Obama Bailout company A123 Systems - Chinese company Wanxiang looks to courts over A123 Systems acqu

Interesting to see how every single failed startup is picked up by the Chinese A Energy related company. I bet all the rules and blockage will evaporate after the election.

Chinese industrial group Wanxiang has said it intends to challenge for the right to acquire a majority stake in A123 Systems, the US manufacturer of military and commercial batteries, which has filed for Chapter 11 bankruptcy protection.

The company told the Global Times newspaper in Beijing – a sister publication of the Chinese Communist Party newspaper, the People's Daily – that Wanxiang will not "alter its investment interest" in A123 despite the bankruptcy filing earlier in October and indications that the acquisition was unpalatable in the US due to growing sensitivity over incoming Chinese investment.

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However the Fisker is trying to delay the auction of A123 Systems Wonder why?

Fisker is seeking an extension of the bid deadline, auction date and related dates and deadlines in the bidding procedures request by at least 30 days, court papers show.

A123, the recipient of a $249 million federal grant, said it would sell its automotive-business assets to Milwaukee-based Johnson Controls Inc. in a deal valued at $125 million. The deal is subject to other potential offers in a bankruptcy auction.

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What is Fisker? Like the brand of scisors?

Let's be clear and honest here. This company did NOT recieve a BAILOUT. They, along with a number of other companies, received a federal grant to help develop battery technology for the emerging electric vehicle sector. Too bad it didn't work-out. We'll be buying them from China no doubt.

Government projects fail. Remember the multi-million dollar surveillance fence on the US/Mexican Border? Reagan's 'Star Wars' program? This list is long. Have you ever actually been to the Federal Government's Grant Program site to see just how many there are? Might bring some perspective.

This whole Obama's Failed 'Bailouts' crap is a bald-faced political poloy and you guys just eat it up. Do some homework. Things are rarely as they are presented in the talking points. And no, I'm a Gary Johnson supporter but to me, BS is BS no matter what the source.

Grant Program

reply to post by jtma508


Thank you for using those examples and putting things into perspective!

I had totally forgot about the "Star Wars" project.

Just imagine how many "black budget" items never pan out, or how many DARPA projects get the axe.

Originally posted by MystikMushroom
What is Fisker? Like the brand of scisors?

edit on 26-10-2012 by MystikMushroom because: Spelling

Just in case what Fisker does They use the batteries in their cars.
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reply to post by jtma508
Agree. How many of them were chinese companies during Reagan's 'star wars' program? I am not referring to partial subsidiaries. However Solyndra, A123 systems...are just two that I remember. Lets see how many more come into the spotlight. The trend with these two is that they're both bought out/in the process by chinese companies. On one side if you deny the Chinese firms to purchase wind farm or other real estate transactions but on the other side such deals go through. This wouldn't be that big of a deal if not used in the context to win votes and especially when the economy is struggling.