China profits as Obama loses $130M on another green energy debacle
Posted on December 10, 2012 by admin in Steve Bullock
A123 Systems, the ‘green’ car battery maker bailed out by Barack Obama with $249 million in taxpayer funds only to declare bankruptcy anyway, has been bought by a Chinese car maker.
Wanxiang America Corporation bought the company in a Delaware bankruptcy court, The Washington Post reports.
A123 pocketed about $130 million of the taxpayer-backed loan handed to them by Obama before admitting they were bankrupt.
Once again, Obama bet millions of taxpayer dollars on yet another green loser. Those holding shares in A123 will lose their investment. “If the deals are approved by the court, the shares,” the Post reports. “That’s because proceeds from the sale of the two parts of A123 would be less than the company owes its creditors.”
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