Electric Car Battery Maker A123 Systems Files Bankruptcy

Bloomberg | -Oct 16, 2012 8:50 AM CT | By Dawn McCarty and Craig Trudell

[Red Badger]

Title and link only.........

[Red Badger]

http://www.bloomberg.com/news/2012-10-16/electric-car-battery-maker-a123-systems-files-bankruptcy.html?cmpid=yhoo

[COBOL2Java]

President Barack Obama called A123 Chief Executive Officer David Vieau and then-Michigan Governor Jennifer Granholm during a September 2010 event celebrating the opening of the plant in Livonia, Michigan, that the company received the U.S. grant to help build.

“This is about the birth of an entire new industry in America — an industry that’s going to be central to the next generation of cars,” Obama said in the phone call, according to a transcript provided by the White House. “When folks lift up their hoods on the cars of the future, I want them to see engines and batteries that are stamped: Made in America.”

[bmwcyle]

And the owners of this company are giving back to Obama.

[theBuckwheat]

The government sought to choose winners and losers and the immediate loser are the people who will lose their jobs, and any private creditors and associated subcontractors who may lose money as unsecured creditors. Secondarily will be the taxpayer. Also a loser: anyone who bought a car, or some other device like maybe a data center UPS that uses these batteries and cannot get replacements when they are needed.

[knarf]

Then of course, there's THIS ..

[cripplecreek]

Related.

http://www.freerepublic.com/focus/f-news/2945528/posts

[Oldeconomybuyer]

'You don't just pick the winners and losers; you pick the losers.'

-Mitt Romney, 2012 Debate

[OrioleFan]

Someone with the where with all should put together a fund of Obama green energy and auto industry investments and see what the performance is measured against the energy industry as a whole. Romney can point to the mock fund as an example of how Obama and his ivy league team would have fared in the business world - an utter failure.

[Red Badger]

They will see:

Hecho in Chine

[Never on my watch]

When a company names itself “A123” to get in the front of the phone book, I am a little suspicious of their credentials.

[A_Tradition_Continues]

A123/Solyndra...two companies that Bain Capital couldn’t salvage.

[DTogo]

GE has an equity stake in A123 and GE's Immelt was head of Soetoro's outside Council on Jobs and Competitiveness.

HA-ha!

[Red Badger]

A123 Systems, Inc. (AONE) -NasdaqGS
Prev Close: 0.24
Open: 0.09
Bid: 0.0623 x 5600
Ask: 0.0624 x 1300
1y Target Est: 2.67
Beta: 1.99
Next Earnings Date: 7-Nov-12AONE Earnings announcement
Day’s Range: 0.0580 - 0.0977
52wk Range: 0.19 - 3.91
Volume: 85,089,712
Avg Vol (3m): 13,862,200
Market Cap: 10.64M
P/E (ttm): N/A
EPS (ttm): -2.61
Div & Yield: N/A (N/A)

[Red Badger]

“On October 16, 2012, A123 Systems, Inc. announced that it has entered into an asset purchase agreement with Johnson Controls, Inc. , which plans to acquire A123’s automotive business assets, including all of its automotive technology, products and customer contracts, its facilities in Livonia and Romulus, Mich., its cathode powder manufacturing facilities in China, and A123′s equity interest in Shanghai Advanced Traction Battery Systems Co., Alpha’s joint venture with Shanghai Automotive. The asset purchase agreement also includes provisions through which Johnson Controls intends to license back to A123 certain technology for its grid, commercial and government businesses. A123 also continues to engage in active discussions regarding strategic alternatives for its grid, commercial, government and other operations, and has received several indications of interest for these businesses. To facilitate the transaction process, A123 and all of its U.S. subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. A123’s non-U.S. subsidiaries were not included in the filing. This action is expected to allow A123 to provide for an orderly sale of its automotive business assets and all other assets and business units under Section 363 of the Bankruptcy Code and help maximize the value of its assets for its stakeholders. In conjuction with the proposed asset purchase agreement, A123 has received a commitment from Johnson Controls for $72.5 million in debtor in possession financing to support A123’s continued operations during the pendency of the sale process…”

[Vaduz]

Bankruptcy the Obama touch.

[edpc]

Pink slip for Pookie's "green" job.

Hey.....at least it was printed on recycled paper.

[knarf]

I listened to an Al;len West speech last night (I think it was Labor Day, but it doesn't matter), and he said something on the idea that,

"When government makes an "investment", what's the return on that "investment"?

"6 trillion dollars in debt?"