Celebrity Bankruptcy – Fisker Karma Motors – Gone but Not Forgotten – Justin Bieber it’s time for a New Car



Celebrity Bankruptcy – Fisker Karma Motors – Gone but Not Forgotten – Justin Bieber it’s time for a New Car   If you are a fan of Duesenburg or Tucker than you know as well as anyone that just because a car company goes out of business doesn’t mean its cars won’t be popular. Right now Jay Leno is driving both a Duesenburg and a Stanley Steam. Justin Bieber and Al Gore are driving Karma’s. Don’t worry it won’t be more than 30 years before these Karma’s ….and Saab’s start showing up at Pebble Beach.

A Chinese Investor is looking to buy the assets and manufacture some version in the US. Or as Tesla has already learned, probably just to mine the patents and intellectual property from the company. It would be great if they would manufacture Karma’s here because it would provide jobs in Wilmington Delaware where Karma’s shuttered former GM Manufacturing plant hasn’t turned out a car in over a year.

Here’s the biggest kicker of all – and its not in the court filings: Hurricane Sandy really did Karma in by destroying over 400 unsold by completed cars. When you consider that the 48 or so Tuckers manufactured average a million dollars a piece, that’s about 400 million in todays dollars.

The government of course lost money on this deal, but so did a lot of other people when “Cash for Clunkers” came out and destroyed a whole bunch of used car dealers and auctioneers, plus you can’t find any late 1970’s Cutlass Supreme’s anymore.

Case Summary:

Fisker filed two cases on November 22, 2013.  One as Case No. 13-13087 and one as Case No. 13-13086.  Both are case summaries are available below.

Case.Summary.Fisker.13-13086 Case.Summary.Fisker.13-13087_Redacted

Here’s the link for the Chicago Tribune Article that support some of the information in this blog.

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