312) 862-2200 (Courier 19801) 1 The Debtors, together with the last four digits of each Debtor’s federal tax identification number, are: FAH Liquidating Corp. (f/k/a Fisker Automotive Holdings, Inc.) (9678); and FA Liquidating Corp. (f/k/a Fisker Automotive, Inc.) (9075). For the purpose of these chapter 11 cases, the service address for the Debtors is: 3080 Airway Avenue, Costa Mesa, California 92626. KE 28420557 Email: [email protected] Telephone: (302) 652-4100 [email protected] Facsimile: (302) 652-4400 [email protected] Email: [email protected] [email protected] [email protected] Counsel to the Debtors and Debtors in Possession Dated: Junely 11, 9, 2014 17723384-12 KE 28420557 TABLE OF CONTENTS ARTICLE I. DEFINED TERMS, RULES OF INTERPRETATION, COMPUTATION OF TIME, AND GOVERNING LAW 1 A. Defined Terms 1 B. Rules of Interpretation 1213 C. Computation of Time 1314 D. Governing Law 1314 E. Reference to Monetary Figures 1314 F. Controlling Document 1314 ARTICLE II. ADMINISTRATIVE CLAIMS, PRIORITY TAX CLAIMS, DIP FACILITY CLAIMS, AND PROFESSIONAL FEE CLAIMS 1314 A. Administrative Claims; Priority Tax Claims 1314 B. DIP Facility Claims 1415 C. Professional Fee Claims 1415 D. Priority Claims Reserve 1415 E. Hybrid Reservation of Rights 1516 F. U.S. Trustee Statutory Fees 1516 ARTICLE III. CLASSIFICATION AND TREATMENT OF CLAIMS AND INTERESTS 1516 A. Summary of Classification of Claims and Interests 1516 B. Class Identification 1516 C. Classification of Claims and Interests 1617 D. Special Provision Governing Unimpaired Claims 1920 E. Elimination of Vacant Classes 1920 F. Voting Classes; Presumed Acceptance by Non-Voting Classes 2021 G. Confirmation Pursuant to Sections 1129(a)(10) and 1129(b) of the Bankruptcy Code 2021 ARTICLE IV. MEANS FOR IMPLEMENTATION OF THE PLAN 2021 A. Sources of Consideration for Plan Distributions 2021 B. Hybrid Parties’ Claims Waiver 2021 C. Purchaser’s Claims Waiver 21¶ D. Customer Support Program 22¶ E. The Liquidating Trust 2022 DF. General Settlement of Claims 2122 EG. Corporate Action 2123 FH. Dissolution and Boards of the Debtors 2123 GI. Effectuating Documents; Further Transactions 2123 HJ. Exemption from Certain Taxes and Fees 2123 IK. Restructuring Fee 2223 JL. Preservation of Rights of Action 2224 KM. Committee Standing Motion 2224 LN. Closing of Debtors’ Cases 2324 ARTICLE V. TREATMENT OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES 2325 A. Assumption and Assignment of Executory Contracts and Unexpired Leases 2325 B. Cure of Defaults for Assumed Executory Contracts and Unexpired Leases 2325 C. Claims Based on Rejection of Executory Contracts and Unexpired Leases 2426 D. Purchase Agreement; Designated Contracts 2426 E. Modifications, Amendments, Supplements, Restatements, or Other Agreements 2526 F. Insurance Policies 2527 i KE 28420557 G. Reservation of Rights 2527 ARTICLE VI. PROVISIONS GOVERNING DISTRIBUTIONS 2527 A. Calculation of Amounts to Be Distributed 2527 B. Rights and Powers of the Debtors, Liquidating Trustee, Manager, and Hybrid 2627 C. Delivery of Distributions and Undeliverable or Unclaimed Distributions 2728 D. Compliance with Tax Requirements/Allocations 2830 E. Claims Paid or Payable by Third Parties 2830 ARTICLE VII. THE LIQUIDATING TRUST AND THE LIQUIDATING