Democrats SUCK!!

[me]

Gosh he sure spends a lot of time trashing Romney rather than talking issues.  Do you suppose???? 


http://www.youtube.com/v/fTynx1hnfig

[me]

Looks like another one bites the dust and the tax payers loose again.



Another taxpayer-backed green energy company files for bankruptcy

Published October 18, 2012

FoxNews.com

Massachusetts-based solar company Satcon Technology Corp. filed for Chapter 11 bankruptcy protection Wednesday, becoming the second taxpayer-backed green energy firm this week to do so.

Steve Rhoades, Satcon's president and CEO, said that after considering its alternatives, the company's board decided that the Chapter 11 filings were a "necessary and prudent step" that would allow the company to continue to operate while it reorganizes.

"This has been a difficult time for Satcon," he said in a statement. "Our goal is for Satcon to emerge from bankruptcy reorganization and continue to provide our customers with the quality products that they need."

The filing comes after electric vehicle battery maker A123 Systems filed for bankruptcy protection Tuesday. That company got $129 million in federal grant money.

Satcon also benefited from federal grants under the Obama administration, though it has received far less than A123 Systems. According to the Energy Department, the company was approved for two separate stimulus awards worth $3 million each. The company so far has received roughly $228,000 from them. The company also received a string of contracts under the George W. Bush administration worth millions. 

The Energy Department, in its original justification for one of the Satcon grants, said it was developing a "compact, lightweight power conversion device" that could eliminate the need for large transformers by connecting large-scale solar power systems directly into the power grid. The goal was to "reduce the cost of operating, installing and siting" solar power systems.

But the company filed for bankruptcy following years of financial struggles and a severe downturn in the solar power industry.

The Boston company filed its petitions in the U.S. Bankruptcy Court for the District of Delaware after defaulting on a portion of its debt earlier this month.

Satcon has struggled financially for several years. Its power-conversion devices and other products were in steady demand in 2011, but never translated to profitability. The company posted losses each year from 2005 to 2011, and it reported a loss for the first six months of 2012.

In January, Satcon announced plans to cut 140 jobs, or about 35 percent of its workforce, and close a factory in Canada, blaming a drop in demand for solar power installations around the world.

The company said at that time that it planned to restructure its global distribution business to shift its focus from Europe, where most of the solar demand has been concentrated for the past few years, to North America and Asia.

The solar power industry has struggled for the past few years, hit by intense competition from cheap Chinese imports and then a steep drop in global demand.

Last year, Solyndra LLC drew national attention after it filed for bankruptcy protection, leaving taxpayers on the hook for $528 million in federal loans. Evergreen Solar, which also received millions in state aid, and Abound Solar have also filed for bankruptcy protection over the past two years.

Satcon also said Wednesday it expects its secured lenders will allow it to use collateral that will give it access to the funds needed to operate its business.

The Associated Press contributed to this report.

Read more: http://www.foxnews.com/politics/2012/10/18/another-taxpayer-backed-green-energy-company-files-for-bankruptcy/#ixzz2APnhzwBM

[me]

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


Electric Car Battery Maker A123 Systems Files Bankruptcy
By Dawn McCarty and Craig Trudell - Oct 16, 2012 3:02 PM ET

   

A123 Systems Inc. (AONE), the electric car battery maker that received a $249.1 million federal grant, filed for bankruptcy protection and said it would sell its automotive business assets to Johnson Controls Inc. (JCI)
Enlarge image Electric Car Battery Maker A123 Systems Files for Bankruptcy

Machines are used to fabricate batteries at the A123 Systems lithium ion automotive battery manufacturing plant in Livonia, Michigan. Photographer: Jeffrey Sauger/Bloomberg

The filing may fuel a debate over government financing of alternative-energy and transportation businesses. Federal grants and loans to companies including A123, Fisker Automotive Inc. and Tesla Motors Inc. (TSLA) have drawn scrutiny from congressional Republicans following the September 2011 bankruptcy filing of solar-panel maker Solyndra LLC two years after it received a $535 million loan guarantee from the U.S. Energy Department.

"This action is expected to allow the company to provide for an orderly sale," A123 said in a press release. Johnson Controls plans to acquire A123's automotive-business assets in a deal valued at $125 million and will provide financing of $72.5 million to support A123's operations, according to the release. A deal to sell a majority stake to a Chinese company fell through, A123 said.

