Trouble electric car startup Fisker filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court, District of Delaware late last night. This is merely the first in a long series of actions the company will need to take to eventually exit bankruptcy, likely under new ownership, but there’s still something to learn from this initial filing.
Welcome to a Delaware-themed installment of The Morning Dump, focused today a little more on the C-Suite than the C-pillar. Up first, a look at the unsecured creditors that Fisker owes money to, including Adobe. I’ll then chat a bit about the secured creditors and who, in the end, could end up owning the company.
Akio Toyoda survived an attempt on his Toyota Chairmanship, though even the discussion was a fairly unusual occurrence for a Toyota shareholder meeting and a sign that Japan’s corporate environment is beginning to change. Elon Musk also survived his own shareholder meeting, this time many billions of dollars richer, and it sounds like Musk is ready to spread some wealth around to employees.
Here Are Fisker’s 20 Biggest Unsecured Creditors
In what was seen as a rapidly expanding electric car market, Fisker’s version of contract manufacturing seemed like it had the possibility of success. Electric carmakers like Tesla, Rivian, and Lucid were all enjoying big share prices when Fisker went public via a SPAC.
A sudden price war, the Inflation Reduction Act, software issues, parts shortages, cripplingly bad reviews, and alleged mismanagement all conspired to doom Fisker to inevitable bankruptcy as the money it was earning from selling discounted Fisker Oceans was clearly not going to be enough to cover the company’s mounting debts and interest payments.
When a company files for bankruptcy it has to tell a bankruptcy court who, exactly, is owed money. As this is a Chapter 11 bankruptcy, Fisker had to list its biggest unsecured creditors. These are people who don’t own any of the company or have any claim to any equity. A redacted version of the initial bankruptcy petition can be seen here via Reddit, and in it the 20 biggest unsecured creditors are listed.
You might be surprised to find out that the biggest creditor is Adobe, the company behind products like Photoshop and Premiere. Did Fisker just have a bunch of Photoshop licenses? Unlikely. Instead, Fisker lists “IT/Software” as the category for the $2,045,952.21 unsecured claim, which could include any number of back-end IT services including CRM and marketing. In this same category is Salesforce, which is owed $527,652.43.
As part of my job, I have to keep on top of who is spending what in the marketing space, and last year I couldn’t help but notice that Fisker was listed as having spent millions of dollars on digital advertising. You may have seen their ads on any number of car or lifestyle websites. Some of this was probably purchased via Google, which is why Google is owed $1,237,811.31. The same goes for NBC Universal, which is owed $649,999.97 for ads (I guess $650,000 was too much?).
The rest of the unsecured creditors are the typical companies you’d expect for a car company, including suppliers like I.G. Bauerhin (electronics) and Vector North America (vehicle electronics). Also on the list are FedEx for shipping and Manpower for what’s listed as “professional services,” which I assume is staffing-related.
Chapter 11 means the company will continue to operate and Fisker itself said it will continue with reduced operations, including “paying employee wages and benefits, preserving certain customer programs, and compensating needed vendors on a go-forward basis.”
So that’s the unsecured creditors. What about the secured ones?
Who Should Buy Fisker?
Fisker said last night that it was “in advanced discussions with financial stakeholders regarding debtor-in-possession financing and the sale of its assets.”
That first part is easy to explain. Because it’s in Chapter 11 and Fisker wants to keep at least minimally operating as a company it needs money to operate and may seek financing in order to get that money. And what of the “sale of its assets”? Who will end up with Fisker?
Previously, it was reported that Fisker had been asked to initiate massive layoffs on behalf of an investor that, from reports, appears to be Heights Capital Management, itself a subsidiary of massive trading firm Susquehanna International Group, or SIG. Does SIG want to operate a car company? Like most major financial firms, my guess is probably not.
Who else, then? The company that was responsible for building the cars was Magna and they, too, seem to be one of the larger secured creditors. As we previously reported, the company had this to say in its quarterly investor call last month:
We fully impaired our operating assets and warrants in the first quarter totaling $294 million. We have $195 million in deferred revenue associated with the Fisker contract that could offset the $294 million in asset impairments that cannot be recorded in Q1. This amount will be recognized in income as performance obligations are satisfied or upon termination of the fiscal contract manufacturing agreement.
Fisker says that it owes about $100-$500 million to somewhere between 200-999 secured creditors. Fisker also said it has between $500,000 million and $1 billion in assets. Just doing the math, it sounds like Magna at least thinks it’s owed a big chunk of what’s there for building cars, though it’s not yet clear what assets Fisker has to repay the company.