TRUSTEE 2931 A. Liquidating Trust Creation 2931 B. Purpose of the Liquidating Trust 2931 C. Transfer of Assets to the Liquidating Trust 2931 D. Tax Treatment of the Liquidating Trust 3032 E. Equity Consideration 3032 F. The Liquidating Trust Oversight Committee 3132 G. Distribution; Withholding 3133 H. Insurance 3133 I. Other Rights and Duties 3133 J. Disputed Claims Reserve 3233 K. Wind-Down 3234 L. Termination of the Liquidating Trust 3234 M. Transfer of Beneficial Interests 3335 N. Termination of the Liquidating Trustee 3335 O. Exculpation; Indemnification 3335 ARTICLE VIII. PROCEDURES FOR RESOLVING CONTINGENT, UNLIQUIDATED, AND DISPUTED CLAIMS AND INTERESTS 3335 A. Resolution of Disputed Claims 3335 B. Allowance of DEDA Loan Claims 3436 C. Disallowance of Claims 3436 D. Amendments to Claims 3536 E. No Interest 3537 ARTICLE IX. SETTLEMENT, RELEASE, INJUNCTION, AND RELATED PROVISIONS 3537 A. Compromise and Settlement of Claims, Interests, and Controversies 3537 B. Release of Liens 3537 C. Subordinated Claims 3637 D. Debtor Release 3638 E. Third Party Release 3638 F. Exculpation 3739 G. Injunction 3739 H. Waiver of Statutory Limitations on Releases 3840 I. Setoffs 3941 J. GP Supercars 3941 K.
Load more

Recommended publications
  • FISKER AUTOMOTIVE, INC. Mikael Elley Director, Information Technology Sapphire 2011 Orlando, May, 2011
    Sapphire 2011 Orlando, May, 2011 FISKER AUTOMOTIVE, INC. Mikael Elley Director, Information Technology AGENDA . About Fisker Automotive . Business Opportunities and Implementation Objectives . Why SAP . Implementation Scope . Sustainability . Critical Success Factors . Questions FISKER AUTOMOTIVE, INC ABOUT FISKER . Fisker Automotive founded August 2007 . Henrik Fisker, Co-founder, CEO and Chief Designer . Design director, board member at Aston Martin . President and CEO, Designworks USA . Designed BMW Z8, Aston Martin DB9 & V8 Vantage . Bernhard Koehler, Co-founder and COO . 20+ years at BMW . Led business operations for Ford Motor Company . Developed concept cars for BMW, MINI, Aston Martin . Mission: To create environmentally conscious vehicles with style, power and performance . Created premium luxury EV market . Karma Electric Vehicle with extended range launched in 37 months . Global retail network in place . US manufacturing facility opens 2012 . Long term new-product plan in place FISKER AUTOMOTIVE, INC ABOUT FISKER RESPONSIBLE LUXURY PURE DRIVING PASSION FISKER AUTOMOTIVE, INC ABOUT FISKER RESPONSIBLE LUXURY PURE DRIVING PASSION FISKER AUTOMOTIVE, INC KARMA STATS . 400 HP . 60 MILE RANGE . 0 – 60 MPH – 5.9 SEC . OVER 300 MILES OF EXTENDED . 981 LB/FT at 0 RPM RANGE . ALL ELECTRIC ZERO EMISSIONS . 1/3 FEWER CO2 EMISSIONS THAN A . 67+ MPG TYPICAL HYBRID FISKER AUTOMOTIVE, INC OPPORTUNITY . To get „operational‟ and launch the Karma program . Go from Start-up to Enterprise „overnight‟ FISKER AUTOMOTIVE, INC BUSINESS OBJECTIVES Business Objectives: Flexible . Go „Vanilla‟ . Leverage „out of the box‟ best practices functionality . Standard functionality only Scalable . One integrated platform . All major business processes Cost „real-time‟ integrated on one Effective platform Easy to use . Start simple, implement and Efficient quickly and cost effectively FISKER AUTOMOTIVE, INC WHY SAP .
