If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Chron)   Karma manufacturer Fisker fails to make first payment on federally backed loan, expects to be reincarnated as Yugo   (chron.com) divider line 43
    More: Fail, Henrik Fisker, Energy Department, U.S. Energy Department, Yugos, Fisker Automotive, Solyndra LLC, Energy Department loan  
•       •       •

1436 clicks; posted to Business » on 23 Apr 2013 at 9:26 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



43 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread
 
2013-04-23 09:30:40 AM
This is Obama's Breakin 2: Electric Boogalo.
 
2013-04-23 09:46:32 AM
I'm gonna stop payment on my mortgage and see what happens.
 
2013-04-23 09:46:32 AM
...and in other news... Tesla motors is going ballistic.

/the more you know
 
2013-04-23 09:56:36 AM
I guess Justin Bieber driving a Fisker Karma at 100mph wasn't a great PR boost huh?
 
2013-04-23 10:04:28 AM

Funk Brothers: I guess Justin Bieber driving a Fisker Karma at 100mph wasn't a great PR boost huh?


Isn't that the one where they asked what car he's driving, he told them, and they were like "A what? I've never heard of that car"?

/wish i didn't know that
 
2013-04-23 10:13:09 AM
They have bad karma.
 
2013-04-23 10:17:01 AM

BalugaJoe: They have bad karma.



Bad Karmas a biatch
 
2013-04-23 10:57:59 AM
Bet the CEO still gets a golden parachute.
 
2013-04-23 11:33:48 AM

Funk Brothers: I guess Justin Bieber driving a Fisker Karma at 100mph wasn't a great PR boost huh?


If 12 year old girls could drive or afford $100,000 cars, the makers of Fiskers would be living in a mansion on the Moon, getting blowjobs from hookers on mountains of cocaine.
 
2013-04-23 11:46:58 AM
The car dying when Consumer Reports was testing it sure didn't help.
 
2013-04-23 11:59:36 AM

TheGreatGazoo: The car dying when Consumer Reports was testing it  being a total piece of shiat sure didn't help.


As an EV advocate, I'm not a big fan of Fisker.  Shiatty ass would be car makers make us look bad.  They did make a pretty machine.  But horribly engineered.
 
2013-04-23 12:14:32 PM
Why exactly was Fisker expected to make a payment, when the DoE had already taken the money 11 days earlier?  If Fisker had made a payment, wouldn't that have put them 3 months ahead? Their next payment is due in July.
 
2013-04-23 12:18:18 PM
But where will kindergartners get their scissors?
 
2013-04-23 12:30:22 PM

Tigerpillow: But where will kindergartners get their scissors?


Fiskars actually makes a pretty sweet line of yard tools for grown-ups.
 
2013-04-23 12:59:32 PM
Leo's good for it.

Here comes Titanic 2: He Dies for an Even Uglier Chick
 
2013-04-23 01:11:41 PM

Kraftwerk Orange: the DoE had already taken the money 11 days earlier


The $21m that was seized from the reserve account was seized because the DoE didn't expect Fisker to make the loan payment, not as a loan payment.
 
2013-04-23 01:26:01 PM
This means that electric cars are a waste of money and can never work, renewable energy is bad for the environment, and we should go back to burning sweet, sweet coal for everything, and gun control never works.

And Palin is automatically President.


/am I doing it right?
 
2013-04-23 01:34:48 PM

Hollie Maea: TheGreatGazoo: The car dying when Consumer Reports was testing it  being a total piece of shiat sure didn't help.

As an EV advocate, I'm not a big fan of Fisker.  Shiatty ass would be car makers make us look bad.  They did make a pretty machine.  But horribly engineered.


Pretty on the outside, crap on the inside...sounds like Bieber would have been the perfect spokesman for the brand.
 
2013-04-23 02:00:03 PM

FuryOfFirestorm: Pretty on the outside, crap on the inside...sounds like Bieber would have been the perfect spokesman for the brand.


