Fisker's Bankruptcy Has Become a Nightmare for Owners
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#fisker #market #trending
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Contact email: adamsevreviews@yahoo.com - Auta a dopravní prostředky
Love that Henrik wants his paycheck. He’s a piece of crap
The attorney asked many times how much he made, but the CRO kept saying he couldn’t recall. I seriously doubt this.
despicable!!! it’s a family trait.
Henrik will be back in a few years with another Spac saying things like “My suppliers failed me with the Ocean”.
His legacy has been secured as a jackass in my book.
Why are the Fiskers not in jail for fraud. They knew they delivered an incomplete car and they trained staff to lie
It’s been bad
not in jail thus far. I trust the folks at the SEC will soon come knocking.
💯
One of your best videos yet! I really like the clever incorporation of actual audio from the hearing with your commentary. You brought the “characters” to life.
Thanks for the support Bill! Much appreciated!
Been following you for a while Adam since I ordered my Ocean One on 12/2019. Took delivery on 10/2023. No loans. Car is paid for full price. I agree with many followers. You’ve done a phenomenal job covering this crook. I’m sick. I feel I need to bailout now. Take a big loss for my safety.
Your future self would thank you. And I thank you for your long term viewership.
Whats your trim and color?
This train wreck keeps getting worse. So glad you got out of it and got your new Honda!
I can’t explain how much better I feel not to be directly involved
All I can keep saying is thank goodness we cancel our order last year! We did lose our deposit but compared to what we would be dealing with now IF we did get the Ocean is 100% headaches and $$$$! Wish we never put a deposit but it is what it is at this point! Thank you again Adam!
I’m glad you made the smart (but difficult) choice. Thanks for watching!
get a Honda Prologue instead
Henrik should use his house for collateral, to make payroll, if he believes in the dream so much!.. he’s personally not invested in the outcome, because he’s already milked out what he needed too….😂😮
No argument here for me
Adam, thank you for continuing to tell the tale. I have really appreciated your insight.
I thank you sincerely for the kind words. This one was a real undertaking.
Kudos to you Adam for your professionalism and perseverance. Through all of this epic slow motion Titanic like sinking of Fisker, you have always been objective and the voice of reason. This is unlike the other Fisker fanboys and fangirls that pedaled hopium thus deceiving their subscribers. Hopefully Fraudsters Henrik and Geeta will go to prison.
Someone needs to be in trouble for this one.
Looks like they are still hoping to cash checks as that company circles the drain.
It's amazing that people would fall for Henry Fisker's shenanigans twice. 😂😂😂😂😂😂
The 6th emoji said it all
@Aslash304 I was trying to match emojis to the number of videos it took to explain the fall of Fisker...
@renasworld8671 I don't think this is the end of Fisker's shenanigans. I have a feeling they will be back again, that is the nature of Venture Capital these days, they will invest in anything, because they get paid at both ends.
@@renasworld8671
That’s freaking weird, you seriously memorize that there are exactly 6 videos, weirdo
Adam should be a damn lawyer!
Thank you for keeping all owners up to date!
My pleasure. Thanks for watching!
As a FOE owner, this really sucks.
Real quick. Is 20k for a fisker a good price ? Or no. Even if i can lowball a dealer for 15k ?
Yes, $20K is a smoking deal. I see where they are selling on the open market from individual owners for $25K-$30K.
20k is a great deal. Get out
I’m so sorry for owners
@@Aslash304 I just listed on eBay and Autotrader. Time to take advantage of the “stop sale” and the remaining fleet being sold.
This MAY drive temporary demand for those who are hell bent on acquiring one. I’m guessing I’ll have about a 2 week window to get out while market value is stable.
Fingers crossed!
stuck with this vehicle and its making me sick daily just the shit position Im in. I was driving around and taking trips on it, but now I don't even want to do that for fear of the pumps...fucking hell
I can feel your pain through the screen. I felt like a black cloud was hovering over me when I owned the car.
😂😂😂😂😂😂
I'm so upside down ...taking a second out on my mortgage because I need to buy another vehicle. There should be something for us consumers
Henrik and Geeta should be in jail.
No notes
Their time will come.The SEC has not yet spoken.
