Answering Fisker Bankruptcy Questions

[@paharding]

Thank you for the update. Henrik knew a long time ago that Fisker was crashing and burning. Yet he continued to pedal Fisker Oceans that he knew would be worthless shortly. He also knew the financial tragedy that was about to fall on people that the FO. Henrik and Geeta are both a POS.

[@Aslash304]

This reality is what hurts the worst

[@judyArsh]

It’s not just what a piece of shit he was. It’s the piece of shit he still is. He is still milking the dead cow by collecting a salary under chapter 11. Fisker is not building, selling or servicing cars. Why do they still have so many salaried employees? Millions is being spent on payroll for nothing. The man is a snake.

[@mekymoney]

My neighbor bought the ocean one for 70k plus. He said I feel real pain every time I drive the car. He’s willing to let it go for 20k 😢 middle class workers who are suffering from this bullshit.

[@Aslash304]

If they can get $20k that’s not a bad sale right now. Doesn’t change how much it hurts, though

[@Coolcatgrooves]

Never fails to be on the money with helpful insight. I'm still wanting someone to slap me and tell me that I'm having a nightmare. This is beyond horrible, this type of behavior is cruel. For Fisker to just turn his back and give us the middle finger is beyond me. How does one live with themselves?

[@Aslash304]

This is the best question I’ve seen. How do they live with themselves? Cheers!

[@mikethecargeek]

Fisker’s “Asset Light” approach using contract manufacturing was interesting and could be successful with better management - but when things go wrong, you realize how thin the walls are on its structure and it comes crashing down quickly.

[@Aslash304]

Extremely well said

[@heartoftherobot]

Screw Henrik

[@Aslash304]

I appreciate your feedback

[@matpat2636]

Thanks Adam. Very useful. Keep ‘em coming.

[@Aslash304]

Thanks for watching

[@bohenriksson2330]

I feel so sorry for you Fisker’s out there! I have a 2019 Model 3, and I was very worried if Tesla would survive 😮. Took the chance and got lucky with a wonderful car! But there for the Grace of God…. Hope your wonderful vehicle becomes a collectors item and you’ll come out ok 😊!

[@Aslash304]

The collectors route is all there is

[@Derpy1969]

You get nothing. You lose! Good day, sir!

[@Aslash304]

Thanks for your feedback

[@bheppes]

Heard that one before. Poor, fortunate Charlie

[@EM.1.]

@@Aslash304 -that's a quote from Willey Wonka.

[@davidmerwin7763]

Thanks Adam. Good summary of what to expect, and not expect. The story just gets worse.

[@Aslash304]

Couldn’t have said it better myself.

[@drgermany001]

Thanks, Adam for your continuing updates. I really appreciate it. Question: I'm a FOO owner and I have GAP insurance (I feel a little more secure 😅) once this form you spoke about comes out, do you think I should get a lawyer? Thanks

[@Aslash304]

I can’t really give you legal advice about whether or not to get a lawyer. But I can say that you’ll be an unsecured creditor if you can submit a proof of claim.

[@timoliver8940]

I’m in Europe but fascinated by the American side of this - when you think deeply about it and however much you don’t like what Hendrix, Greta and family has done they have tied everything up pretty tidily and had some smart advice so they appear not to be personally liable for 1c of this affair AND they walk away apparently quite a lot better off than the people who bought the Ocean. With this being his 2nd attempt at building cars I think he’s probably burned the candle at both ends with regards to anyone either lending him the money to start again or if he gets a 3rd go I suspect the buying public will be vary vary wary of buying another Fisker designed and marketed car. Such a pity because the 2 Oceans I test drove were great cars (incomplete software apart)

[@ellisrochlin2267]

fiskers toast , in the car buisness now or in the future his name will be a damming phrase when it comes to try and buy a car for big discounts like "Lisker off" . he and wifey has a huge net worth of 85 million dollars

[@Aslash304]

Pretty sure this route was designed. Plan A build a car and profit, plan B, profit anyway.

[@stevemilham7770]

I mentioned before about the fact that whilst I am an owner of an Ocean One, I do not appear on the list of Creditors that was published and you shared on an earlier clip. With that in mind, am I likely to get the form you speak of in this current clip or will I have to find another way to get added to the list? Given what we know, what they owe and the list of creditors that will be taken care of of first, I think it’s all a bit immaterial anyway, but having paid for the vehicle in full at the time of purchase, I do feel that I should at least be part of the claim that may or may not materialise. I’ve got until October to use the car and then I think it’s done. You can’t sell them, you can’t service them and apparently, I can’t renew my insurance on the vehicle once the current policy expires. And even if I could, I honestly don’t think I could afford the policy fees anyway. I’m not even sure there’s any scrap value in the thing either!!

