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We Don't Need No Stinking Sparky Cars

By Kate on October 16, 2012 9:43 AM | 5 Comments

A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday. [...] A123, which received a $249.1 million federal grant in 2009 to build a U.S. factory, needed a financial lifeline after struggling with costs from a recall of batteries supplied to Fisker Automotive Inc., the plug-in hybrid luxury carmaker.

5 Comments

Frenchie77 | October 16, 2012 9:52 AM | Reply

I didn't realise karma was such a b$tch

http://onward.fiskerautomotive.com/en-us/karma

I also didn't notice a choice of batteries, hmmm...negative option purchase I believe

Fred | October 16, 2012 10:00 AM | Reply

In related news, Obama crony gets really, really rich of the Eco Greenie Scam.

"Wow, who could have predicted this? Well, lots of folks, including me just over a year ago. I actually underestimated the value, assuming the losses would be worth about $150 million in avoided taxes, not the $350 million the IRS now pegs them at. If I can figure out this game, the Obama Administration had to know what was going on.

If the Administration allows this to happen (and remember that in the GM boondoggle, Obama waived the traditional rules that have bankrupt companies losing their tax loss carryforwards, giving GM a multi-billion dollar tax subsidy almost no one counts in the bailout costs), this will make Kaiser's last cash investment in Solyndra one of the great crony deals of all time.

If you remember, Kaiser (via Argonaut) invested $75 million as Solyndra was going down the tubes. No rational person could have thought that amount would have saved the company, and it didn't. What it bought, we now know, is three things:

Kaiser got the US Government to give up their lead creditor position to Kaiser, basically putting the US Government behind the Obama donor to get repaid and reducing the taxpayers' influence in the bankruptcy
It gave Kaiser a few precious months to loot the company. Between that $75 million investment and the bankruptcy, Solyndra sold off most of its liquid assets at a discount to .... Argonaut, the group controlled by Kaiser
It looks like Kaiser will get nearly a billion dollars in tax losses that can be used to reduce its future taxes by $350 million."

http://www.coyoteblog.com/coyote_blog/2012/10/and-you-thought-the-solyndra-handouts-were-over.html

John Lewis | October 16, 2012 10:29 AM | Reply

Such large government grants are always given with fraudulent intent, IMHO. Some Gov't money may be useful for prototyping etc.,
but if the concept then is good, private capital is available.

Ken (Kulak) | October 16, 2012 2:14 PM | Reply

The fleecing of the taxpayer by the thieves just continues on.

Sad!

NME666 | October 16, 2012 4:36 PM | Reply

Fred

buying tanked companies for their losses to be used on tax day is an old game, played by the big boys, just in this case it should be considered a criminal activity because the tax payers got screwed by intent!!!!!

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NME666: Fred buying tanked companies for their losses to be used read more
Ken (Kulak): The fleecing of the taxpayer by the thieves just continues read more
John Lewis: Such large government grants are always given with fraudulent intent, read more
Fred: In related news, Obama crony gets really, really rich of read more
Frenchie77: I didn't realise karma was such a b$tch http://onward.fiskerautomotive.com/en-us/karma I read more

We Don't Need No Stinking Sparky Cars

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