India are the biggest scammers. No surprise she brought that to the company
So, the profit for American Leasing is EXTREME. They will have Taxis, Uber, and Lyfy opportunities to make money on the Oceans that they are buying for peanuts. They have exclusive ownership of the software and diagnostics, and they have used Oceans they paid almost no money for that will run as well as the new unsold ones, AND they have Oceans that are damaged that they are paying $2500 for parts. The ONLY limitation American leasing has is that they can not sell any of the Oceans they are buying for 1 year. So, after one year they can sell the Ocean but you can be damn sure that they will be as greedy as every corporation and will not be selling then for what they paid for them. WOW!!!!! And the private Ocean Owner will be either locked out of parts, or parts at HUGE cost, no access to service as 3rd party locations will be lock out of servicing the Oceans, no diagnostic tools and of course not warranty, stuck at 2.1 IF Ocean owners can even get 2.1. And all recalls go to American leasing ONLY!!! Very nice!!!! The greed continues.
Thanks for your comment
Sadly, a taxi company has priority over value consumers who pay MSRP. Next time I see a new Fisker company I will make sure to stay the F away. He weaseled his way out of his second mess.
It does appear he has.
What was the first?
@@WhizoRizgoogle “Fisker Karma bankruptcy.”
Who'd have thought buying a vehicle from a startup that could disappear is a dumb Idea?
The nail has been hit.
Spot on as usual Adam. Great research and facts 👏 👌
Thanks a lot for watching and for your insights and feedback!
That payroll expense is wild. If they laid off half of those people and were granted access to the remaining cash collateral, they could push out the approval of the sale by a few weeks
@sweatdrops5071 Pushing out the approval does very little for anyone. The truth of the matter is that the Bankruptcy makes all Oceans virtually worthless in terms of a vehicle. The parts will have some value, but that is about it. What many may not understand is that there isn't a way to fix this and at some point the vehicles could be considered not road worthy, by NTSHA.
I have a theory that selling the vehicles software and etc, making it open source to American lease, would allow American Lease to develop the software which in turn could be license and/or sold to current Fisker Ocean owners. In other words American Lease would be another Car company in a way. Maybe the Judge could write a provision that cloud services, software and etc become available to previous owners. American lease would probably object and are there other companies that would want to be buyers of a vehicle they know has a fatal flaw. If American Lease walks away, where would that leave everyone?
@@tonespeaks Having an additional week or two of flexibility allows for the unsecured creditors committee and the trustee to review the transaction. An accelerated closing of the sale is actually entirely in favor of American Lease and Fisker, and to the detriment of consumers and the unsecured creditors committee, given some of the egregious terms in the sale agreement.
@sweatdrops5071 Don't get me wrong, I know this isn't a great deal!! In fact, I think there is something nefarious about it. On the other hand, the Court is in a tough position since there are no other suitors and the demand for cash is immediate. In bankruptcy it is usually a buyers market, they generally get the best of the bargain, because of the huge cash demands. Remember we are talking about payroll and severance, this is about people being able to put food on the table. It may be true that everyone is getting screwed but it isn't the employees fault and they are protected by law.
@@tonespeaks The employees need to get paid, of course, but the debtors shouldn't be able to use that as continuous leverage to expedite due process.
@@sweatdrops5071 I hear you, but that is how bankruptcy works. The secured debtors have all the leverage and the courts can't really do much in this area. Fisker says it needs to sell these vehicles to make payroll, what is the judge to do??? If there are other offers, this is a different conversation, but what are the options?? There is no question this isn't a good deal, especially since the batteries are probably worth more. Then again, without any other offers....the Court's hands will be tied. Not to mention and extra week or so of legal fees and those cost off the top.... people need to understand that legal fees come before anything else... that is just the way the system works.
Wow! Henrik (and I presume Geeta) is still on the payroll??? The people who cratered this company through their own greed are still pulling money out...brilliant! Thanks for the update Adam!
Both on the payroll. Still cashing in. Thanks for watching!
@@Aslash304they should be in jail. Seriously. They hustled a vehicle to me and knew it was defective .
@@StephanieCline-em1mn All cars are defective to a certain degree, that is the nature of Automotive. Making a vehicle is a complex equation.
Full disclosure and spoiler alert: I don't own a Fisker Ocean. This story is completely hilarious and beyond belief... The question burning in my head is, is what Fisker is pulling off here, even remotely legal? The judge should really sort this billion dollar mess out.
If it wasn’t before, and it all goes through, then it will be going forward.
Whew! So glad I was able to get out when I did. Thanks for an interesting video and agree, the audio from "those parties" attending was well...enlightening. I feel bad for the owners who are stuck. Great job presenting as always Adam!
I’m also very glad you were able to get out. Those that are stuck are the reason I keep making videos. I really want them to have as much info as possible.
Convenient that the sale agreement excludes all obligations to make, even partial payments to debtors, or any supports for owners. The Bankruptcy court will fail its role if this does not become a key part of the agreement. Fisker will be able to use the funds how IT sees fit, with little IMMEDIATE oversight.
