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A123 Files for Bankruptcy

Yet another failure of central planning

Electric car battery-maker A123 Systems has filed for bankruptcy, according to Bloomberg News. The … known financial trouble, just a few months ago A123 awarded sweetened severance packages to its top … a pattern of large pay increases top executives at A123 Systems have received. In sum: The president of … more

Government-Backed Green Energy Company Sweetens Package For Top Executives Despite Mounting Problems

In SEC filings, A123 Systems raises 'substantial doubt on the Company's ability to continue'

… payout if they lose their jobs. A123 Systems, which opened a Livonia … factory in Korea in February. A123 Systems, which received $249.1 … Economic Development Corp. said A123 Systems hasn't received any state money from them yet. But A123 Systems stated it expects to … ending Dec. 31, 2012. One of A123's top customers, Fisker Automotive, … more

Job Numbers Vary Widely for Taxpayer Funded Electric Car Battery Maker A123 Systems

MEDC reported hundreds of jobs just prior to company's bankruptcy

Electric car battery maker A123 Systems was offered as much … That was just 16 days before A123 Systems filed for bankruptcy. … quarter ending Sept. 30, 2012, A123 Systems reported having just … MEDC, said the jobs number for A123 Systems was taken directly from A123's payroll records. "The feds … more

MEDC Removes Video of Obama, Top Dems Praising Failed Battery Company

YouTube promotion showed Obama, Granholm, Levin and Stabenow promising thousands of jobs

… highlighting the battery manufacturer A123 Systems. At the time, the … Debbie Stabenow. Since then, A123 has shed money, laid off half … after the initial roll-out, A123 is being acquired by a Chinese … initiatives. Michigan gave A123 Systems $100 million in MEGA … Department of Energy awarded A123 Systems a $249.1 million grant as … more

A123 Logs Its Own List of Failures

Like Solyndra, hundreds of millions in government subsidies didn't stop company from going bankrupt

… President Barack Obama highlighted A123 Systems during a White House … not in the way he envisioned. A123 Systems has become a study … green-energy failures. However, A123 Systems, which has its headquarters … Detroit Free Press reported that A123 Systems received $946,830 from … for Chapter 11 bankruptcy. A123 Systems is one of 19 green … more

Electric Vehicle Battery Subsidy Failures Evident Early On

Former Gov. Granholm defends her policies in Detroit Free Press article

… subsidies to four companies — A123 Systems, Dow Kokam, Johnson … chronicaling the collapse of A123 Systems. In a September 2010 … two industry experts called A123 Systems "a risky venture." … Capitol Confidential showed how A123 Systems increased the pay of … first three quarters of 2011. A123 Systems filed for bankruptcy … more

MEDC Boss Says Agency Changing; Has Long History of Backing Bad Companies

A look back at five MEDC-backed failures

… the MEDC on unproven technologies. A123 SYSTEMS The lithium-ion car battery … Obama told the crowd. The failure of A123 Systems is now well known. The company … October 2012. As of November 2012, A123 Systems had spent $115 million of a … Zero Jobs and Goes Out of Business A123 Files For Bankruptcy Speedshape: Another … more

Terrible Track Record

Government's 'green' venture capitalism experiment a failure.

… plant may be one of the biggest green failures in the country. While countless articles have been dedicated to exposing green failures like Solyndra, A123, LG Chem, Energ1 and others, Frontier, which is a part of Mascoma Corp., has received little media attention. In June, Michigan Capitol Confidential … more

Another One: Stimulus-Backed Battery Company Workers With No Work To Do — Playing Cards, Watching Movies, Reading Magazines

LG Chem joins the growing list of 'green' failures

… facility will play an important role in its global strategy for the batteries." This report comes on the heels of another “green energy” failure as A123 Systems, another battery company, declared bankruptcy this week. The company was promoted heavily by President Obama and top Michigan Democratic politicians. … more

