We can now see at least one possible reason for why Hybrid Tech Holdings LLC bought the US Department of Energy's loan to Fisker Automotive last year for $25 million. The purchase is apparently worth $90 million today.
The number is part of a settlement agreement that has come out of the company's asset auction which was won by China's Wanxiang Group Corporation in February for $149.2 million. Hybrid Tech said that the secured DOE loan it owned was worth all of that $149.2 million, but the new agreement says that Richard Li's company is due $90 million instead. The rest of the money will be divvied up between the unsecured creditors (who will split $20 million plus $15 million in equity in Wanxiang affiliates) and "priority claim holders" ($8 million). Delaware media has been interested in the case since Fisker bought an old General Motors plant near Newport and now reports that the state does not expect to get a whole lot back from its $20-million investment.
Fisker filed for bankruptcy in late 2012. The asset auction is officially known as "In re Fisker Automotive Holdings Inc., 13-bk-13087, U.S. Bankruptcy Court, District of Delaware (Wilmington)."