The Energy Debate Continues at www.bloomberg.com/sustainability

The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

The Waltham, Massachusetts-based company said yesterday it expected to fail to make an interest payment due yesterday on $143.8 million of notes expiring in 2016.
Largest Shareholders

A123's largest shareholder is Heights Capital Management Inc. of San Francisco, with 12.5 million shares, or a 7.3 percent stake, according to data compiled by Bloomberg. IHI Corp., based in Tokyo, has 8.45 million shares, or about 5 percent, and General Electric Co., based in Fairfield, Connecticut, holds 7.37 million shares, or about 4.3 percent.

The 30 largest consolidated creditors without collateral backing their claims are owed a total of more than $161 million, according to court papers. U.S. Bank NA, as trustee, is listed as the largest unsecured creditor with a claim of $142.8 million, according to court papers. Hudson Bay Capital Management LP has a claim of $2.8 million, Jabil Circuit Inc. has a claim of $1.7 million and Hydro Quebec has a claim of $1.5 million.

    Related:Obama's $5B Is Slow to Charge Electric-Car Purchases
    Related:Musk Doesn't Like Romney Calling Tesla a Loser
    Related:A123 Bankruptcy Gives Romney New Example of 'Loser'

A123 fell 18 cents, or 74 percent, to 6 cents a share in over-the-counter trading as of 2:38 p.m.

A123, which received a $249.1 million federal grant in 2009 to build U.S. factory capacity, needed a financial lifeline after struggling with costs from a recall of batteries supplied to Fisker, the plug-in hybrid luxury carmaker. A123 announced in August that it was working on a deal with Wanxiang Group Corp., China's largest auto-parts maker, for financing in exchange for a majority ownership stake.
'Significant Challenges'

"We determined not to move forward with the previously announced Wanxiang agreement as a result of unanticipated and significant challenges to its completion," David Vieau, A123's chief executive officer, said today in the company's statement. Wanxiang had planned to invest as much as $465 million in A123, giving the Hangzhou, China-based company a stake of as much as 80 percent, A123 said in an Aug. 16 statement.

Johnson Controls plans to acquire A123's automotive business assets, including its facilities in Livonia and Romulus, Michigan. The Milwaukee-based company also will obtain A123's cathode powder plant in China and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123's joint venture with Shanghai Automotive Industry Corp.
'Good Complement'

"Our interest in A123 Systems is consistent with our long- term growth strategies and overall commitment to the development of the advanced battery industry," Alex Molinaroli, president of Johnson Controls Power Solutions, said in today's statement. "We believe that A123's automotive capabilities are a good complement to our existing portfolio."

A123 has used $132 million of the $249.1 million grant awarded by the U.S. in 2009 toward building the two Michigan factories, the Energy Department said today in a posting on its website. A123 was required to spend up to one dollar of its funds for every incentive dollar received from the government, according to regulatory filings. The company also received a $6 million grant from the George W. Bush administration in 2007.

A123 and its debtor and non-debtor affiliates, collectively, have about 1,763 active employees, located in 10 facilities across the U.S., China and Germany, according to court papers. Its businesses consist of three primary business segments: transportation, grid-energy storage and commercial.
'Sole Purpose'

A123 Securities Corp., a non-operating company that holds a large portion of the company's cash, and Grid Storage Holdings LLC, a shell entity formed "for the sole purpose of facilitating certain contemplated grid projects which ultimately were not completed," also sought protection, according to court papers. Units outside the U.S. didn't file for bankruptcy.

President Barack Obama called A123's CEO Vieau and then- Michigan Governor Jennifer Granholm during a September 2010 event celebrating the opening of the plant in Livonia 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."
Vehicle Sales

Electric-vehicle sales since 2011 totaled fewer than 50,000 through September, just 5 percent of Obama's target to have 1 million such vehicles on U.S. roads by 2015.

The debtors' two largest customers are Fisker and AES Energy Storage LLC and its affiliates, which accounted for about 26 percent and 24 percent of their total revenue during the year ended Dec. 31, respectively, court papers show.

