Fisker Automotive, Inc. (“Fisker”) is an American automaker and creator of one of the world’s first production plug-in hybrid electric vehicles, the Fisker Karma. The company ceased production in November 2012 due to financial difficulties and eventually declared bankruptcy in November 2013.
Ocean Tomo was retained by the purchaser of a defaulted Department of Energy (“DOE”) loan who succeeded the DOE as the senior secured lender. In February 2014, the assets of Fisker were successfully sold for a bid of almost six times what Fisker was seeking when it filed for bankruptcy. The various creditor groups were in dispute about the allocation of the proceeds from the sale of the company’s assets. In particular, the value contribution of the IP assets was a significant consideration as certain parties believed the international non-perfected IP rights to be of material value. Ocean Tomo provided initial valuation and advisory services related to Fisker’s IP portfolio of utility and design patents, outstanding patent applications, and trademarks.