Chinese billionaire to scoop up failing car battery maker that got $240M from feds

[lonestar]

A struggling Massachusetts-based company that makes batteries for electric cars and got $240 million in stimulus money is being saved from bankruptcy by a Chinese billionaire who could move operations overseas.

A123 Systems received a $241.1-million grant from the Obama administration three years ago and more than $125 million in State of Michigan tax credits in the hopes that the company would create jobs, while leading the country away from conventional gas-guzzling vehicles and toward clean energy.

But the lithium ion battery maker is now poised to hand over the reins to Wanxiang Group, a Chinese firm, which agreed in a tentative deal last August to invest up to $450 million so that it can take over as much as 80 percent of the company.

"It’s money that we’ll never get back."

- Jarrett Skorup, Mackinac Center for Public Policy

Since 2009, the Waltham, Mass.-based company has lost a reported $857 million, laid off workers and recalled its products. A123's stock price has plunged from $4.44 about a year ago to 26 cents this week.

Read more: http://www.foxnews.com/us/2012/10/11...#ixzz293Ln86x0

more Male Bovine Excrement and wasted money for Nobama..

once touted by President Obama as a great example of "what's possible in a clean energy economy."

now it is chinese..

[lonestar]

Financial Highlights

Revenue: Total revenue for the second quarter of 2012 was $17.0 million, a decrease of 53% from $36.4 million in the second quarter of 2011. Within total revenue, product revenue was $11.5 million, a 61% decrease from $29.6 million in the second quarter of 2011, and services revenue was $5.5 million, a decrease of 19% from $6.8 million in the second quarter of 2011.

Gross Profit/(Loss): Gross loss was ($29.2) million in the second quarter of 2012, compared to a gross loss of ($17.5) million in the second quarter of 2011.

http://www.a123systems.com/a5cec87e-...ses-detail.htm

[barryr]

More jobs being outsourced? Just what this country needs, but don't forget, Obama is the "jobs president."

[lonestar]

Originally Posted by barryr

More jobs being outsourced? Just what this country needs, but don't forget, Obama is the "jobs president."

actually I got it more that the chinese just got 241.1 million of our money and another 125 million in Michigans money via tax credits..

hell not a bad deal for them..

Wonder how many more poorly run "green" companies will be bought for pennies on the dollar, by the chinese who will be able to turn it around..

[L.A. BRONCOS FAN]

Lonestar and his BF barryr: Still living in glass houses...

Is This Why Romney Won't Talk To Sensata Workers Whose Jobs Are Being Shipped To China?

On the campaign trail Romney says we shouldn't ship jobs to China and should "crack down" on China trade problems. But he refuses to help or even meet with the Sensata workers whose jobs are being shipped to China right now.

Why the refusal to line up his actions with his promises? A must-read, must-read, must-read news report explains how part of Romney's $450,000/week income comes from ... get this ... shipping jobs to China!

[barryr]

Originally Posted by L.A. BRONCOS FAN

Lonestar and his BF barryr: Still living in glass houses...

Is This Why Romney Won't Talk To Sensata Workers Whose Jobs Are Being Shipped To China?

On the campaign trail Romney says we shouldn't ship jobs to China and should "crack down" on China trade problems. But he refuses to help or even meet with the Sensata workers whose jobs are being shipped to China right now.

Why the refusal to line up his actions with his promises? A must-read, must-read, must-read news report explains how part of Romney's $450,000/week income comes from ... get this ... shipping jobs to China!

Then why isn't your messiah, the jobs president doing anything about it? Romney giving a speech to them I'm sure would make them feel so much better.

[L.A. BRONCOS FAN]

Originally Posted by barryr

Then why isn't your messiah, the jobs president doing anything about it?

Right on cue with the deflection.

[DAN_BRONCO_FAN]

Originally Posted by barryr

More jobs being outsourced? Just what this country needs, but don't forget, Obama is the "jobs president."

dammit you are supposed to listen to only the lies now repeat after me
ITS BUSHES FAULT THE JOBS ARE BEING MOVED OVERSEAS
THE RICH AINT PAYING THEIR FAIR SHARE
THE LIBIAN EMBASSY STAFF DID NOT ASK FOR MORE REINFORCEMENTS OR SECURITY
THE MARINE GUARDS THERE WAS ARMED
ISLAM IS THE RELIGION OF PEACE
THE ATTACK ON THE EMBASSY WAS DONE BY A FEW RADICALS OVER A YOUTUBE VIDEO
keep telling your selves these lies i mean truths everyday til you believe it

[barryr]

Originally Posted by L.A. BRONCOS FAN

Right on cue with the deflection.

Deflection? This from an idiot who still makes every thread about Bush 4 years after the fact. You're the king of deflection. Oh, and was that written correctly for you pointdexter?

[L.A. BRONCOS FAN]

Originally Posted by barryr

Deflection? This from an idiot who still makes every thread about Bush 4 years after the fact. You're the king of deflection. Oh, and was that written correctly for you pointdexter?

Bush caused the worst economic crisis since the great depression.