Definitely a concern
Faulty circuit boards can be repaired if the repairer is really good at what he does. Also, the failure of the PCB itself could be mitigated by extraordinary measures (better sealing, controlling temperature better etc.). We don’t know what the actual problem is. Is it software or hardware? Is it mechanical or thermal?
There’s still little hope for owners.
No. There isnt.
This is an optimistic take. The distance between “can” and reality can be very long. Little hope indeed.
I got the popcorn out for this one 🍿
Great video. You know despite all of this I'm still going to lease a Polestar this year, my only hope is that unlike Fisker they have a parent company who will look out for them. I hope this comment doesn't age badly but we shall see.
I’ll hedge your bet by saying that Polestar is a much safer bet. Thanks for watching!
@@TonyGoff-Yuleasing automatically hedges your bet.
Love your work, Adam.
Keep in mind that in addition to payroll, and zero mention, Fisker owes all terminated staff the agreed upon severance.
Meanwhile they’ve kept the inept management team that got them there in the first place to include someone in Michigan who has not once stepped in the la Palma location.
As for repairing the pumps, dream on!!! No master techs or techs still employed. more lies!
I appreciate this feedback. Thanks for watching
Man, am I glad I never bought the Ocean
A good idea
Sad my car has been down since March because of the water pump issue. I can’t get the 2024 part even thigh Fisker has them.
I am so sorry to hear this.
Im happy to hear this! You deserve punishment for buying crap from a fraudster!
@@DeadManWalking4574 wow you’re a true gem
@@reviewaccount8377 yes, thank you.
@@DeadManWalking4574that’s just mean.
Thanks Adam, that was a lot of work and we appreciate it.
I appreciate you taking the time to watch
Those who do not learn from history are doomed to repeat it
Well said
Another very informative video Adam. Thank you and keep them coming!
Thanks for watching!
Watching these videos about how the Fisker ocean is a dead buy gets me excited to buying one
It’s your life.
Feel sorry for people who have this and kept it based on Pride and not logic.
They are certainly out there.
“Optimistically sarcastic”😂😂😂
Thanks for your comment
Solid analysis. Doesn’t keep me from enjoying the shit out my FOO with the roof open as i cruise on the Washington Peninsula or around Seattle, but there is always this little terrified voice inside telling me to watch out for stones hitting the windshield or some H2O pump seizing up.
10,500 99%error-free miles so far and hope for 100k more.
It’s all fun and games til the turtle crawls out. Thanks for watching
Great job putting this video together - thanks!!
Thanks for watching!
It should be made open source in the bankruptcy proceedings so the market can provide solutions.
A possibility, but not a likely one
And what are all those Fisker owners now thinking......I could of had a Toyota if I didn't have to be Mr. Cool on the Block!
This is legitimate. I’d say Tesla over Toyota. Toyota is for people who have never thought about cars.
What Henrik Fisker should do now is invest money in creating a software engineering company to work on the vehicles.
I just hope owners get something
They should allow the software to enter the open source community.. anyone can contribute to improve the car then.
@@aperitifsor sabotage it
I see the Oceans are going for $26K right now. What a risk to buy one of these.
Correct
Well if anyone knows the Bankruptcy rules all this is a formality. Because in Chapter 11 the plan is already approved soon as you file. Unless theres an adversary hearing objecting to the organization.
Great feedback
Adam BRUHHH I love it thank you for another great video :)
Happy to bring the BRUH where it is needed. Thanks for watching. Long live the BRUH!
I saw a Fisker Ocean on the highway. A shame. It's a very handsome vehicle. Fisker fiasco is exactly what EV nay-sayers say would happen.
Great point. I think it’s my least favorite thing about what’s played out
Garbage...lmao
This s is all so HORRIBLE!!
Agree
JESUS…
Correct.
The FOA should insist that the source code and all tools (hardware and software) to update Oceans are made available to FOA for access by all owners. All Ocean owners could then in theory club together and contract a software developer or team to at least fix bugs. That should be the minimum offered to them.
Agreed. And In a perfect world…
@JCJW101 If they did that, it would reduce the value of the deal and Bankruptcy court is about retaining as much value/money as possible. Not sure current owners have priority in terms of recovery.
Current owners aren't on the radar in bankruptcy. Except if they owe the company money or vice versa. If they are owed money, then they are at the end of the line anyway. Government and payroll come before them and as the company can't even make payroll, i wouldn't have high hopes. But I am not bankruptcy lawyer. Warranty stops when the company goes bust afaik
@@MakeSeven True, but it depends on the State, some states require companies to have a warranty reserve.
