Carbon Motors is Officially Dead

Jun. 22, 2013 8:00 AM ET by Jay Traugott / 34 Comments

Not only has Carbon Motors filed for bankruptcy, it's also now being sued by former investors and suppliers.

The last we heard of the saga that is Carbon Motors, was that it simply disappeared. No joke. Back in April, the cop car automaker abandoned its Connersville, Indiana, headquarters literally overnight. Not only did Carbon Motors officially file for bankruptcy protection earlier this month, but it's also now being sued. The now defunct builder of the E7 has listed liabilities of $21.7 million and assets of only $18,976. Those assets include a prototype car, some furniture, books, records, and some intellectual property.

So what are its liabilities? Money from private investors who pumped millions into what they thought was going to be the company that built the ultimate police cruiser. BMW was also a supplier that's owed money. Carbon Motors began to really go down the crapper when the US Department of Energy rejected the company's request for a $310 million loan last year. Thing is, the entire operation depended on receiving that loan and there simply wasn't enough private money to make up for it. BMW, along with those others investors, are now suing what's left of the company in order to get their money back.

Source Credits: ibj.com

Carbon Motors is Officially Dead

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