BMW Says Deal Spurned In Fisker Ch. 11 Bars $33M Clawback
Law360, Wilmington (August 13, 2019, 3:59 PM EDT) -- German automaker BMW AG told a Delaware bankruptcy judge Tuesday that defunct electric car venture Fisker Automotive Holdings Inc. lost an essential hook for a nearly $33 million engine supply clawback claim when it rejected a 515,000-engine manufacturing contract during Chapter 11 proceedings years ago.
During summary judgment arguments before U.S. Bankruptcy Judge Kevin Gross, Sabin Willett of Morgan Lewis & Bockius LLP, counsel for BMW, said that "although they dress the claim in the clothing of unjust enrichment," Fisker's liquidation estate was really making a breach of contract claim under a supply agreement signed in 2011, "which the debtor rejected"...
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