Fisker is back, but taxpayer money is not

Fisker is back, but taxpayer money is not - Watchdog.org
"Another green tech company that got millions in federal dollars after the fiscal crisis only to declare bankruptcy is back in business.
But there’s no indication U.S. taxpayers will recover the $139 million loss.
Electric car company Fisker announced earlier this month it is coming back,...
The DOE was able to recover some money, although U.S. taxpayers lost $139 million.
...Fisker’s loan was a part of the Advanced Technology Vehicles Manufacturing Loan Program, which was created and funded at the end of the George W. Bush administration and accelerated during the first term of President Obama.

The program racked up a couple successes but also had its share of high-profile flops, including production shutdowns by Fisker, wheelchair van company Vehicle Production Group and solar panel maker Solyndra.
Taxpayers in Delaware watched millions go down the drain.
Delaware government officials including Gov. Jack Markell committed $21.5 million in economic development incentives in the hope Fisker would take over a former General Motors plant near Newport, Delaware and hire 2,500 employees within five years.
“This is seed money that will return back to the American consumer in billions and billions and billions of dollars in good new jobs,” Vice President Joe Biden said in 2009.
But that never happened, and Delaware officials were embarrassed to learn that in the event of bankruptcy the state’s $21 million was subordinate to the rights of other lenders to get their money back.
Delaware got just a fraction of the $21.5 million repaid.
...An investigation by Reuters reported Fisker burned through $1.4 billion in public and private funds before declaring bankruptcy.
One research firm determined Fisker produced fewer than 2,200 cars.
...A123 Systems also received an estimated $141 million in tax credits and subsidies from the state of Michigan.
The state agency in charge of the $141 million largess refuses to give details about whether any of the amount was repaid, saying contract details are private..."