DOE Ends Auction for $168 Million Fisker Loan
October 18, 2013 9:54 AM
comment(s) - last by
Winner hasn't been announced nor has the size of the loss for taxpayers
The Energy Department has been conducting an auction seeking bidders for the $168 million of the $528 million loan originally given to Fisker Automotive before it went belly up. While the auction has ended, the energy Department hasn't officially announced who won the auction.
The auction was conducted last Friday including opening bids from an unknown number of qualified bidders. The federal government is evaluating all of the bids in an attempt to find one that is in the best interests of the taxpayers. Once the final bidder is chosen the remaining negotiations having to do with the sale will take place.
Fisker was originally granted a $528 million loan from the $25 billion Advanced Vehicle Technology Manufacturing loan program instituted by the Obama administration. Fisker went on to lose roughly $35,000 on each Karma it sold, and when the company
failed to make a $10 million payment
to the Department of Energy in April of this year, the government seized the company's reserve account and recouped some of that original loan amount.
Despite the high-profile failures of automakers under the government loan plan, the
Obama administration is looking to start
the controversial Advanced Vehicle Technology Manufacturing loan program up again.
The executive director of the Energy Department loan program office Peter W Davidson said last month, "After exhausting any realistic possibility for a sale that might have protected our entire investment, the department announced today that we are auctioning the remainder of Fisker’s loan obligation, offering the best possible recovery for the taxpayer."
This article is over a month old, voting and posting comments is disabled
10/18/2013 5:42:01 PM
i think your government wanting to push new energies and making sure that american companies are at the forefront of this and are globally competitive is a great thing; but
the government did this is not. they apparently didn't really check into whether their money was being spent on actual engineering by qualified and dedicated people, or whether they just handed it to some guy who wanted to get rich(er).
it's sad for your taxpayers. i wonder how many politicians received "campaign contributions" to encourage them to fund these companies.
"What would I do? I'd shut it down and give the money back to the shareholders." -- Michael Dell, after being asked what to do with Apple Computer in 1997
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