Eh, there are tons of girls at my local gym prettier than Bieber.
 
2013-04-23 02:46:46 PM
More like Pinto:
abcnews.go.com
 
2013-04-23 02:47:17 PM
Don't disrespect the mighty Yugo. That was a damn fine automobile...
zumann.com
 
2013-04-23 03:07:01 PM
Oh..."FisKer". I thought you said "fisTer". I was thinking of this guy...

1.bp.blogspot.com
 
2013-04-23 03:20:10 PM
put the right team together and just watch.....

www.obamawhitehousediaries.com
 
2013-04-23 03:24:56 PM

bdub77: This is Obama's Breakin 2: Electric Boogalo.


Obammer dun took mah jerb! HE TOOK MAH DAWG. HE TOOK MY TEEF TOO!
/oblig countertrolling
 
2013-04-23 03:59:49 PM

Sin_City_Superhero: Don't disrespect the mighty Yugo. That was a damn fine automobile...
[zumann.com image 640x480]


We bombed the Yugo factory during the Kosovo thing, although we claimed it was an accident.
 
2013-04-23 04:16:04 PM

cheyanne9: put the right team together and just watch.....

[www.obamawhitehousediaries.com image 375x301]


OH. MY. GOD.

Are you telling me the President was part of a photo-op?

HOLY FARKING SHIAT!

/ somebody warn Omarion!
 
2013-04-23 04:43:18 PM

skozlaw: Kraftwerk Orange: the DoE had already taken the money 11 days earlier

The $21m that was seized from the reserve account was seized because the DoE didn't expect Fisker to make the loan payment, not as a loan payment.


But it still counts as the loan payment...  The DoE just got (justifiably) jumpy, and grabbed it ahead of time.
 
2013-04-23 05:53:30 PM
TFH: Karma manufacturer Fisker...

Karma can only portioned out by the cosmos!!
 
2013-04-23 06:22:09 PM
You know if they stopped trying to go over the top with these cars and built the model T version of a hybrid they would have people lined up to buy it.
 
2013-04-23 06:31:38 PM
The Tesla Model S seems to be a proper car.  Fisker never had it right.
 
2013-04-23 08:16:05 PM

Kraftwerk Orange: But it still counts as the loan payment


Upon what information do you base that statement?

groppet: You know if they stopped trying to go over the top with these cars and built the model T version of a hybrid they would have people lined up to buy it.


Pretty sure Toyota has already done that....
 
2013-04-23 09:37:30 PM

skozlaw: Kraftwerk Orange: But it still counts as the loan payment

Upon what information do you base that statement?


I didn't intend that as a statement of fact, but really, why wouldn't it count as the loan payment?  If I owed you money, and you were worried that I was blowing through cash alarmingly fast so that you demanded early payment - to the point of taking my wallet and forcibly removing what I owed you - why wouldn't that pre-payment count as having made the loan payment?

What else would the DoE say the money was taken for?  Funsies?  Or as payment due?
 
2013-04-23 09:57:12 PM

Parkanzky: The Tesla Model S seems to be a proper car.  Fisker never had it right.


QFT.
 
2013-04-23 10:06:16 PM

Kraftwerk Orange: why wouldn't that pre-payment count as having made the loan payment


Because it wasn't a pre-payment. It sounds like the DoE is seizing funds to try and recoup the money because they're aware Fisker can't pay. When you owe someone money and they begin seizing funds or assets because you're in default, they're not really "payments". Once you're in default you're in default and they don't stop taking things from you just because the value of the assets brings you current, they keep taking things from you until they've got their money back.
 
2013-04-24 06:58:27 AM

BunkyBrewman: ...and in other news... Tesla motors is going ballistic.

/the more you know


This story is less about the viability of electric cars and more about our govt making poor investment choices when it comes to green projects.

/the more you understand.
 
2013-04-24 08:35:36 AM

jaybeezey: BunkyBrewman: ...and in other news... Tesla motors is going ballistic.