Dead Batteries

… facility will play an important role in its global strategy for the batteries." This report comes on the heels of another “green energy” failure as A123 Systems, another battery company, declared bankruptcy this week. The company was promoted heavily by President Obama and top Michigan Democratic politicians. … more

President Sees Bright Green Future for Battery Jobs; Details Show Reality Still Very Cloudy

… employees. The exception was A123 Systems which has just reached … battery companies, including A123 Systems, predict they will … investments in the first place? A123 Systems seems to be the closest … batteries in North America. A123 Systems is headquartered in … announced a contract under which A123 Systems would produce advanced … more

Subsidized Green Energy Company Struggles, Lays Off Workers — Rewards Top Executives

Analyst: 'It looks like they are trying to pad their top people’s wallets in case something really bad happens'

… Chief Financial Officer of A123 Systems — the battery manufacturer … first three quarters of 2011. A123 Systems also learned earlier … lay off its own employees. A123 Systems had invested $23 million into Fisker. Yet, this month A123’s Compensation Committee approved … really bad happens.” When A123 Systems announced it was opening … more

Video Shows President Obama, Top Politicians Praising Failed Green Company

Obama, Granholm, Levin, Stabenow and Energy Secretary Chu all praised troubled battery manufacturer

… subsidized and now-troubled A123 Systems battery manufacturer. … advanced battery manufacturer A123 Systems. A123 Systems, which opened its lithium-ion … action lawsuit was filed against A123 Systems this week on behalf … Business Week, the lawsuit claims A123 Systems withheld information … more

State Paid Company To Create Michigan Jobs — Or Move Them Elsewhere

One of Granholm’s failed electric car battery deals

… One of the firms was called A123 Systems Inc. The agency stated, … wasn’t the whole story, as A123 Systems explained in its own … Michigan. But this deal let A123 Systems keep the benefits even … been shipped out-of-state. A123 Systems filed for bankruptcy … October 2012. In the SEC report A123 Systems stated, “We experienced … more

“Funny Numbers”

Critics of special business subsidies say state’s economic planners use shaky data to make decisions

… 300 new Michigan jobs, and A123 Systems’ production plans project … Corporation is projecting for the A123 Systems plant. The state is … briefing memo from April of 2009, A123 Systems plans to create 844 … aren’t jobs created by the A123 Systems plant, but jobs that … bothers him is how few jobs A123 Systems is required to create … more

Michigan Taxpayers Writing Check to Second Electric Car Battery Maker for $100 Million

… electric car battery plant, A123 Systems, will receive a $100 … House and 38-0 in Senate. The A123 Systems renaissance zone award … business tax credits for both A123 Systems and LG Chem.* "Refundable" … Commission, Massachusetts-based A123 Systems is the beneficiary … renaissance zone status.) A123 Systems is also the recipient … more

Yes, Granholm's Administration Gave Cash To Failed Electric Car Battery Company

She denied it in a U.S. Senate confirmation hearing

… the hearing. Barrasso cited A123 Systems, a company that had promised 3,000 jobs in Michigan. A123 Systems received authorization … bankruptcy. A Chinese firm bought A123 Systems’ intellectual property. … Granholm’s administration offered A123 Systems $100 million in battery … the public. It is known that A123 Systems received state payments … more

Failed Corporate Welfare Flashback: Company Warned, ‘We Have Never Been Profitable’

A123 Systems was an electric car battery company that received millions in taxpayer-funded subsidies from the state and federal government before filing for bankruptcy in 2012.  A123 Systems wrote this in its 2011 annual report: "Risks Related to Our Business … more

“…Funny Numbers They Pull Out of Their Backside”

Critics of special business subsidies say state’s economic planners use shaky data to make decisions

… 300 new Michigan jobs, and A123 Systems' production plans project … Corporation is projecting for the A123 Systems plant. The state is … briefing memo from April of 2009, A123 Systems plans to create 844 … aren't jobs created by the A123 Systems plant, but jobs that … bothers him is how few jobs A123 Systems is required to create … more