Taxpayer backed A123 Systems files chapter 11

Another taxpayer "Green Company" Filed for bankruptcy today. Another $250 million down the tubes. A123 Systems a lithium-ion battery maker for "electric cars" failed to make a debt payment yesterday and filed bankruptcy today. The company also got $140 million from the state of Michigan. That's a total of $390 million taxpayer dollars. Obama certainly can pick them. I hope this guy never tries to play the ponys! I say we fire the SOB!

I swear I wanted to give Obummer a chance. The guy borrows Chinese money and throws it out the window every time. Epic Fail.
Listen to his typical BS, just recently. Get out, and let a succesful businessman run the country.

Alternative energy sure seems to be costly.....in the business world, your risk shouldn't be subsidized by the Federal Govt, IMO. I heard 'Clean Coal' mentioned last night AND we know that can happen with technology we use daily. Throwing money up into the air and getting swept away in the wind is NOT my idea of being responsible.....at any level of Govt.

Figures ... these guys are located in MA. I'm sure our state gov't had nothing to do with setting that deal up ....

A123 Systems had been around for at least 8-10 years that I know of. I use their cells to fly my R/C airplane. If anyone remembers the DeWalt 36V line of cordless tools, those had A123 cells in the packs - 10 cells, 3.6V each, 2200 mAh capacity. One pack from eBay was $90 and I made three, 3-cell packs from it.

A123 developed the cell chemistry to avoid the pitfalls of previous Lithium batteries. Testing and actual use have proven that the cells are extremely durable, long life, and insensitive to under/over discharge. They really are impressive. While not having the ultimate power/weight ratio of Lithium Polymer "pouch" cells, they are much more durable and robust. Dang shame....

A123 Systems had been around for at least 8-10 years that I know of. I use their cells to fly my R/C airplane. If anyone remembers the DeWalt 36V line of cordless tools, those had A123 cells in the packs - 10 cells, 3.6V each, 2200 mAh capacity. One pack from eBay was $90 and I made three, 3-cell packs from it.

A123 developed the cell chemistry to avoid the pitfalls of previous Lithium batteries. Testing and actual use have proven that the cells are extremely durable, long life, and insensitive to under/over discharge. They really are impressive. While not having the ultimate power/weight ratio of Lithium Polymer "pouch" cells, they are much more durable and robust. Dang shame....

So what your saying is they produced a fine product with their own money and then parlayed that into a bunch of gov. investment to fund greater advancements and decided to cut and run because their previous research told them they had capped out the possibilities without discovering new elements. And ain't it funny that the left cries and whines about the military industrial complex getting billions and giving us state of the art weapons systems to keep us number one while the lefts stooges just take it and give us a nice new building here and there. And a bunch of people on unemployment. Not that I think we should spend unlimited money on the military, but generally, we get something in return.

Kevin

KLook wrote:And ain't it funny that the left cries and whines about the military industrial complex getting billions and giving us state of the art weapons systems to keep us number one while the lefts stooges just take it and give us a nice new building here and there.

This is off topic, but if there's gonna be vast expenditures I certainly prefer military over marxist socialist policies to "level the playing field."

I have a bunch of these collectables, affordable and deadly:

http://en.wikipedia.org/wiki/Lazy_Dog_(bomb)

europachris wrote:A123 Systems had been around for at least 8-10 years that I know of. I use their cells to fly my R/C airplane. If anyone remembers the DeWalt 36V line of cordless tools, those had A123 cells in the packs - 10 cells, 3.6V each, 2200 mAh capacity. One pack from eBay was $90 and I made three, 3-cell packs from it.

A123 developed the cell chemistry to avoid the pitfalls of previous Lithium batteries. Testing and actual use have proven that the cells are extremely durable, long life, and insensitive to under/over discharge. They really are impressive. While not having the ultimate power/weight ratio of Lithium Polymer "pouch" cells, they are much more durable and robust. Dang shame....

I was of similar mindset on the tech A123 brought to the table. However I didn't know they got government grant money. I knew they were trying out for some military contracts due to their battery tech being way better at resisting practically unstoppable conflagration when penetrated by a bullet, compared to traditional Lithium ion battery tech, but didn't know they got grants for a plant and whatnot. Big mistake for the feds to fund them or any such endeavor. If there is a direct purchase or program need then fine it's part of R&D and procurement, but not as a money give away in the hopes something sticks. Hopefully they will restructure, sell off their plant, and get back to building their company and technology normally as market demands and their own gumption takes them.

From this article it sounds like the excutives were a lot better at BS than building batteries, sounds like they will all leave quite wealthy. http://nlpc.org/stories/2012/10/16/a123 ... bankruptcy

From this article it sounds like commie Obama bureaucrats were a lot better at BS than building free enterprise, sounds like they will all leave quite wealthy.
http://nlpc.org/stories/2012/10/15/gove ... onditional

This article from your link, guess that place isn't quite left wing enough comrade.

Dann, it isn't always a one way street, I found the comments of the employees very interseting it gives a lot of insite as to what went on seems to be the American way of doing business.
http://www.glassdoor.com/Reviews/A123-S ... 135938.htm

We should remember that this is a Chapter 11, seeking reorganization, not pulling the plug. I am impressed when I hear what they make and the brain trust, I'll reserve judgement until the facts come out, perhaps this will be OK in the end.

samhill wrote:I found the comments of the employees very interseting it gives a lot of insite as to what went on seems to be the American way of doing business.

A bunch of comments from disgruntled employees. The "insight" you always want to see is: "business bad, big government good"

europachris wrote:A123 developed the cell chemistry to avoid the pitfalls of previous Lithium batteries. Testing and actual use have proven that the cells are extremely durable, long life, and insensitive to under/over discharge. They really are impressive. While not having the ultimate power/weight ratio of Lithium Polymer "pouch" cells, they are much more durable and robust.

So how do you explain this? I guess you didn't see it in your haste to demonize and miss the point entirely as usual.
Romney could have gotten this company straightened out and you know it. All Obummer can do is borrow and beg Chinese money and throw it at socialist schemes. He has consistently failed.
Thanks for proving the point.

No Dann, you look at everything as either L or R, don't forget I put up the link that was unflattering to say the least. Your right in that I do put a lot of blame on top heavy mismanagement, just like the topic on work ethics the American way of running a business is unfortunately increasingly become for the top to reward themselves to the point of running the Co. into the ground & ripe for a takeover either by (it seems) a foreign investor or by a group like Bain that will finish the job for you so there is someone else to blame. Don't forget Bain lost around the same # of businesses as it saved but made it's money either way, now if they would have had the policy that they were going to manage a firm with some of their money & only get rewards if they win then I would agree that it was one heck of a firm. It's real easy to make money if it's set up that way from the start then all that's left to do is decide which way will make money easiest & faster. Don't forget they dealt with exporting businesses overseas as much if not more than any other.

Evaluating Romney’s time at Bain depends on how you define success. He consistently delivered for investors, producing as much as 173 percent in annualized returns, according to a prospectus obtained by the Los Angeles Times.

Obama: Socialist muslim appeasing shady background community organizer with an anti-business, anti-American agenda.

Romney: Successful Governor, with "a sterling " business career; according to your man Clinton.

Sorry you think business is all bad across the boards; business creates jobs, and doesn't always work out perfectly fair like you think it should. Commies, muslims, socialists, all hate free enterprise and wealth.