/the more you know

This story is less about the viability of electric cars and more about our govt making poor investment choices when it comes to green projects.

/the more you understand.


2009: Fisker receives $529 million dollar loan from government
2010: Tesla receives $465 million dollar loan from government (since paid off early)

/the more you comprehend
 
2013-04-24 08:58:01 AM
I believe if the Obama administration invested in funeral homes, death would take a holiday.
 
2013-04-24 09:07:26 AM

Lt. Cheese Weasel: I believe if the Obama administration invested in funeral homes, death would take a holiday.


You believe a lot of dumb things, what's your point?
 
2013-04-24 11:08:02 AM

BunkyBrewman: jaybeezey: BunkyBrewman: ...and in other news... Tesla motors is going ballistic.

/the more you know

This story is less about the viability of electric cars and more about our govt making poor investment choices when it comes to green projects.

/the more you understand.

2009: Fisker receives $529 million dollar loan from government
2010: Tesla receives $465 million dollar loan from government (since paid off early)

/the more you comprehend


Fisker didn't receive the whole loan.  They only got $192 million for the DoE, and the first $21 million repayment was just taken.  The next $11 million payment is due in July, and that may or may not happen.

Telsa hasn't paid theirs off, early or otherwise; they've only made their first payment, last December.  The DoE has required Tesla to come up with an accelerated repayment plan, so it's not like Tesla really has any say in the matter.
 
2013-04-24 11:45:34 AM
Kraftwerk Orange:

Fisker didn't receive the whole loan.  They only got $192 million for the DoE, and the first $21 million repayment was just taken.  The next $11 million payment is due in July, and that may or may not happen.

Telsa hasn't paid theirs off, early or otherwise; they've only made their first payment, last December.  The DoE has required Tesla to come up with an accelerated repayment plan, so it's not like Tesla really has any say in the matter.


Thanks for clearing that up.  After doing some research, I can't see where the DoE has required Tesla to come up with an accelerated plan.  It seems that Tesla wishes to payoff the loan early to avoid the warrants that will vest in 2018 allowing the government to buy an additional 3 million stocks at a discounted price.  (I can see why Tesla wishes to pay this off early)
 
2013-04-24 12:10:17 PM

BunkyBrewman: Kraftwerk Orange:

Fisker didn't receive the whole loan.  They only got $192 million for the DoE, and the first $21 million repayment was just taken.  The next $11 million payment is due in July, and that may or may not happen.

Telsa hasn't paid theirs off, early or otherwise; they've only made their first payment, last December.  The DoE has required Tesla to come up with an accelerated repayment plan, so it's not like Tesla really has any say in the matter.

Thanks for clearing that up.  After doing some research, I can't see where the DoE has required Tesla to come up with an accelerated plan.  It seems that Tesla wishes to payoff the loan early to avoid the warrants that will vest in 2018 allowing the government to buy an additional 3 million stocks at a discounted price.  (I can see why Tesla wishes to pay this off early)


Yes, Tesla will save tons of money by not having to give the Government those stock warrants, so they have a vested interest in paying off.  Nonetheless, the DoE has required them to submit an early payment plan, as a result of allowing Tesla to draw down their loan at an accelerated rate.

"Tesla Motors Inc., the startup electric car-maker that received $465 million in U.S. Energy Department loans, must come up with a speedier repayment schedule after getting a waiver on existing terms.

The Palo Alto, California-based company, led by billionaire Elon Musk, said yesterday in a U.S. regulatory  filing that it has until Oct. 31 to submit a proposal for "early repayment" of loan principal to the Energy Department.  Tesla said it received a waiver Sept. 24 from a requirement in the previous loan agreement to maintain a specified  current ratio  of assets to liabilities, which measures a company's ability to repay its debts in the next 12 months.

