Bob Lutz isn't afraid to roll the dice, especially when he sees the possibility of hitting the jackpot.
That explains why the former vice chairman of General Motors, who now plays a leadership role with VL Automotive, is teaming up with Chinese auto parts supplier Wanxiang Group in a bid to buy the ailing Fisker.
CNBC has been unable to reach Lutz for a comment on the bid, but sources confirm the VL Automotive-Wainxing bid is one of three offers to buy Fisker.
No other details have been revealed about how much Lutz and his Chinese partners are offering, but it would include buying Fisker through a pre-packaged bankruptcy. Bankruptcy is important because it would allow the company's new owners—whether VL Automotive-Wanxiang or another bidder—to get a stripped-down automaker with a clean balance sheet.
However, it's unclear whether Fisker's $171 million loan with the Department of Energy would be involved in a bankruptcy filing.
(Read More: Fisker Fires Most of Its Rank-and-File Employees)