Fisker (US:FSR) Investor Place·2024-07-16 19:14Core Viewpoint - Fisker is facing significant challenges in liquidating its unsold electric vehicles, with the U.S. Trustee Program objecting to its proposed sale, leading to a decline in stock value [1][6]. Group 1: Bankruptcy and Sales Efforts - The company declared bankruptcy earlier this year and is attempting to sell its remaining Fisker Ocean SUVs to pay creditors and cover bankruptcy costs [2]. - Fisker is negotiating a deal with American Lease, which could provide approximately $46 million and involve transferring all remaining Ocean EVs to the company [3]. Group 2: U.S. Trustee's Objections - The U.S. Trustee has raised three main objections to the proposed sale: 1. Lack of valid business justification for the sale [4]. 2. The proposed purchase price is deemed unfairly low compared to potential market value with adequate marketing [4]. 3. Fisker did not provide sufficient notice of the sale motion and attempted to expedite the process by scheduling an emergency hearing just before the July 4th holiday [4]. Group 3: Legal and Market Implications - Fisker's legal team disputes the U.S. Trustee's claims, asserting that the Ocean SUVs were adequately marketed and that the Fleet Sales Agreement represents the best offer under current circumstances [5]. - A hearing in Delaware Bankruptcy Court is scheduled to determine the approval of the sale [5]. - Regardless of the outcome, Fisker stock is viewed as a cautionary tale, having been removed from major trading indexes due to failure to meet minimum bid price requirements [6].