Republican presidential candidate Mitt Romney said last month that Obama has picked "losers" for alternative-energy loans and grants. His running mate, Paul Ryan, has called for all green-energy subsidies to be eliminated.

A123 has posted at least 14 straight quarterly losses. Its shares had fallen 85 percent this year to 24 cents as of yesterday's close in New York.

The case is In re A123 Systems Inc., 12-49658, U.S. Bankruptcy Court, District of Delaware (Wilmington).

[The Troll]

  And who in hell cares after all the money that George W. just out and out gave the big, to big to fail banks.  Why don't you bring that up once in a while.  Miss BlowHard.    That is if you really want to talk about big, big money.      Just more stupid shit out of "ME".   

[Henry Hawk]

http://www.youtube.com/watch?v=fTynx1hnfig

Irony alert!!!

[The Troll]

http://www.youtube.com/watch?v=fTynx1hnfig

Irony alert!!!

  That's my Boy.  What he said four years ago is still true today.     Skippy why don't you tell us how great "DICK" Mourdock is.  If any of the girls in your family and relation would get raped and cause to become pregnant would you consider it a blessing from god.      I sure would like to know what a Republican Religious Lugnut has to say.    Speak up Britebart.   

  This if what Indiana really need after 8 years of  Mitch Daniels.  "DICK" Mourdock a religious bigot and zealot who is brain dead of top of everything.    Give me a break. 

[Henry Hawk]

  That's my Boy.  What he said four years ago is still true today.     Skippy why don't you tell us how great "DICK" Mourdock is.  If any of the girls in your family and relation would get raped and cause to become pregnant would you consider it a blessing from god.      I sure would like to know what a Republican Religious Lugnut has to say.    Speak up Britebart.   

  This if what Indiana really need after 8 years of  Mitch Daniels.  "DICK" Mourdock a religious bigot and zealot who is brain dead of top of everything.    Give me a break. 

obama is a hypocrit

[Henry Hawk]

AUDIT: Green jobs stimulus program had 16 percent success rate...
Only 38 percent of those who have completed training got jobs based on it, and  only 16 percent kept jobs for at least six months

[me]

  And who in hell cares after all the money that George W. just out and out gave the big, to big to fail banks.  Why don't you bring that up once in a while.  Miss BlowHard.    That is if you really want to talk about big, big money.      Just more stupid shit out of "ME".   

I don't bring that up because it's irrelevant to the issue at hand here. This is happening now and frequently not then and once at the instance of the dem congress who had said there was nothing wrong when Bush wanted to do something about what was going on before things got upside down.

[me]

  That's my Boy.  What he said four years ago is still true today.     Skippy why don't you tell us how great "DICK" Mourdock is.  If any of the girls in your family and relation would get raped and cause to become pregnant would you consider it a blessing from god.      I sure would like to know what a Republican Religious Lugnut has to say.    Speak up Britebart.   

  This if what Indiana really need after 8 years of  Mitch Daniels.  "DICK" Mourdock a religious bigot and zealot who is brain dead of top of everything.    Give me a break. 

What does that have to do with Obama being a hypocrite?

[The Troll]

What does that have to do with Obama being a hypocrite?

  You can say Obama is a hypocrite, but I think not.  But I do think you "ME" and you Henry are hypocrites.  You guys are just like the geese they feed for their livers.  The Republican Party shove a funnel down the twin's throats and pour in the bull shit and out right lies and both of you take it all in.    Just two big piles of goose liver and lying bull shit.  "ME" and Henry.   

[Henry Hawk]

AUDIT: Green jobs stimulus program had 16 percent success rate...
Only 38 percent of those who have completed training got jobs based on it, and  only 16 percent kept jobs for at least six months

bump

[The Troll]

bump

   How many of the people you studied with got a job in your field of "Expertise" and still are in the business.  I would bet there are not to many openings in a brown nose job like you got.    Nice try Bird Boy.

[Palehorse]

AUDIT: Green jobs stimulus program had 16 percent success rate...
Only 38 percent of those who have completed training got jobs based on it, and  only 16 percent kept jobs for at least six months

I'd say that is an indictment of the industry as opposed to the nigra you are attempting to hang it upon. 

[Henry Hawk]

I'd say that is an indictment of the industry as opposed to the nigra you are attempting to hang it upon. 

Of course you would