Auction

Looks Like Richard Li is Getting His Fisker Way

It's not like we foresaw another option.

You may recall that we reported earlier in the month that a government auction was going to take place to determine the future ownership of Fisker Automotive. Said auction has now concluded and the winner of the business went to Hong Kong tycoon Richard Li, the billionaire son of Asia's wealthiest man, who was an early investor in the company. Buying the loan would allow Fisker to avoid bankruptcy, preventing current investors from getting wiped out. Reuters reports that experts close to the matter suggest that reviving Fisker will be expensive and complicated.

Fisker Automotive had previously held meetings with Li's investment group in cooperation with owner Henrik Fisker. German investment Group Fritz Nols AG, and Bob Lutz's VL Automotive in partnership with the Chinese Wanxiang Group also met with the EOD but it was likely that all offers had been rejected. The auction was planned after "exhausting any realistic possibility" the entire amount owed could be recouped. Details of the winning offer amount were not disclosed, however the minimum bid for participation was $30 Million and the DOE required a plan to promote U.S. manufacturing and engineering of "green" cars. Li and Fisker had parted ways this summer, no word yet if they will reunite.

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