    [Show full text]
  • Contact: Jonathan Michaels for IMMEDIATE RELEASE Phone: (949) 581-6900 Email: [email protected]
    Contact: Jonathan Michaels FOR IMMEDIATE RELEASE Phone: (949) 581-6900 Email: [email protected] HENRIK FISKER FILES $100 MILLION LAWSUIT AGAINST ASTON MARTIN FOR EXTORTION Newport Beach, California (January 5, 2016) – Legendary automobile designer Henrik Fisker has filed a $100 million lawsuit against automaker Aston Martin for civil extortion related to Aston Martin’s threats regarding the introduction of Fisker’s “Force 1” at the acclaimed Detroit Auto Show later this month. The suit was filed in U.S. Federal Court, Central District of California, by Fisker’s legal counsel, Jonathan A. Michaels of MLG Automotive Law, an acclaimed attorney specializing in automobile law. The suit follows a threatening letter from Aston Martin to Fisker sent in late December demanding that he not launch the Force 1 at the Detroit Auto Show, or that he first make changes to his design before its launch. Aston Martin's demand was made solely on a ‘teaser’ sketch of the automobile Fisker released to the media in December to invite media to its launch at the 2016 NAIAS show. Ironically, Aston Martin’s letter admits, “We do not know what the final version of Fisker’s Force 1 will look like.” “This is a classic case of David vs. Goliath,” said Fisker. “Aston Martin is trying to intimidate me to prop up their own flailing company and to mask their financial and product deficiencies. I refuse to be intimidated and that is the reason for today’s filing.” “We believe that in an effort to protect itself from further market erosion, Aston Martin and their three executives who run the company, conspired and devised a scheme to stomp out Henrik Fisker’s competitive presence in the luxury sports car industry,” explained Michaels.
    [Show full text]
  • Page 01 Jan 17.Indd
    www.thepeninsulaqatar.com BUSINESSB | 21 SPORT | 36 AIIB to boost Dakar dozen for regional Peterhansel, Al ininvestments: Xi Attiyah second SUNDAY 17 JANUARY 2016 • 7 Rabia II 1437 • Volume 20 • Number 6678 thepeninsulaqatar @peninsulaqatar @peninsula_qatar OPINION Microchips in vehicles to curb Dr. Khalid Al-Shafi fuel bill fraud Acting Editor-in-Chief The hateful lesion vehicle such as its registration number, name and location of petrol station of terrorism Woqod’s new system (where a customer prefers refuelling), designed to eliminate date, time and other details as desired. errorist blasts and oper- “It’s a very smart and convenient ations are increasing day cash transactions system that we have introduced. It Tafter day affecting dif- will provide full control to custom- ferent places and threatening ers about the details such as accurate lives of individuals and soci- bill, amount purchased etcetera. It eties. Unfor tunately, they are By Mohammad Shoeb works at all our gas stations. It will being committed by indi- The Peninsula also help reduce refuelling time,” viduals and groups calling Yousef Al Sulaiti, Manager, Infor- Portraits of Emir H H Sheikh Tamim bin Hamad Al Thani and Father Emir H H Sheikh Hamad bin Khalifa Al themselves Islamic groups mation Technology at Woqod, told Thani on a building of the Sheikh Hamad Residential City in the southern Gaza Strip town of Khan Younis whereas Islam preaches reporters. yesterday. peace. The prevalence of DOHA: To check any possible wrong- Al Sulaiti said that the system is this phenomenon is linked doings such as issuing of inflated bills going to bring a significant change in to political developments and by petrol station staff or fraudulent the experience of motorists at Woqod deterioration of conditions in acts by some consumers, Qatar Fuel fuel stations.
    [Show full text]
  • Danish Week Flier V
    feature event: An evening with: “The New Age of Emotional Design” HENRIK FISKER entrepreneur and leading automotive designer. Creator of iconic cars such as BMW Z8, Aston Martin DB9, Aston Martin V8 Vantage, Fisker Karma, Rocket and more recently Destino V8 and Force 1. One or more of these cars may be on display at event. Tuesday, September 13, 6:30-9pm. Cross Campus, 929 Colorado Ave, Santa Monica Program: 6:30pm Doors open 7:00pm Entertainment by Sascha Dupont 7:45pm Presentation/interview with Henrik Fisker (interview by Morten Bay, journalist & author) Refreshments: Appetizers, wine, beer, coffee Registration: $20 with advance registration. DACC business members free. Event co-sponsor: SIGN UP: www.daccsocal.com/henrikfisker Award-winning Danish Songwriter & pianist/vocalist Sascha Dupont \ Danish week sponsors: Sep. 10 Sat DanishWeek Launch Coffee and Lecture with Danish family therapist Susi Rasmussen: Drop opdragelsen og bliv bedre forældre! Danish Cultural Center. Yorba Linda. 10-12noon. Contact [email protected] Sep. 11 Sun Service and Danish breakfast at Danish Church Yorba Linda. 11am. Contact [email protected] House of Denmark in San Diego. Open house noon-4pm. www.HouseofDenmark.org Sep. 13 Tue feature event: An evening with entrepreneur and leading automotive designer Henrik Fisker: “The New Age of Emotional Design” Entertainment by: Danish Award-winning songwriter and pianist/vocalist Sascha Dupont. Cross Campus, 929 Colorado Ave, Santa Monica. 6.30-9.30pm. SIGN UP: www.daccsocal.com/henrikfisker Sep. 15 Thu Danish Art and Design exhibit by Hanne Støvring. Lighting by Louis Poulsen and in partnership with American Friends of Statens Museum for Kunst.
