SOURCE: PrivCo Media LLC

PrivCo Media LLC

April 26, 2013 09:28 ET

PrivCo -- Never Before Seen, Exclusive Documents Depict Unbelievable Rushed Underwriting by DOE of $529 Million Loan to Struggling Fisker in 2009, How Venture Capital Investors Asked the Government to Change Its Loan Enforcement to Suit Private Interests

NEW YORK, NY--(Marketwired - Apr 26, 2013) -  PrivCo releases never before seen documents on Fisker Automotive, Inc. and its Department of Energy Loan, detailing how the Chief Operating Officer pleaded with the Department of Energy to receive a $529 million loan as the company was 2 weeks from Chapter 11 and unable to raise any further equity, how Kleiner Perkins Caufield & Byers Managing Partner Ray Lane beseeched the DOE to waive all Defaults and milestone conditions imposed by the DOE Loan Agreement on Fisker in order to raise further equity funding, and a litany of other smoking gun occurrences. In the interest of the public good and the right to information of the U.S. taxpayer, PrivCo will continue to release further documents it has obtained in the immediate future. These documents are only a fraction of the over 11,000 pages of documentation PrivCo has uncovered during its weeks of research and continuous Freedom of Information Act Requests.

See the full versions of the documents exclusively obtained by PrivCo, and newly released documents over the course of the day:

Further documents include internal government emails and the conclusions of Department of Energy meetings that detail shoddy underwriting and malfeasance on the part of the DOE.

PrivCo CEO Sam Hamadeh stated in an official statement: "The documents obtained by PrivCo paint a picture of how an insolvent, unproven automaker received $192 million in taxpayer funding. The Department of Energy made a loan that no rational lender would have made. This loan was the equivalent of staying execution on a company that was terminally ill to begin with."

About PrivCo
Based in New York, PrivCo is the leading provider of private company financial data and business research. PrivCo publishes exclusive financial data on over 207,000 private companies, as well as over 78,000 private company deal details, including private company mergers & acquisitions, private equity and venture capital investments, leveraged buyouts, pre-IPO activity, restructurings, and more.

Contact Information

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