While Magna is more of a white-label constructor for car companies, perhaps Magna wants to have a public-facing brand. This could be an easy way to create a new car company for Magna and help it move beyond contract manufacturing. I’m not sure it would be worth it, but that’s one option.
Another option is Renault Nissan, which was reportedly in advanced talks to buy the Fisker Alaska truck platform in exchange for giving Fisker some much-needed cash. Now that Fisker is in bankruptcy it’s possible that Nissan could swipe the company at a discount and just rebrand everything as Nissan.
And, finally, a random investor could decide it’s a good time to be in the EV business and buy the company.
Akio Toyoda Survives, But Toyota Execs Grilled By Shareholders
I’ve used this space to talk briefly about cross-held shares and how the unwinding of the practice (basically, companies owning shares in other companies they do business with) is indicative of a change in Japanese corporate norms. Specifically, the chummy relationship between execs made it harder for even large outside investors to sway the goings on of a company. This is changing and Toyota, after setting record profits, had to face some difficult questions at its annual shareholders meeting.
While Akio Toyoda, former CEO and current board chair, was easily re-elected in spite of a campaign to unseat him, the company’s board was hit with some static.
Hans Greimel went and had this to report:
Shareholders at the June 18 gathering here hit out at Toyota for its ongoing safety testing and certification scandal, grilled the board about its oversight and even accused Chairman Akio Toyoda of spending too much time on motorsports as his personal “hobby.”
“Is the internal control and government not functioning?” the one shareholder asked.
He said he was “astounded by the news” earlier this month that Toyota had been tripped up in the same kind of misconduct that embroiled other Toyota Group companies.
C’mon, you can’t hate on the motorsports stuff! Most car execs probably waste their time playing golf or tennis or something boring like that. Motorsports is sports… with motors.
Musk Says He’ll Give Spot Options To High-Performing Folks
People have a lot of feelings about Elon Musk and, you know, trust-but-verify, but shortly after being handed a massive paycheck from investors he’s reportedly turning around and offering stock grants to employees who do stellar work.
“Over the next few weeks, Tesla will be doing a comprehensive review to provide stock option grants for exceptional performance,” Musk said in an email, according to the two people who reviewed it and are based in China and the U.S., respectively. They declined to be named as the memo is for internal use.
“There will also be an ongoing program to award spot option grants for anyone who does something outstanding for the company. Thanks for everything you’re doing to make Tesla successful,” the email said.
Neat.
What I’m Listening To While Writing TMD
I was going to call Car Seat Headrest a post-punk band because post-punk is just the term I use for any band that’s harder than Enya but softer than Rancid. In reality, Car Seat Headrest is over-the-plate Indie Rock, whatever Indie Rock is. Labels are meaningless! It’s a great song.
The Big Question
Who should buy Fisker?
What would be in it for someone to buy Fisker as an intact company? Their manufacturing was done by Magna Steyr, their batteries were made by CATL, and I don’t believe they own their own trademark (think Henrik Fisker has that under a separate LLC and licenses it to Fisker Inc). Their sales network, maybe, but is that likely to stay intact? Would seem leases are going to get voided during the bankruptcy process and staff is definitely going to be laid off, not that they had a great retail network to start with
Are they really sitting on some amazing patents that are way beyond what any established automakers already have or could easily develop themselves?
Does somebody out there really like the Ocean and want to pick up the design and slap their own name on it?
At any rate, it seems like liquidating the company and letting interested parties cherry pick specific assets is what’s going to happen. It’s kind of hard to visualize Fisker staying intact in any recognizable way
The only company that I could see considering buying it would be Magna. They can already produce the vehicle, so buying the rights might be worth something if they felt like selling it themselves.
But I don’t think it’s worth it. They have plenty of other things to use the production lines for and they probably don’t want the hassle.
Yeah, it would be like how some shopping mall owners have rescued bankrupt retail chains just to keep their facilities active and occupied. Or like AM General rescuing Vehicle Production Group.
Magna has expressed interest in becoming more of a full-fledged automaker in the past, during GM’s bankruptcy, they looked into buying a majority stake in Opel, and I think had some interest in Chrysler at one time. But this may be too much rebuilding from scratch required for them to bother, depends on how badly they need to preserve production volume at the factory
Right. They seem to have nothing to offer. No factory. No specific tech you’d want to use in your models. It isn’t like Cadillac is going under and the brand name has value. Fisker? That move the needle for anyone?
