Sunday, April 14, 2013

Fisker Can't Pay Its Web Designer

Well Done Big Al your Fisker Car Company stiffed its web designer for half a mil after stiffing the landlord for a third of this amount.

Gigaom got it right

Fisker appears to be close to bankruptcy and according to Reuters last week, the company hired a firm to look into bankruptcy, and could file at any time. Fisker’s founders have also been asked to attend a hearing on April 24 in Washington D.C., organized by House Republicans. Fisker drew down on close to $200 million in a government loan from the Advanced Technology Vehicle Manufacturing Program.
Fisker raised at least $1.2 billion in funds over the company’s five and half year lifetime. Fisker was backed by venture firms Kleiner Perkins (Ray Lane was a board member) and NEA, and worked with now-defunct broker Advanced Equities.

Oh yeah Advanced Equities the company the SEC fined for fraudulently selling stock in Bloom Energy, the sister company of Fisker.  Advanced Equities told investors that Bloom's backlog was far greater than it really was.  Fisker is far "cleaner" than sister company "Bloom".

Ray Lane you blew $8 billion of HP's money.  Now you are the fall guy for Big Al on the Fisker Fiasco.   One of Al Jazeera Gore's Qatari government friends is also on the board of Fisker.  He is Dr. Kamal Maamria.

Dr. Kamel Maamria is Head of the General Investments Portfolio and Executive Director of Qatar Holding. He manages the global portfolio of investments of Qatar Holding which includes also Automotive Sector portfolio companies Volkswagen and Porsche. Prior to Qatar Holding, Dr. Maamria was Partner and Managing Director of the Boston Consulting Group. He was also BCG head of Private Equity and M&A in the Middle East. Between 1998 and 2000, Dr. Maamria was based in Silicon Valley with A.T. Kearney advising global corporations on setting up technology start-ups. Dr. Maamria holds a BS, MS and a Ph.D from Tohoku University, Japan.

I guess the Qataris got taken for a ride as well by Big Al's foray into green car manufacturing.  At least the Qataris hedged their automotive bets and also invested in VW and Porsche.  I doubt Kleiner Perkins has positions in Porsche.  Big Al would never allow that.  We have not heard much more about Current TV and Al Jazeera.  It will be interesting how they cover the news of Fisker.

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