[@Aslash304]

The video is already out to Patreon Supporters and KZbin members, it goes live at 6AM EST.

[@tonespeaks]

@Adam's Everything EV That was an excellent breakdown. I would add, the motion to sell off vehicles, is something that is routine in this kind of situation. While I feel there is something nefarious going on, the need for cash is quite high and Courts have to error on Payroll being met. Of course payroll includes Henrik and Geeta Gupta (pardon the spelling) being paid their salary. It is tough to see some people getting something from the company, while many others have lost a lot, people have to eat and there are laws there to protect them. I bet when all is said and done, Henrik and his wife, would have had their initial stake in the company repaid ages ago. Don't be surprised if they raise their heads again with another idea.

[@Aslash304]

I appreciate the feedback very much. I am fairly confident that the sale will go through

[@DuesenbergJ]

This Friday Fisker Sweden filed for bankruptcy. Chairman of the board was Geeta Gupta Fisker. In total 191 Fisker Oceans are registered in Sweden.

[@Aslash304]

Thank you for this!

[@steveborders4051]

Thanks Adam - great stuff! Perhaps a question to address for your next segment or maybe I've missed it: I live in the Carolinas and periodically check the Charlotte Fisker and other "dealers" sites to see if they still have inventory for sale and most appear - at least theoretically, to be selling the Ocean. Are these all going to be rounded up for the tentative fleet sale or will these be part of some second liquidation phase? I'm a former reservation holder - canceled early and got my deposit back 🙏, but did take a bath on my relatively small FSR position.

[@Aslash304]

My guess is they go with the sale. The dealers likely didn’t own the cars, they only got commission upon the sale.

[@paulpresburger5018]

Hi Adam - one error is in regard to the recalls. The bankruptcy court may very well order the Debtor to fix all existing cars. In fact, I would go so far as to say that it is likely.

[@Aslash304]

Correct. But not yet.

[@khalilshahyd9063]

that would only apply to the vehicles sold. not to the vehicles already in the hands of individual owners.

[@TheJ1s]

So far Farady Future is still alive that delivered one vehicle last time I heard them in the news, and Canoo is also in the same boat.

[@Aslash304]

Something may come out on the other end, but it won’t be advantageous for owners

[@JosephPercia-sz8kh]

Thanks Adam. They will do a movie about this fiasco and the courts should demand that all proceeds go to Fisker Ocean owners for the depreciation that Henrik caused when he slashed prices!😢

[@MakeSeven]

On which basis? There are plenty of creditors higher on the priority list that will be waiting/losing their money

[@Aslash304]

It is definitely historic that it happened twice

[@MultiPhotoDave]

@@JosephPercia-sz8kh wow great idea ! Opening scene , huge crowd of people .... Known as either suckers or losers... take your pick. Second scene opens , the song dust in the wind is playing .. Ok I did my part , some one continue .. Well maybe thousands of shareholders sucking on lollipops .

[@peterbrown8325]

After Henrik's first bankruptcy, I'm astonished that anyone couldn't see through the second scam.

[@Aslash304]

Many did

[@MultiPhotoDave]

Even the mourning is over . Give it up already !

[@Aslash304]

Are you asking me to stop making videos that you click and comment on?

[@DaveDarin]

Don’t like Adam’s reporting then don’t view it.

[@MultiPhotoDave]

@@DaveDarin good idea , tks

[@rwdplz1]

A local dealer has a Fisker Ocean for sale, and is still asking $23k - LOL

[@Aslash304]

All those trades are just going to sit

[@gtasko1745]

I have received ZERO correspondence regarding the recall, I am currently at 2.0. I have received ZERO correspondence regarding any other issues, to sum it up I have received ZERO correspondence PERIOD. Honeslty did not expect to recieve anything, but the recall update would be great. One issue with that is the T-Box comm box or whatever its called only communicates intermitantly and was supposed to be swapped out, but that never happened, so not sure I will get the reacll update since that device is flaky. I basically have a 70K laundry folding table in my garage. Best decision I ever made!

