quote: In the December 14, 2011 letter to shareholders, Fisker said it had a capitalization of nearly $2 billion. But that included $720 million in private equity that had nearly been spent; the $529 million in DOE loans, which Fisker only had access to $192 million of at that point, and $700 million for the Delaware plant (which was inflated at 30 times the actual purchase price).
quote: investors got the wrong information in the December 14 shareholder letter, which stated that Fisker would continue with a 2013 launch time frame for the Atlantic. But in February 2012, all 26 workers were laid off at the Delaware plant.
quote: Private-sector investors had put $525 million into the company from May 2011 to August 2012 due to Fisker's bending of the truth in some instances, such as the $2 billion company value.
quote: To make matters worse, DOE cut off Fisker's loans in June 2011, and Fisker didn't make any mention of it for nine months.