cwerdna
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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Sun Dec 08, 2013 7:57 pm

drees wrote:
Randy wrote:Q2 2013 Financial information about the Blink buyer: Car Charging group

http://www.hotstocked.com/article/66392 ... above.html" onclick="window.open(this.href);return false;

Their winning bid was $3.35 million for the Blink assets

• cash: $165 thousand
• current assets: $1.1 million
• current liabilities: $8.9 million
• quarterly revenue: $77 thousand
• quarterly net loss: $5.6 million
• accumulated deficit: $26.8 million
Ouch. That looks like another company that's on the verge of going bankrupt itself. How are they going to make up a $5.6M quarterly loss by buying the currently money losing Blink network? Through volume?

How are they funding the purchase with no cash on hand?
For the quarter ended Sept 30, 2013, per http://finance.yahoo.com/q/is?s=CCGI" onclick="window.open(this.href);return false;, it doesn't look like things are any better on the revenue and profit/loss side: $89K in revenue but $7.937 million in net loss.

When's the money (wherever it's coming from) going to dry up?

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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Mon Dec 09, 2013 7:39 am

They are still just bleeding money. It doesn't help that they can't wrangle in their network - the charger at my work has been out for ~ 3 months, and with one charger we play merry-go-round switching off all day long. Things will get really bad if the second one fails, all of us that charge at work can't make it back home on a single 100% charge.
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Randy
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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Mon Dec 09, 2013 8:03 am

Seems to me that a couple of things are going on...Bleeding some money from the charging business, for sure...

But the real hemorrhaging is coming from executive bonuses...How long is that viable?

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davewill
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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Mon Dec 09, 2013 10:54 am

Randy wrote:... But the real hemorrhaging is coming from executive bonuses...How long is that viable?
I've thought for some time that bankruptcy protection should require all bonuses and other discretionary compensation to be taken from management. Unfortunately, it often seems to work in reverse.
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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Tue Dec 10, 2013 10:15 pm

When you're selling 20 cent dollars, it is difficult to make it up on volume! :roll:
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cwerdna
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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Wed Dec 11, 2013 2:36 am

davewill wrote:
Randy wrote:... But the real hemorrhaging is coming from executive bonuses...How long is that viable?
I've thought for some time that bankruptcy protection should require all bonuses and other discretionary compensation to be taken from management. Unfortunately, it often seems to work in reverse.
Well, Ecotality went bankrupt. CCGI hasn't, yet.

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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Thu Mar 06, 2014 7:53 pm

Are they coming back to life under the new post-bankruptcy management?

Back in August, I signed up and have submitted a total of 6 requests to get a card so I could be a customer. Each time they claimed they sent one and their customer service couldn't comprehend that they hadn't. Today I finally got one after requesting one earlier this week!

Perhaps if they are now willing to let people who want to be customers actually be customers, they might have a better chance. It seems like most of the local stations I find are Blink. Now that I have a card, I will start to find out if they are actually available or offline. Keeping my fingers crossed.
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walterbays
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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Thu Mar 06, 2014 10:02 pm

DarthPuppy wrote:Are they coming back to life under the new post-bankruptcy management
No signs of life yet. Other than one or a few stations in Tennessee there have been no reports of Blink repairing any public charging stations post bankruptcy, which continue to break as often as ever.

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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Thu Mar 06, 2014 11:36 pm

walterbays wrote: No signs of life yet. Other than one or a few stations in Tennessee there have been no reports of Blink repairing any public charging stations post bankruptcy, which continue to break as often as ever.
Umm,,, How do the stations continue to break at a high rate, unless someone fixes them?

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Re: 9/17/13: ECOtality files for bankrupcy and gets Nissan l

Fri Mar 07, 2014 12:23 am

FWIW, if you want to hear a rep from CCGI speak about their network, go to the Car Charging Group red link of http://youtu.be/RW9GEm2iqr4?t=10s" onclick="window.open(this.href);return false;. For me, actions speak louder than words...

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