Yeah, maybe the Alaska is a cool design. Buy that for $5 at the liquidation sale. The Ocean is a generic CUV. Every brand already has one.
I think you just figured out what they owe Adobe for, since the Alaska exists primarily as Photoshop renders.
Yup, its not like the brand name is worth anything at this point.
Nope. Although I did just confirm, they do actually own that, most of the relevant trademarks are owned by Fisker Inc’s California corporation, while their Delaware corporation apparently has their model name registrations (Pear, Alaska, etc)
The Autopian should buy Fisker! We have Adrian and Bishop to handle design, David Tracy as chief engineer, and Torch can convert everything to run on a Commodore 64 and handle software! Galpin can be the flagship dealership and Hardigree can handle marketing! SWG has the looks and charisma, so he can be the spokesman in all the commercials.
Torch: Vice President in charge of tail lights.
I foresee that bankrupting us
Don’t worry… it’ll be fiiine. THIS time it’ll be different… ummm… just because…
Mark can be the long haul trucker for delivery (I think he loves driving cross country towing things) Thomas as the Canadian brand rep, and Mercedes as the product tester/ test driver. and don’t forget the newest addition John: I think marketing copy, and commercial production should be right up his ally.
Can I be chief test pilot?
Absolutely!! We’ll even put a nice pond out by the test track for you to swim in between hot laps.
Either that or Vice President of Converting All Designs to Camper Vans.
Toecutter in charge of aero design and refinements.
Does that make those of us who are members shareholders? That would make shareholder meetings interesting.
Only Corinthian Leather members.
Sure! And everyone who shows up gets shrimp in a wheelbarrow, shower spaghetti, and taillight shaped cookies!
The company issue shirt will be an oil soaked Dickies. The cancer will be free.
I vote we convert all Oceans to manual and paint them brown.
The first new product – A Class C RV!
“All we need is 20,000 subscribers and we will spend a week owning a twice failed car company”
And Galpin also handling distribution, not just the dealership!
And I’d like to be put in charge of velour interiors…
The Autopian should buy Fisker! We have Adrian and Bishop to handle design, David Tracy as chief engineer, and Torch can convert everything to run on a Commodore 64 and handle software! Galpin can be the flagship dealership and Hardigree can handle marketing! SWG has the looks and charisma, so he can be the spokesman in all the commercials.
Torch: Vice President in charge of tail lights.
I foresee that bankrupting us
Don’t worry… it’ll be fiiine. THIS time it’ll be different… ummm… just because…
Mark can be the long haul trucker for delivery (I think he loves driving cross country towing things) Thomas as the Canadian brand rep, and Mercedes as the product tester/ test driver. and don’t forget the newest addition John: I think marketing copy, and commercial production should be right up his ally.
Can I be chief test pilot?
Absolutely!! We’ll even put a nice pond out by the test track for you to swim in between hot laps.
Either that or Vice President of Converting All Designs to Camper Vans.
Toecutter in charge of aero design and refinements.
Does that make those of us who are members shareholders? That would make shareholder meetings interesting.
Only Corinthian Leather members.
Sure! And everyone who shows up gets shrimp in a wheelbarrow, shower spaghetti, and taillight shaped cookies!
The company issue shirt will be an oil soaked Dickies. The cancer will be free.
I vote we convert all Oceans to manual and paint them brown.
The first new product – A Class C RV!
“All we need is 20,000 subscribers and we will spend a week owning a twice failed car company”
And Galpin also handling distribution, not just the dealership!
And I’d like to be put in charge of velour interiors…
All that money spent on advertising, but I have never seen an ad for Fisker. As for who should buy it – maybe the question should be *should* anyone buy it? They don’t have any manufacturing facilities, right? So that leaves mostly IP and debt. If there’s an EV maker that thinks Fisker knows something substation that they don’t , then maybe they should buy it, but otherwise, what’s there to buy?
This is the answer. No one should buy it or take it over, though in saying that, I feel terrible for current Ocean owners. It’s built on a design riddled with shortcuts underneath a beautiful façade.
They made their choice. Same thing that happened with the Karma. Risk you take buying in to the first product of a new(technically) company.
Potemkin Ocean Karma.