[@Aslash304]

I’m so sorry about this.

[@gtasko1745]

@@Aslash304 Hey bud, not your fault, but appreciate the condolences! I honestly dont know why I held out thinking something good may come out of this, It really wasnt on my radar except for when it was time to fold laundry.

[@gtasko1745]

@@Aslash304 What would help me at this point is if you know anyone who has converted the car into an actual power source for a house. I would be interetested in that! I can have all the equipment installed/solar panels etc. to support this vehicle operating my house electrically.

[@Aslash304]

@@gtasko1745Fisker promised this to sell cars. It would most certainly be cheaper to get a commercially available battery backup system. It could cost the price of the car to do all you needed to do. Or years of your time. I’ll definitely highlight it if it’s happening

[@gtasko1745]

@@Aslash304 Not sure what else to do with this thing. I dont drive it either, it has 40 miles only. Need to unload it somehow.

[@zion168]

Any guesses on what the future value of a FO gonna be once the dust settles? I'd actually like to acquire a few cars but don't want to catch the falling knife😅

[@Aslash304]

The wholesale market value of the battery minus the labor to remove it from the car.

[@Tqd7mb-fe3de]

Adam, can you do an episode on how each of the 6 companies are affected. Its too loose. For example the sale of vehicles. What company (subsidiary) is vehicles asset in. My title was fisker group. Are the vehicles being sold by fisker inc as part of their assets. Court mandates assets and debt be assigned individually. Your thoughts?

[@Aslash304]

There was a motion filed that they be grouped together in bankruptcy

[@tqd7mb]

They were only put together for procedural reasons. A motion signed by judge mandates each debt be assigned by each company. Debt is NOT put together. Would be nice to know who has what debt

[@anrpat80]

Is there a specific law, that requires automakers to have parts for their cars?

[@Aslash304]

Not bankrupt ones.

[@rod2625]

So can stockholder just claim a loss on their 2024 tax filing even thou still holding shares? What has to happen to allow that?

[@Aslash304]

You have to realize a loss before you can claim it

[@ellisrochlin2267]

FINANCIALLY HOUSE OF CARDS

[@Aslash304]

Well said

[@LLM9027]

Fisker will do as usual, as he always does. -Start a new company and raise billions of dollars, as he have plenty of experience.

[@Aslash304]

Thanks for your feedback

[@wardpaine8194]

bummer

[@Aslash304]

Indeed. Thanks for watching!

[@taino1642]

Awww i feel so bad for some one w 100k to blow on a Chinese owned car. Sucks to suck. Should have stayed domestic.

[@Aslash304]

@@taino1642 A very harshly delivered personal attack with undertones of resentment. If that’s what you were going for, you certainly did it.

[@ronpagala7496]

Fisker is done. Period.

[@Aslash304]

Thanks for your feedback

[@ugaladigala]

damn you dodged one ginormous bullet by switching to the honda. only if the other ocean owners were as quick on their feet as you were

[@Aslash304]

It’s tough for one to admit they made that big of a mistake.

[@Victic005]

You are not entitled. 😅

[@Aslash304]

Correct

[@alijosefi5278]

the only reason this guy still putting out fisker is videos is because shorts are still lurking on his channel ,, the only place money can be made on fisker ins on the stock and that's via short squeeze and sharks have smelled the blood ...now lets see all the "there are no shorts here" comments lol

[@Aslash304]

I am covering the company because that’s what the viewers want me to do.

[@alijosefi5278]

@@Aslash304 all i said was your viewers seem to be shorting the stock because all their comments somehow comes back to the stock whilst the owners and what happens to them should be the focus

[@Aslash304]

@@alijosefi5278what are you even saying?

[@alijosefi5278]

@@Aslash304 I get that you are trying to be helpful to car owners, right? but I don't get the people in the comment section they don't seem to be owners, just seems they are just here to hate on the company and the owners ..but hey your audience, as long as you are happy with them

[@Aslash304]

@@alijosefi5278please feel free to tell me how you know my audience.

[@MultiPhotoDave]

Shareholders get n nothing ..very simple .

[@Aslash304]

Agree

[@ezragonzalez8936]

They had a solid product that was horribly managed off a cliff! Will be bhying a fisker extreme heck for $18 - 22k flr the extreme version is a steal!

[@Aslash304]

In the event you do, you may come to find that the word “solid” is very generous.