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Department of Energy seizes $21 million reserve account from Fisker

Zachary Lutz
April 23, 2013
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Fisker just can't catch a break. As if enduring the layoffs of three out of every four employees and the resignation of its founder wasn't unsettling enough, it's now come to light that the Department of Energy recently confiscated the company's $21 million reserve account in an attempt to recoup some of the government's loan. Fisker's first payment on the $192 million federal loan was due Monday, but the Energy Department revealed that it actually took the money 12 days beforehand, simply due to the company's high risk of default -- a move it characterized as an "appropriate action on behalf of taxpayers." If you're thinking the writing's now on the wall, you're correct... the WSJ reports that Fisker has hired a bankruptcy attorney, and the company admits that it's actively in search of a new owner. Will luck swing in Fisker's favor next time around? Place your bets.

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