Especially with two prior failures. I mean. Sure, Henry Ford’s first company failed, I suppose everyone gets one, but this was Henrik Fisker’s 3rd outing and the previous two companies had much less than stellar performance. Hell, Fisker Coachbuild sold 17 cars and Fisker Automotive only moved about 2,200
All that money spent on advertising, but I have never seen an ad for Fisker. As for who should buy it – maybe the question should be *should* anyone buy it? They don’t have any manufacturing facilities, right? So that leaves mostly IP and debt. If there’s an EV maker that thinks Fisker knows something substation that they don’t , then maybe they should buy it, but otherwise, what’s there to buy?
This is the answer. No one should buy it or take it over, though in saying that, I feel terrible for current Ocean owners. It’s built on a design riddled with shortcuts underneath a beautiful façade.
They made their choice. Same thing that happened with the Karma. Risk you take buying in to the first product of a new(technically) company.
Potemkin Ocean Karma.
Especially with two prior failures. I mean. Sure, Henry Ford’s first company failed, I suppose everyone gets one, but this was Henrik Fisker’s 3rd outing and the previous two companies had much less than stellar performance. Hell, Fisker Coachbuild sold 17 cars and Fisker Automotive only moved about 2,200
Call me a skeptic, but the timing on this and the fact that it’s going to those who are determined to have “exceptional performance” makes me wonder if it’s a way to further push stock ownership into the hands of those who support the moves Musk wants Tesla to make. He’s said he wants more ownership and control, and a way to do that is gather shareholders who’ll rubber stamp the moves he wants to make.
This is the correct take here.
Agree, plus i would be very surprised if any went to tesla’s blue collar work force.
Absolutely not. When you hear “exceptional performance” in this sort of context, it virtually never includes the staff working hard on the production line, the maintenance staff keeping things functioning, the janitorial staff keeping things clean, or anything like that. High performance is for engineers and managers. You have to do something visible to the upper echelons of the company.
This is not unique to Tesla, of course. It’s most companies large enough to have layers of management.
It won’t be for the engineers, either. Nor the software folks. They are all expendable to Musk. Anyone that doesn’t have “executive” or “vice president” in their title won’t see a dime.
Good chance, but sometimes the manager of a team that cut costs (fired folks) or the engineer who gave them a bunch of patents (especially on one of his favorite projects) gets a bone thrown to them because it makes them feel beholden to the company (or, in this case, to Musk).
I think that’s what the folks working on building/improving/designing vehicles might get, but I wouldn’t be surprised if engineer-level folks on the robotics and AI projects get some stock. That’s what he wants to focus on, and he wants people who’ll vote to approve anything that takes shareholder approval.
But, yeah, it might just be execs who already hold shares, especially since it’s pretty clearly a reward for approving his mammoth compensation package.
This
Yes, its like when Disney controlled Reedy Creek and made sure the only people who could claim residency in the district were members of senior management who were guaranteed to always vote in accordance with the company’s interests.
Call me a skeptic, but the timing on this and the fact that it’s going to those who are determined to have “exceptional performance” makes me wonder if it’s a way to further push stock ownership into the hands of those who support the moves Musk wants Tesla to make. He’s said he wants more ownership and control, and a way to do that is gather shareholders who’ll rubber stamp the moves he wants to make.
This is the correct take here.
Agree, plus i would be very surprised if any went to tesla’s blue collar work force.
Absolutely not. When you hear “exceptional performance” in this sort of context, it virtually never includes the staff working hard on the production line, the maintenance staff keeping things functioning, the janitorial staff keeping things clean, or anything like that. High performance is for engineers and managers. You have to do something visible to the upper echelons of the company.
This is not unique to Tesla, of course. It’s most companies large enough to have layers of management.
It won’t be for the engineers, either. Nor the software folks. They are all expendable to Musk. Anyone that doesn’t have “executive” or “vice president” in their title won’t see a dime.
Good chance, but sometimes the manager of a team that cut costs (fired folks) or the engineer who gave them a bunch of patents (especially on one of his favorite projects) gets a bone thrown to them because it makes them feel beholden to the company (or, in this case, to Musk).
I think that’s what the folks working on building/improving/designing vehicles might get, but I wouldn’t be surprised if engineer-level folks on the robotics and AI projects get some stock. That’s what he wants to focus on, and he wants people who’ll vote to approve anything that takes shareholder approval.
But, yeah, it might just be execs who already hold shares, especially since it’s pretty clearly a reward for approving his mammoth compensation package.
This
Yes, its like when Disney controlled Reedy Creek and made sure the only people who could claim residency in the district were members of senior management who were guaranteed to always vote in accordance with the company’s interests.
Who should buy Fisker? Fiskars
Oh, cut that out, you.
Of course you’re going to run with the scissors puns.
Steel sharpens steel.
