300 electric cars destroyed by Hurricane Sandy… Natural disaster or insurance fraud?

Yuliyua Chernova  Nov 7, 2012 Wall Street Journal

“Fisker Suffers Hurricane Loss”

http://online.wsj.com/article/SB10001424052970204755404578103180617949610.html

Electric car maker Fisker Automotive Inc. lost more than 300 of its Karma plug-in hybrids and other car makers lost thousands of new cars as a result of flooding last week at a New Jersey port due to superstorm Sandy.  As a result of flooding, 16 of its Fisker Karmas caught fire and were burned at the port.  Fisker issued a statement on Tuesday saying the fire was caused by sea-water short-circuiting a 12-volt car battery

"[The cars] are completely done," said Roger Ormisher, spokesman for the Anaheim, Calif.-based Fisker. 

He said the luxury sports cars, which sell for about $100,000 each, were insured and company doesn't expect the loss to have a material impact on its business.

But the incident adds to a string of bad news for Anaheim, Calif.-based Fisker. It is currently dealing with the bankruptcy of a key supplier, A123 Systems Inc., which builds the battery used to power Fisker's plug-in hybrid cars, and has been hurt by recalls and incidents of its cars catching fire.

The loss of 300 vehicles is significant for the startup. Fisker so far has sold some 2,000 vehicles to wholesalers and dealers as of September.

The company has raised about $1.2 billion in equity to date, from investors such as Kleiner Perkins Caufield & Byers, New Enterprise Associates, and wealthy individuals. It had used $190 million from a 2009 federal Advanced Technologies Vehicle Manufacturing Loan before the loan was frozen last year.

Common Sense Review

Why do I feel an Obama loan in their future? 

First, 300 electric car insured for $100,000 each and the company are a partner in a bankruptcy with a electric batteries…. Hhhmm.. Can you say insurance fraud?... Why would you allow the cars to sit at port if you knew there was an impending superstorm? 

Well then why out of the 300 cars destroyed did 16 cars catch fire?  The article said the sea water  short-circuited the 12-volt car battery.  But only in 16 cars?!?!

There are so many iffy issues with this company.  When you have so many high dollar cars wouldn’t you do everything in your power to protect it.   As well as technology gave us an advance warning of the impending superstorm, so you have time to redirect the ship delivering the cars or making sure that your investment is protected. 

Or you can beg for an Obama loan….