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As Bidders Eye Fisker, Ray Lane Departs From Board
Jeff Cobb May 29, 2013
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One of Fisker Automotive’s most influential backers, Ray Lane, resigned last week from Fisker’s board of directors as investors encircle the ailing company.
Lane is a Partner Emeritus at Kleiner Perkins Caufield & Byers (KPCB), the firm whose credibility and backing enabled Fisker to raise hundreds of millions of dollars in private capital.
Ray Lane.
The usually successful investor has a long and distinguished resume, that includes previously being the president and chief operating officer of Oracle Corp, and present service on the board of Hewlett-Packard and as Chairman of the Board of Carnegie Mellon University.
The confirmation of Lane’s departure came yesterday from KPCB. Comment was not offered as to what specifically led to Lane’s stepping down from Fisker’s board, and Fisker has not answered queries.
News from outside sources has been that two notable bidding groups are looking to snap up remaining Fisker assets at fire sale prices.
Things are described as very much fluid, and Fisker this year consulted with a bankruptcy firm to plan for that contingency as well.
Complicating matters is $171 million in outstanding debt to the U.S. government.
One investor group includes Henrik Fisker, who left the company in March this year. This group is led by Hong Cong billionaire Richard Li, and the group is reportedly attempting to avoid Fisker’s entering into bankruptcy.
The other group includes the “father of the Chevy Volt,” Bob Lutz – also of Dodge Viper fame, and outspoken “car guy.” This group along with the Wanxiang Group has reportedly offered to buy Fisker in bankruptcy.
Posted in News
Tagged as Bob Lutz, Fisker, Ray Lane, Richard Li, Wanxiang
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