Who am I to prune the puns here?
What’s your point, here?
On paper, it’s unbeatable!
This is shear lunacy.
Oooo!! Edgy!
Heh, they even have “kar” (car) in the name, Fisker doesn’t. Maybe the Fishers name was just foreshadowing.
I feel like Torch could write an entire article based on this premise
This is more up The Bishop’s lane
That idea is shear magic.
That’s some sharp wit there.
Maybe a joint-ventures with Fisher-Price and Fisher Foodservice (nuts): Use residual stuff from nut production to make upholstery and seat fillers and such, and F-P can make the bodies à la Saturn.
Who should buy Fisker? Fiskars
Oh, cut that out, you.
Of course you’re going to run with the scissors puns.
Steel sharpens steel.
Who am I to prune the puns here?
What’s your point, here?
On paper, it’s unbeatable!
This is shear lunacy.
Oooo!! Edgy!
Heh, they even have “kar” (car) in the name, Fisker doesn’t. Maybe the Fishers name was just foreshadowing.
I feel like Torch could write an entire article based on this premise
This is more up The Bishop’s lane
That idea is shear magic.
That’s some sharp wit there.
Maybe a joint-ventures with Fisher-Price and Fisher Foodservice (nuts): Use residual stuff from nut production to make upholstery and seat fillers and such, and F-P can make the bodies à la Saturn.
Biden should buy Fisker; Hunter’s going to need a job when he gets out of prison.
Real funny num nuts.
Get your political shit out of here, this isn’t The Drive or your Facebook wall. Unlike your family members, we can’t just mute your pointless commentary.
Forget your meds this morning?
He already has a job- absorbing BS GOP attacks so the old man doesn’t have to.
As long as he doesn’t put his kid or his kid’s spouse into high-level government positions. Besides, Fisker already has a nice tradition of nepotism, what with Henrik and his wife taking the two highest-paid positions in the company.
Biden should buy Fisker; Hunter’s going to need a job when he gets out of prison.
Real funny num nuts.
Get your political shit out of here, this isn’t The Drive or your Facebook wall. Unlike your family members, we can’t just mute your pointless commentary.
Forget your meds this morning?
He already has a job- absorbing BS GOP attacks so the old man doesn’t have to.
As long as he doesn’t put his kid or his kid’s spouse into high-level government positions. Besides, Fisker already has a nice tradition of nepotism, what with Henrik and his wife taking the two highest-paid positions in the company.
Was this article written via voice dictation? Referring to your point about Tesla. Its stock options, not spot options!
A “spot bonus” or a “spot option” is when you’re given a bonus or options “on the spot” as opposed to during a regularly scheduled review period.
Spot bonuses are bogus crap meant to appease someone today, and defer their wealth down the road. I say this because they almost NEVER come along with a big raise that year (or any raise at all).
Yeah, most of the times I have received them have been in lieu of an expected bonus, pay raise, or both.
If they vest over several years, they’re also a good way to keep people–you’re looking at a job that pays 10% more, but you have a bunch of stock vesting eventually, so you maybe stay where you are.
My company just calls it a bonus. Never heard it called this with “spot” included.
It’s often called a spot bonus in places that have built-in annual performance bonuses. Where I work, we have a bonus based on company and individual performance each year and spot bonuses that can be awarded when someone does a good job or when they aren’t offering a raise with a promotion due to some sort of hiring/pay freeze.
Yeah… We have annual and quarterly performance bonuses where I work as well.
Maybe terminology varies by industry, but most places have some sort of differentiation between expected bonuses and other bonuses. I’ve heard “off-cycle,” as well, and maybe some places use that term exclusively and eschew “spot.”
A lot of people have spotted when they hear things about Musk.
Was this article written via voice dictation? Referring to your point about Tesla. Its stock options, not spot options!
A “spot bonus” or a “spot option” is when you’re given a bonus or options “on the spot” as opposed to during a regularly scheduled review period.
Spot bonuses are bogus crap meant to appease someone today, and defer their wealth down the road. I say this because they almost NEVER come along with a big raise that year (or any raise at all).
Yeah, most of the times I have received them have been in lieu of an expected bonus, pay raise, or both.
If they vest over several years, they’re also a good way to keep people–you’re looking at a job that pays 10% more, but you have a bunch of stock vesting eventually, so you maybe stay where you are.
My company just calls it a bonus. Never heard it called this with “spot” included.