@@tonespeaks I think most (if not all) manufacturing companies keep a warranty reserve to cover future costs to pay for warranties. Like that they avoid not having the money around when a customer needs to have something fixed to be paid by the company under warranty. But that is just when the company isn't bankrupt. I would assume that when a company goes into bankruptcy, that that money goes in the big bag to pay the claims of the creditors depending on their priority. Seeing how much repairs/recalls have happened, there might not be something left in that reserve anyway.
What a Mess!!.. sad, but he needed a Billion dollars to do this right, and develop their own operating system, they assembly could still have been done by Magna, but at the end of the day, a Designer is not the same as an engineer….Classic Battle of the Departments, going back to the 60’s.. when Carrol Shelby learned the manufactures were going to use EGR valves, he said performance was dead.. he was right, the engineers won. He was out…..
He definitely didn’t have to money to do it right
why does fisker even have a $1mil a week payroll still lol is their ceo really that tarded? being unqualified is one thing but is the ceo maybe actually mentally challenged?
He’s still getting a check. That’s all I know
Mentally challenged yet still making bank. Perhaps the mentally challenged people are the ones who gave him money? 🤔
Hi Adam , when you said resale value, who want to buy & why . I am so scare to find out. What about trade in possible?
Trade ins are possible, but difficult at this point. Resale is low.
What really blows my mind is that there has not been a class action lawsuit against Fisker yet. What kind of sheep are Fisker owners?
There are
I think there are at least a couple.
When these cars go to a fleet, I think it’s reasonable to assume they will be involved in a number of minor accidents. Therefore the statistics insurance companies rely on to gauge risk will mean show the Ocean as highly likely to be involved in accidents. Then even higher premiums will come shortly after. Am I wrong?
We have to see what American Lease does to help owners
My premium doubled recently and I haven't received a ticket
@g3johnston Most insurance companies would not cover an Ocean for comprehensive coverage, only liability. In other words, they would cover the damage that is done for an at fault accident, but Ocean's owner would get nothing from their damage. Now if someone damaged an Ocean, the damage can't exceed the value of the vehicle, so it would be limited to about $10,000-16,000 in my estimation. So if there was a fender bender the insurance company could estimate what it would cost for a comparable vehicle, not exceeding $10,000-$16,000.
The creditors have a legal right to seize any assets on default, but can’t in Chap. 11. So Fisker concluded a deal having a chap. 11 filing accepted by the court. That means the company raised money they would otherwise not have been able to conclude a transaction for the vehicles. My guess would be they are not winding up the company just yet, as having their chap. 11 thrown out would result in liquidation, which is what the creditors would prefer.
Instead, inventory was sold and a deal concluded under chap 11. American Leasing got the warranty issues sorted as part of the bargain. Warranty holders as a group can now hire counsel and petition they they too must have their warranty issues rectified in the same way. But that’s not going to happen.
Looks like creditors are going to take a serious haircut if they can’t claw back any of the funds generated by the sale of surplus Oceans. I guess the trustee would be quite pissed as it’s their job to oversee any and all transactions. But the transaction could be considered acting reasonably under the circumstances, so no breach of the law.
In order for Fisker to exit bankruptcy, they have to eventually touch base with warranty holders. That part isn’t over just yet unless they specifically declare warranty holders claims void. I guess the hearing would be interesting as it all comes out then. Prepare that things could be delayed further, but in the meanwhile, you might need a cover for the Ocean garden furniture.
Good breakdown. Thanks for the feedback
If you are a warranty holder, make sure you're listed as a creditor or else you won't be in consideration. Adam covered this a few episodes ago where all the owners of record were listed in the BK filing.
Just the aspect that the company managed to raise funds in bankruptcy, and that they list warranty holders says to me they intend to emerge at some point. Though I’m sure that everyone has an example of a company that never emerged from bankruptcy and went into liquidation.
@@effingsix3825 -To emerge from BK how would they repay their debt? And how would they reclaim trust in the public?
@@EM.1. Your guess is as good as mine.
where are all the Fisker fanboy....:)
Blowing in the wind 💨
The most sustainable car in the world!
Those were the days. A funny afterthought now.
Great video
Thanks for watching!
That means vehicles in Canada will not be fixed at all ?
Nobody is getting fixed, unless the court rejects this sale and says it can’t go through unless the cars are fixed.
1 Fisker employee. Lmao.
I also laughed
Yeh, but it will be Hendrix so he gets his continuing paycheck……….
