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More on A123 (AONE -72.8%) bankruptcy protection: A123 agrees to sell auto business assets to...

More on A123 (AONE -72.8%) bankruptcy protection: A123 agrees to sell auto business assets to Johnson Controls (JCI +0.4%) for $125M, including tech, products, customer contracts and facilities. JCI will provide A123 with $72.5M in financing to support its continued ops, and will license back certain tech for the company's grid, commercial, government and other ops, for which it has received interest. A123's financing deal with China's Wanxiang Group is off. (PR)
Comments (8)
  • haleiwahu
    , contributor
    Comments (3454) | Send Message
     
    Where does Tesla get its batteries?
    16 Oct 2012, 10:40 AM Reply Like
  • JRP3
    , contributor
    Comments (7653) | Send Message
     
    Panasonic.
    17 Oct 2012, 08:30 AM Reply Like
  • haleiwahu
    , contributor
    Comments (3454) | Send Message
     
    Just Found this - Tesla Motors announced plans to sell the battery system to TH!NK and possibly others through its Tesla Energy Group division. The TH!NK plans were put on hold by interim CEO Michael Marks in September 2007. TH!NK now obtains their Lithium-Ion batteries from Enerdel.

     

    Jan. 26 (Bloomberg) -- Ener1 Inc., the owner of a company that received a $118 million U.S. Energy Department grant to make electric-car batteries, filed for bankruptcy protection after defaulting on bond debt amid heavy competition from Asia.
    16 Oct 2012, 11:08 AM Reply Like
  • Simon S
    , contributor
    Comments (43) | Send Message
     
    This is an absolutely disgusting company and bankruptcy is exactly what they deserved. I am sure the insiders already cashed out long ago and received sweet employment contracts with Johnson controls .

     

    How can you have a BK filing and within 90 minutes have an agreement for the assets, something that normally takes 6 months. The truth is that the buyout agreement was in place long before the filing. Someone needs to go to jail for this
    16 Oct 2012, 12:25 PM Reply Like
  • Milhouse
    , contributor
    Comments (330) | Send Message
     
    Simon makes a good point.

     

    "We believe the asset purchase agreement with Johnson Controls, coupled with a Chapter 11 filing, is in the best interests of A123 and its stakeholders at this time," said David Vieau, Chief Executive Officer of A123.

     

    Is this a common practice? If I were a shareholder of A123, I don't think I would view this development as being in my best interest.
    16 Oct 2012, 01:14 PM Reply Like
  • butterfly56
    , contributor
    Comments (3) | Send Message
     
    I also want to know how they had a BK filing within 90 minutes and have a agreement for the assets??? I thought it took months for this to happen..They all make me sick they are nothing but a bunch of crooks. You are so right simon, somone should go to jail for this..andim sure it is more then one..DISGUSTING. you just can't trust anyone or anything. We all know the stock market is risky BUT this is just out and out hanky panky going on..What else is new??
    16 Oct 2012, 03:41 PM Reply Like
  • butterfly56
    , contributor
    Comments (3) | Send Message
     
    I certainly agree with you. I purchased shares when china was to have bought them. Now they say deal is off with china?? Now they file bankrupcy just like that??? This is intent to rip people off.this is so wrong. and so crimminal . THANK GOD I did not loose alot .But really what is alot. Anything you loose becasue of game playng is not right..Nothing but a bunch of crooks and Obama had his hand in it also..Makes me sick
    16 Oct 2012, 05:38 PM Reply Like
  • kuttab1973
    , contributor
    Comment (1) | Send Message
     
    Any idea what would that deal value the stock at?
    16 Oct 2012, 12:44 PM Reply Like
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