Seeking Alpha

Fisker asks judge to accept bid from HK, reject one from China

Fisker Automotive has asked a federal judge to authorize its proposed sale to Hybrid Tech Holdings, an entity led by Hong Kong tycoon Richard Li, rather than open an auction for the bankrupt maker of hybrid sports cars.

A hearing over the matter was supposed to be held today, but it has been postponed until next Friday due to the snow storms hitting the U.S.

Fisker's request comes after its creditors committee put forward a bid of $24.725M from Wanxiang, China's largest autoparts firm, earlier this week, and asked that the sale be opened up to bidding.

However, Fisker argues that Wanxiang helped push the U.S. company into bankruptcy, a claim the creditors' committee rejects.

Comments (2)
  • canb888
    , contributor
    Comments (513) | Send Message
    Won't be surprised if Richard Li promised to pay the execs to let him steal the company. Yes, that's Richard Li the billionaire without any auto experience and who is one of the most hated person in Hong Kong due to his previous deals. And yes, he is the guy who fathered three kids with a beauty queen and ask her to leave (never married, thus no such thing as a divorce) only because she is from a poor family, not in the same class as he is and not accepted by his real billionaire father.
    3 Jan 2014, 08:00 AM Reply Like
  • Sam Liu
    , contributor
    Comments (3861) | Send Message
    HKers were/are complaining how shoddy their phone service was after Prince Richard took over the landline monopoly.
    3 Jan 2014, 08:06 AM Reply Like
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