    [Show full text]
  • Printmgr File
    PROXY STATEMENT FOR SPECIAL MEETING OF STOCKHOLDERS OF SPARTAN ENERGY ACQUISITION CORP. Dear Stockholders of Spartan Energy Acquisition Corp.: You are cordially invited to attend the special meeting (the “special meeting”) of stockholders of Spartan Energy Acquisition Corp. (“Spartan,” “we,” “our,” “us” or the “Company”), which will be held at 11:00 a.m., Eastern time, on October 28, 2020, via live webcast at the following address: https://www.cstproxy.com/spartanenergy/sm2020. At the special meeting, Spartan stockholders will be asked to consider and vote upon the following proposals: • The Business Combination Proposal—To consider and vote upon a proposal to (a) approve and adopt the Business Combination Agreement and Plan of Reorganization, dated as of July 10, 2020 (the “Business Combination Agreement”), among Spartan, Spartan Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Spartan (“Merger Sub”), and Fisker Inc., a Delaware corporation (“Fisker”), pursuant to which Merger Sub will merge with and into Fisker, with Fisker surviving the merger as a wholly owned subsidiary of Spartan and (b) approve such merger and the other transactions contemplated by the Business Combination Agreement (the “business combination” and such proposal, the “Business Combination Proposal”) (Proposal No. 1). A copy of the Business Combination Agreement is attached to this proxy statement as Annex A. • The Charter Proposals—To consider and vote upon each of the following proposals to amend Spartan’s amended and restated certificate
    [Show full text]
  • Hey, I Know That Guy You Have Never Heard of the Company Or the Product
    20100805-SUPP--0006-NAT-CCI-AN_-- 8/4/2010 11:50 AM Page 1 6 Automotive News Traverse City Daily THURSDAY, AUGUST 5, 2010 Hey, I know that guy You have never heard of the company or the product. But that guy in the photo — didn’t he used to be …? Many of today’s automotive startups include executives with track records at other auto companies. See if you can match each person with his old job and his new job. For example, Henrik Fisker (A) was the designer of the BMW Z8 and Aston Martin DB9 (7) and is now CEO of electric sports car maker Fisker Automotive (t). WHO A. Henrik B. Vic C. Dave D. Gary E. Gilbert F. Don G. Benjamin H. Bob I. William Fisker Doolan Schembri Dodd Passin Runkle Yeung Purcell Santana Li OLD JOB NEW JOB 1. President, Smart USA q. Director, battery maker Boston-Power 2. Manager, Ford’s Amazon project r. President, ZAP electric-car company 3. Chairman, Brilliance China s. CEO, cop car maker Carbon Motors 4. Vice chairman, Delphi t. CEO, electric sports car maker Fisker Automotive 5. President, BMW of North America u. CEO, Vehicle Production Group, maker of vans designed for wheelchairs 6. VP of manufacturing for Toyota plant in Canada v. Setting up Fisker’s retail network 7. Designer of the BMW Z8, Aston Martin DB9 w. CEO, EcoMotors, maker of radically redesigned engines 8. Manager, Toyota’s Kentucky plant x. Tesla manufacturing boss 9. Head of GM’s Advanced Technology Vehicles Group y. Chairman, Hybrid Kinetic Motors; plans $6 billion factory in Alabama For answers, scroll down.