"The department worked with Tesla on a minor technical change to the loan agreement that includes the company submitting a plan to accelerate repayment of the loan," Damien LaVera, an Energy Department spokesman, said in an e-mail yesterday."

http://www.businessweek.com/news/2012-09-25/tesla-told-to-speed-repa ym ent-of-u-dot-s-dot-electric-car-loan
 
2013-04-24 02:55:19 PM

Kraftwerk Orange: BunkyBrewman: Kraftwerk Orange:

Fisker didn't receive the whole loan.  They only got $192 million for the DoE, and the first $21 million repayment was just taken.  The next $11 million payment is due in July, and that may or may not happen.

Telsa hasn't paid theirs off, early or otherwise; they've only made their first payment, last December.  The DoE has required Tesla to come up with an accelerated repayment plan, so it's not like Tesla really has any say in the matter.

Thanks for clearing that up.  After doing some research, I can't see where the DoE has required Tesla to come up with an accelerated plan.  It seems that Tesla wishes to payoff the loan early to avoid the warrants that will vest in 2018 allowing the government to buy an additional 3 million stocks at a discounted price.  (I can see why Tesla wishes to pay this off early)

Yes, Tesla will save tons of money by not having to give the Government those stock warrants, so they have a vested interest in paying off.  Nonetheless, the DoE has required them to submit an early payment plan, as a result of allowing Tesla to draw down their loan at an accelerated rate.

"Tesla Motors Inc., the startup electric car-maker that received $465 million in U.S. Energy Department loans, must come up with a speedier repayment schedule after getting a waiver on existing terms.

The Palo Alto, California-based company, led by billionaire Elon Musk, said yesterday in a U.S. regulatory  filing that it has until Oct. 31 to submit a proposal for "early repayment" of loan principal to the Energy Department.  Tesla said it received a waiver Sept. 24 from a requirement in the previous loan agreement to maintain a specified  current ratio  of assets to liabilities, which measures a company's ability to repay its debts in the next 12 months.

"The department worked with Tesla on a minor technical change to the loan agreement that includes the company submitting a plan to accelerate repayment of the loan," Damien LaVera, an Ene ...


Thanks!  Enjoy the month of TotalFark.
 
2013-04-24 05:48:55 PM

BunkyBrewman: Kraftwerk Orange: BunkyBrewman: Kraftwerk Orange:

Fisker didn't receive the whole loan.  They only got $192 million for the DoE, and the first $21 million repayment was just taken.  The next $11 million payment is due in July, and that may or may not happen.

Telsa hasn't paid theirs off, early or otherwise; they've only made their first payment, last December.  The DoE has required Tesla to come up with an accelerated repayment plan, so it's not like Tesla really has any say in the matter.

Thanks for clearing that up.  After doing some research, I can't see where the DoE has required Tesla to come up with an accelerated plan.  It seems that Tesla wishes to payoff the loan early to avoid the warrants that will vest in 2018 allowing the government to buy an additional 3 million stocks at a discounted price.  (I can see why Tesla wishes to pay this off early)

Yes, Tesla will save tons of money by not having to give the Government those stock warrants, so they have a vested interest in paying off.  Nonetheless, the DoE has required them to submit an early payment plan, as a result of allowing Tesla to draw down their loan at an accelerated rate.

"Tesla Motors Inc., the startup electric car-maker that received $465 million in U.S. Energy Department loans, must come up with a speedier repayment schedule after getting a waiver on existing terms.

The Palo Alto, California-based company, led by billionaire Elon Musk, said yesterday in a U.S. regulatory  filing that it has until Oct. 31 to submit a proposal for "early repayment" of loan principal to the Energy Department.  Tesla said it received a waiver Sept. 24 from a requirement in the previous loan agreement to maintain a specified  current ratio  of assets to liabilities, which measures a company's ability to repay its debts in the next 12 months.

"The department worked with Tesla on a minor technical change to the loan agreement that includes the company submitting a plan to accelerate repayment of the loan," Dam ...


Well, thank you very much!
 
Displayed 43 of 43 comments

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »






Report