Millions lost as taxpayer-funded ‘green’ corporation goes bankrupt, bought by China
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.”
Join ATP, Stop Gang Green!
American Tradition Partnership (ATP) is a no-compromise grassroots organization dedicated to fighting the radical environmentalist agenda. We support responsible development of natural resources and rational land use and management policies. Only together can we protect access, private property rights, and affordable energy for all Americans!