    [Show full text]
  • Annual Report Dear Shareholders
    2020 Annual Report Dear Shareholders, 2021 has already been an amazing year for Fisker Inc., and you can be assured we will continue to operate at a fast pace going forward. In 2016 we created Fisker Inc. We set out with a vision for a company that would challenge every single aspect of how to develop, manufacture and market an automobile and how customers will experience mobility in the future. In October 2020 we went public, with a final comprehensive business plan that enabled us to take a giant leap forward in realizing that vision. Our reverse merger with Spartan Energy Acquisition Corporation and subsequent listing on the New York Stock Exchange as “FSR” enabled us to raise over $1Bn to fund the Fisker Ocean program, our first vehicle. Together with Magna, we kicked off the program’s execution phase, completed the first engineering gateway in November 2020, and are well on-track to successfully complete several additional gateways this year. The Fisker Ocean has been evolved to create a very competitive entrant into the fast- growing premium SUV market. One crucial competitive advantage of our business model is how we are able to compress the product development cycle. This ability not only reduces cost, but more importantly, allows us to make important decisions on key technologies much closer to the time of launch, as compared to a traditional OEM 1 Copyright © 2021 Fisker Inc. All rights reserved. timeline. This timing advantage has already resulted in notable improvements to the specifications originally planned for Ocean such as: longer driving range and faster acceleration, development of a state-of-the-art ADAS platform (FI-Pilot), advanced crash structures supporting class-leading safety, and efficient multi-domain controllers.
    [Show full text]
  • BL03 Feasupercar FIRST-Bk2.Pdf
    GO t’s a revolutionary moment, ” says Henrik Fisker, a youthful-looking 45-year-old, as he strolls through his spanking-new office-in-progress in an office park outside Irvine, California. Workers pound and walls rise, literally, as he speaks. “I think the Inext three to four years will be more revolutionary than GREEN we’ve ever seen, and unless the current car companies start making some radical changes, some of them will lose out. Customers will migrate to new brands.” There is every reason to believe that, in the not- too-distant future, the car in your driveway could be American-made but not a product of the Big Three. MEANS For the first time in more than a century, the auto industry offers gigantic opportunities to anyone who has the right ideas—and the engineering know- how—to reinvent the way we drive. The sort of person like Fisker, founder and president of perhaps the most exciting new car company in America. Much has been made of Tesla—Elon Musk’s all-electric car company, which delivered its 100th Roadster, after innumerable delays, in December—but it is this man’s company, Fisker Automotive (which didn’t even exist until September 2007) that stands most poised to make a huge splash. That’s not to say both can’t work. They can, and others will follow in their wake. Because whether or not Ford and GM can overhaul themselves, the door is wide open for entrepreneurs who are willing to take a shot at reimagining the way we drive.
    [Show full text]
  • Lauge Jensen
    ANDERS KIRK JOHANSEN INTRODUCES THE VIKING CONCEPT MOTORCYCLE DESIGNED BY HENRIK FISKER • Premium concept motorcycle unites two of Denmark’s most innovative industry names: Anders Kirk Johansen and Henrik Fisker • Viking Concept design study indicates possible future direction for bespoke Danish custom bike builder, Lauge Jensen • Viking Concept is the first motorcycle to be Euro IV compliant without compromising the character and soul of the V-twin engine • Signature Fisker design strengths applied to a motorcycle for the first time April 17, 2014 – Lauge Jensen motorcycles is today unveiling the Viking Concept at the Top Marques luxury brands show in Monaco. This premium motorcycle is a design study that blends the talents of two of Denmark’s most creative talents: Anders Kirk Johansen, an industrialist whose family invented LEGO™, and renowned vehicle designer Henrik Fisker. The Viking Concept points to a possible volume-production direction for Johansen’s Lauge Jensen brand, following his acquisition of the company in 2012. Johansen commissioned world-renowned automotive designer Henrik Fisker, previously a design chief at both BMW and Aston Martin and the designer of the Fisker Karma, to design the Viking Concept. The result is a bike that retains a classic cruiser look sculptured into a dynamic, flowing design. In particular the tank, seat and rear fender blend together to create a seamless effect. Fisker believes this to be unique in custom motorcycles. The Viking Concept is powered by a 45-degree V-twin producing 100hp, making the bike capable of more than 130mph. Yet it’s the first motorcycle of its type to comply with new, much more stringent Euro IV emissions regulations that come into effect in 2016.