The repercussions of that crisis will be felt for generations, and you're surprised that the Smirking Sociopath's frauds and felonies are still being discussed?

You're more delusional and stupid than I thought.

Of course, right-wing idiots like you have been trying to redact any mention of Bush in the historical record the second Daddy's Little War Criminal left D.C., and your party has been running on the premise that Bush never existed since 2009.

At any rate, your deflection in response to the observation re: the ways Romney profits from outsourcing jobs to China has been noted.

[DAN_BRONCO_FAN]

now now kids play nice or get sent to your rooms with out any dinner we are having liver tonight

[DAN_BRONCO_FAN]

Originally Posted by L.A. BRONCOS FAN

Bush caused the worst economic crisis since the great depression.

The repercussions of that crisis will be felt for generations, and you're surprised that the Smirking Sociopath's frauds and felonies are still being discussed?

You're more delusional and stupid than I thought.

Of course, right-wing idiots like you have been trying to redact any mention of Bush in the historical record the second Daddy's Little War Criminal left D.C., and your party has been running on the premise that Bush never existed since 2009.

At any rate, your deflection in response to the observation re: the ways Romney profits from outsourcing jobs to China has been noted.

gee aint jobs being sent over seas on obams watch so isnt obama to blame just sayin

[L.A. BRONCOS FAN]

Originally Posted by DAN_BRONCO_FAN

gee aint jobs being sent over seas on obams watch so isnt obama to blame just sayin

[nyuk nyuk]

Oh, another waste of federal dollars on fringe green jobs hangups.

If you're going to do such stupid things as fund technologies which still aren't that viable and marketable yet, at least wait until the economy is in good shape before throwing our money away. Thanks.

Dumb ****s.

[barryr]

Another article about this story. They filed for bankruptcy. Obama wants to spend(waste) more money on this idiocy at the worst possible time with our economy. 4 more years with this fool will get us all on food stamps while we throw money at this constant failure.

http://www.bloomberg.com/news/2012-1...tml?cmpid=yhoo

[DAN_BRONCO_FAN]

Originally Posted by L.A. BRONCOS FAN

awww how cute you found a picture thats just super duper lil boy you get a smiley face and a gold star
you are very special

[barryr]

As one can see, the liberal Obama supporters love the "spend more money going green" but hate and ignore the details of the failures and wasted money and pretend they didn't happen. But hey, with a poor economy and a government trillions in debt, and Obama ready to spend the country into oblivion if given another 4 years, let's spend more on these failures.

[L.A. BRONCOS FAN]

Originally Posted by barryr

As one can see, the liberal Obama supporters love the "spend more money going green" but hate and ignore the details of the failures and wasted money and pretend they didn't happen. But hey, with a poor economy and a government trillions in debt, and Obama ready to spend the country into oblivion if given another 4 years, let's spend more on these failures.

Rightards: Caring about wasteful spending and government debt since 2009.

Are they fooling anyone but themselves?

Not likely.

[barryr]

Originally Posted by L.A. BRONCOS FAN

Rightards: Caring about wasteful spending and government debt since 2009.

Are they fooling anyone but themselves?

Not likely.

Rightards? Cartoons? Yes, you are a fitting liberal yellow dog democrat. The mentality of a 12 year old. And deflect the stories that ruin the narrative, predictable as well. But I'm sure your tens of thousands of posts, (and cartoons), around here have really convinced even one person to think like you who didn't already

[L.A. BRONCOS FAN]

Originally Posted by barryr

Rightards? Cartoons? Yes, you are a fitting liberal yellow dog democrat. The mentality of a 12 year old. And deflect the stories that ruin the narrative, predictable as well. But I'm sure your tens of thousands of posts, (and cartoons), around here have really convinced even one person to think like you who didn't already

...and he huffed and he puffed and he conceded the point about rightards not caring about wasteful spending and government debt until 2009.

[lonestar]

Cartoon boi at it again I suspect.

[The Lone Bolt]

FWIW, the latest:

Oct 17
A123 Systems Files Bankruptcy; Agrees To Be Sold to Johnson Controls, Inc


After stating in a regulatory filing yesterday it could not meet debt obligations, and was headed toward bankruptcy, ailing battery maker A123 Systems, Inc.. has announced it has agreed to be sold to Johnson Controls, Inc. (JCI).

The $125 million purchase agreement will prevent the assets and intellectual property of the government subsidized company from going to China’s largest auto parts maker, which intended to invest as much as $465 million which would have entitled it to an 80-percent share of A123.

“We believe the asset purchase agreement with Johnson Controls, coupled with a Chapter 11 filing, is in the best interests of A123 and its stakeholders at this time,” said David Vieau, Chief Executive Officer of A123. “We determined not to move forward with the previously announced Wanxiang agreement as a result of unanticipated and significant challenges to its completion.

http://gm-volt.com/2012/10/17/a123-s...-controls-inc/

[L.A. BRONCOS FAN]

Originally Posted by lonestar

Cartoon boi at it again I suspect.

All you kids on the short bus think this is an actual counterargument.