It’s often called a spot bonus in places that have built-in annual performance bonuses. Where I work, we have a bonus based on company and individual performance each year and spot bonuses that can be awarded when someone does a good job or when they aren’t offering a raise with a promotion due to some sort of hiring/pay freeze.
Yeah… We have annual and quarterly performance bonuses where I work as well.
Maybe terminology varies by industry, but most places have some sort of differentiation between expected bonuses and other bonuses. I’ve heard “off-cycle,” as well, and maybe some places use that term exclusively and eschew “spot.”
A lot of people have spotted when they hear things about Musk.
Dodge should buy Fisker. It will either be a genius move to get Dodge some EVs that aren’t Italian (with all the good and bad that goes with them) OR it will be just another bonehead strategic move in a long history of bonehead moves.
If not Dodge, then Nissan could use some fresh’ish meat to sell.
The big mistake Fisker made was partnering with CATL for batteries. As long as the batteries come from China, no one with a brain will buy Fisker because the cost of getting a LG/Samsung battery into the car would require way more money than anyone would want to risk.
Do a deal with Magna to make the Ocean the new Dodge Concord, at least it would be something tangible to put in showrooms, any product is better than no product, right?
I think that strategy is how Dodge ended up with the Hornet. Short term it may be okay, but at a certain point they need better vehicles. The Ocean would likely fit in nicely with Dodge offerings. It will sell as a mainstream car company offering, but not standout. It is a ‘keep the lights on’ offering. Maybe it can be the Chevy Bolt for the Dodge brand.
Dodge should buy Fisker. It will either be a genius move to get Dodge some EVs that aren’t Italian (with all the good and bad that goes with them) OR it will be just another bonehead strategic move in a long history of bonehead moves.
If not Dodge, then Nissan could use some fresh’ish meat to sell.
The big mistake Fisker made was partnering with CATL for batteries. As long as the batteries come from China, no one with a brain will buy Fisker because the cost of getting a LG/Samsung battery into the car would require way more money than anyone would want to risk.
Do a deal with Magna to make the Ocean the new Dodge Concord, at least it would be something tangible to put in showrooms, any product is better than no product, right?
I think that strategy is how Dodge ended up with the Hornet. Short term it may be okay, but at a certain point they need better vehicles. The Ocean would likely fit in nicely with Dodge offerings. It will sell as a mainstream car company offering, but not standout. It is a ‘keep the lights on’ offering. Maybe it can be the Chevy Bolt for the Dodge brand.
“Fisker also said it has between $500,000 million and $1 billion in assets.”
My nephew tells me $500,000 million is actually called a “super-duper-whooper-pooper-jugzillion” dollars.
That’s a lot of clams.
“Fisker also said it has between $500,000 million and $1 billion in assets.”
My nephew tells me $500,000 million is actually called a “super-duper-whooper-pooper-jugzillion” dollars.
That’s a lot of clams.
I work for NBCUniversal on ad tech! These fuckers owe me money!
Hear me out: Take the company and create an epic demolition derby style TV show.
Bring dumpsters, sand and fire equipment, lots of both. There’s a song in there somewhere.
I work for NBCUniversal on ad tech! These fuckers owe me money!
Hear me out: Take the company and create an epic demolition derby style TV show.
Bring dumpsters, sand and fire equipment, lots of both. There’s a song in there somewhere.
I guess that list of creditors makes sense if you look at if from the point of view of “will paying this bill help us make more cars?”. They just stopped spending money on anything that wasn’t cars.
I guess that list of creditors makes sense if you look at if from the point of view of “will paying this bill help us make more cars?”. They just stopped spending money on anything that wasn’t cars.
When the Davids away, the Matts will play (with TMD topshots).
I want to see at least three more levels of recursion in the topshot before the end of the week.
That was a good topshot! I don’t quite “get it”, but it’s good none-the-less.
It’s the main workspace for Adobe Photoshop. Matt used a screenshot from a previous Morning Dump topshot session for this Morning Dump.
I can understand David putting the vehicle on a separate layer from the background, but I don’t know why he used a black layer underneath…was the original background shot overexposed or something?
When the Davids away, the Matts will play (with TMD topshots).
I want to see at least three more levels of recursion in the topshot before the end of the week.
That was a good topshot! I don’t quite “get it”, but it’s good none-the-less.
It’s the main workspace for Adobe Photoshop. Matt used a screenshot from a previous Morning Dump topshot session for this Morning Dump.
I can understand David putting the vehicle on a separate layer from the background, but I don’t know why he used a black layer underneath…was the original background shot overexposed or something?
Let it die
Let it die