    [Show full text]
  • Credit Bidding Rights Stalled: in Re Fisker Automotive
    Credit Bidding Rights Stalled: In re Fisker Automotive By George Klidonas* A secured creditor with a properly perfected lien on a debtor's property has certain rights against the debtor and the property in bankruptcy cases. One of those rights is the creditor's right to credit bid the amount of its al- lowed claim in any sale of its collateral. Thus, in a debtor's attempt to sell property in which a secured creditor holds a security interest, the secured creditor is allowed to bid the amount of its debt as a credit bid, as opposed to a cash bid. The right to credit bid exists both under state law, as well as sec- tion 363(k) of the Bankruptcy Code. The question that courts are faced with when interpreting section 363(k), however, is whether the right to credit bid is limitless. The Bankruptcy Court for the District of Delaware, in In re Fisker Auto- motive, held that a secured creditor's right to “credit bid” is not absolute and can be limited.1 This Article discusses the background of section 363(k), the In re Fisker Automotive case and the justication for the court's conclusion, as well as subsequent decisions that have interpreted In re Fisker. In addi- tion, this Article compares the In re Fisker Automotive decision to RadLAX Gateway Hotel, LLC v. Amalgamated Bank and provides some insight to secured creditors (or holders of secured debt) moving forward. Specically, the decision in In re Fisker Automotive is seemingly at odds with the Supreme Court's decision in in RadLAX Gateway Hotel, LLC v.
    [Show full text]
  • The Top 10 Clean Energy Stocks for 2021
    The Top 10 Clean Energy Stocks For 2021 An Oilprice.com Exclusive Report The State of Mind This is where it all moves from pure enthusiasm to market reality … We’ll talk about the great transformation …. the clean energy revolution and its myriad catalysts that are all lining up simultaneously for true growth potential … but the key to investing in renewable energy requires a state of mind that is rather more modern that many investors tend to be. Betting on renewable energy isn’t about crunching profit numbers and counting everything that comes off the assembly line. It’s not always about fundamentals—yet. It’s a leap of faith, and one that stands to be extremely rewarding for investors willing to hedge on a grand idea … not a balance sheet. And in this case, the “grand idea” is indeed … grand. It was already riding some serious tailwinds prior to the global pandemic. Then it shifted into overdrive and we are convinced it will remain there. Tesla should have painted a clear enough picture of how the “modern” way of thinking goes—and how much it can be rewarded. The world is changing. As investors, we can change with it and even stay ahead of it by investing in stocks that represent our energy future rather than our energy past. Alternatively, we can plod along with marginal rewards for steadfastness. Again, it’s a state of mind, and the stocks we will be examining in this report largely—but not exclusively--fall into the “modern” state of mind: Major potential growth rather than presently sound fundamentals.
    [Show full text]
  • Tesla Motors
    For the exclusive use of J. Hao, 2016. 9-714-413 R E V : DECEMBER 17, 2015 E R I C VAN DEN STEEN Tesla Motors “Tesla is in California, so it is not April Fool’s yet!” tweeted Elon Musk, CEO of Tesla Motors, around 10 PM PT on March 31, 2013. “First profitable Q for Tesla thanks to awesome customers & hard work by a super dedicated team”1 he had tweeted a few minutes earlier. And indeed, on May 8, Tesla announced a net income of more than $10mln on $560 mln in sales.2 Tesla had outsold both Nissan and GM in electric cars in the U.S.3 Its Model S had sold more than the BMW 7 and Audi A8 combined.4 Tesla raised its Model S sales target for its first full year from 20,000 to 21,000 cars.5 Over the next three months, its stock price almost tripled.6 In its 10 years since founding, Tesla had launched both a high-end limited edition “Tesla Roadster” and its “Model S” production car, and was now taking reservations on its upcoming “Model X” electric crossover SUV. Despite a public controversy about its range, the Model S had received the coveted Car of the Year award and earned the highest rating that Consumer Reports ever gave to a car, an astonishing feat for a company that was only at its second car. While some of its most visible EV competitors went bankrupt or halted production,7 Tesla became profitable. Elon Musk wanted Tesla to be a mass manufacturer of electric cars.8 Becoming profitable meant that that goal was within reach.
    [Show full text]