Fisker’s Chapter 11 bankruptcy is a sham, with insiders looting the company’s assets like a vulture feast. The battle over Fisker’s dying corpse has already begun, with creditors clamoring for scraps.
At the center of the sordid affair is Heights Capital Management, a financial vulture that swooped in to lend Fisker over $500 million in 2023, knowing the company was on the brink of financial ruin. Heights’ loan came with a sweetheart deal: Fisker’s assets were handed over to Heights on a silver platter, allowing the lender to dictate the company’s every move.
Fisker’s leadership was complicit in the bloodless coup, agreeing to give Heights first-priority on all assets, even after the company’s financial troubles became apparent. It’s clear that Fisker’s executives were either grossly incompetent or deliberately insolvent, sacrificing the company’s future to satisfy Heights’ voracious appetites.
Meanwhile, Fisker’s lawyers are trying to spin the narrative, claiming that the company’s tardy financial filings were a minor technical default that somehow led to the startup being taken over by Heights. But that’s just a smokescreen, designed to distract from the fact that Fisker’s leadership is largely responsible for the company’s downfall.
Lees, a lawyer representing a group of unsecured creditors, is right to call foul. He’s demanding transparency and accountability from Fisker’s executives, who have been “liquidating assets outside the court’s supervision” to the benefit of Heights. It’s a sweetheart deal, and it reeks of corruption.
Fisker’s bankruptcy is a symbol of everything that’s wrong with modern corporate culture: greed, incompetence, and a complete disregard for accountability. It’s a travesty that deserves to be exposed and punished.
As the case drags on, one thing is clear: Fisker is just a pawn in a much larger game, and the real winners will be the financial vultures who’ve been circling the company’s carcass for months.
The parties will meet again at the next hearing on June 27. But the real question is: who will emerge from this mess with their dignity intact?