Yeah. If one employee can fix 200 of these a week, it shouldn't be too hard to DIY with duct tape. Yeah, I grew up in the 70s and poor. Duct tape fixed everything.
Do you think there would be a company out there that will buy out the titles to the Fisker software etc once it’s completely done for?
If they liquidate, absolutely.
Who would want it? It's both vehicle specific and shit.
In which way would that company be able to get back the price of the software and the development required for it? Would owners of fiskers be willing to pay for it? Usually owners don't pay for software updates for their car. So also not very interesting to buy that software and spend money to continue developing it
I'm mostly here for the "brah's". You can't make this stuff up.
And the BRUH is here for you. They are at your service. Thanks for watching
"The Fisker Employee"..please, sold T-Shirts with that line, shame in "the employee of the month" comparting to this guy/lady.
Thanks for your feedback
Im buying one i love having something other's turn away from
You’ll have a true symbol of the flaws and corruption of private equity and American Bankruptcy. As well as a complete lack of enforcement of consumer protections. And when people ask what happened to the company when you tell them you can’t buy one new, You’ll also have the pleasure of letting others know that the company went bankrupt basically immediately, the original owners that made the car possible lost hundreds of millions of dollars in value, service will either be a months to years long line, and ownership is basically a full time job as a researcher. Or you could lie.
@@Aslash304 😂😂😂 il do all of the above I also happen to have met the owner of fisker many years ago in lake Forest California
@@JosephBeltran-td5luthere you go. Makes it all okay.
A ev should have multiple redundant cooling systems for the batteries..
A scam car will have multiple features that are missing, but only one key fob
@@Aslash304 when buying anything in bulk... I.e. A New EV company that had billions injected when floated on the stock market.. you would think 2 remotes per car would be childs play. Let alone a team of software developers pushing updates to the cars whenever a bug was fixed or feature was ready to push. (Fisker Inc bankruptcy details had Adobe owed millions.. ) It was like someone was handing out millions to whoever was at the devil's advocate's skyscraper function..
Fisker Owners Association needs to pool their owners' money and make a higher offer to get all the benefits and unsold cars so they can have spare parts and updates. If there are 4500 owners out there, it would only be $10k per owner to come up with a $45m offer for the fleet and royalty free IP. Maybe form an FOA LLC to manage the fleet and charge owners for services and distribute profits and losses to the owners.
I appreciate the feedback. $10,000 is a lot of money, and who pays to move them, and keep them where they are?
Yep, if you love your ocean, ya gotta pay to play. On the flip side, a counter offer from American Leasing will increase the resale value for current owners by a few bucks.
@@foxtrotwolf6081yeah - 4500 people who mainly bought on credit are going to be able to magic "only" 10k each out of their arses. Grow up.
@wizzyno1566 Just trying to help. People who spend money they don't have to buy something they can't afford to impress people they don't care about. Owning a business to put money in their pockets day and night is a worthy lifestyle change.
@@foxtrotwolf6081wishful thinking isn't helping. Silly ideas aren't helping. Punting good money after bad won't help.
Its over. Drive the car or sell it, thats the choice. Suggesting spending $10k more EACH OWNER on a car that's worth 15-20k is ridiculous.
Love the thumbnail 😂!
Thanks for that!
Lemon 🍋🍋🍋🍋
A tasty tart treat of an automobile
Elons next…………
Noted
Do you have the email to the bk trustee
I’m sure it’s in the documents. www.veritaglobal.net/fisker/
Yall care way too much. Don’t like it, don’t buy it. That simple.
Thanks for your comment
"most sustainable SUV on Earth" what a joke. This car can't last even 5 years.
The production of the battery alone is producing the same amount of CO2 as a gasoline car for 5 years.
Not to mention the e-waste this car is.
The whole thing was a scammy yucky thing.
Good info, but kindly lose the cheezy movie clips. Wildly inappropriate in a serious piece, irrelevant, and not funny.
@@robhegel2568 thanks for watching. Please feel free to explain where in the human condition that finding humor in a devastating situation is a bad thing. And if you don’t find it funny, we probably won’t have a lot of success in a conversation over pork sandwiches at the barbecue. At said barbecue, I’ll try to crack some jokes, and you can exclaim to the guests how I’m not funny. Alas, A wonderful time will be had by all
brick
Indeed
You just looking for visits….
Yes, I spent 20 hours reading and researching, and then put this video together, just so people would watch it. You are correct.
Hello, another stock pumper...
Truly one of the slimiest companies to ever incorporate in the US of A 🫠🫠👎👎
Great comment. Perfect emojis