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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default The "Green" Fleecing Of America....

    A Chinese company’s preliminary agreement to invest in A123 Systems Inc. has ignited concerns that China could take control of the struggling Waltham battery maker’s advanced technology and spurred new criticisms that the Obama administration squandered billions in stimulus money with investments in risky firms.

    A123, which has warned investors that it is running out of cash, won a $249.1 million federal matching grant in 2009 to expand its facilities as part of the administration’s efforts to revive the economy and boost the nation’s clean energy sector. Under a tentative deal announced Wednesday, Chinese conglomerate Wanxiang Group agreed to invest up to $450 million in A123 and could eventually gain control of 80 percent of the company’s stock.

    Republicans quickly raised concerns about the potential loss to China of sensitive technology developed with the support of US taxpayers, with one congressman saying the A123 deal could involve “serious national security issues.” They also compared A123 to the California solar panel maker Solyndra, which went bankrupt after receiving a $535 million federally-guaranteed loan.

    “This is just another example of Barack Obama’s failure to follow through on his economic promises and the millions of taxpayer dollars he has wasted,” said Kirsten Kukowski, a spokeswoman for the Republican National Committee. “It’s unfortunate Obama borrowed from the Chinese to give taxpayer money to prop up green energy companies that the Chinese are now buying already.”

    White House officials responded that the Obama administration’s investment in the battery industry has helped the country produce more efficient cars at home, reducing its reliance on foreign oil and creating jobs. A123, for instance, says it now has 1,300 jobs nationwide, more than triple the number it had in 2008. It employs 380 in Massachusetts.

    ‘There is concern that we are essentially compromising our ability to compete.’

    A123’s agreement with Wanxiang comes as many US clean energy companies struggle to compete against Chinese rivals, which are bolstered by cheap labor and their government’s massive subsidies. US companies also complain that the Chinese government has done little to stop firms there from stealing their technology.

    A Devens-based company, American Superconductor, which makes critical parts used in wind turbines and does business as AMSC, is embroiled in a high-profile court fight with a Chinese company it claims stole its technology.

    Clayton Dube, executive director of the University of Southern California’s US-China Institute, said the A123 deal is particularly sensitive because it involves alternative energy, one of the technologies that the United States is counting on for growth.

    “There is concern that we are essentially compromising our ability to compete,” he said “On deals involving telecommunications or green technologies, flags will always go up somewhere automatically.”

    A123, founded in 2001, is considered one the nation’s leading advance battery makers. In addition to federal aid, it has received significant support from Massachusetts and Michigan, where it built a factory. The state of Michigan provided the company with $12 million in grants, a $4 million loan, and promises of up to $100 million in tax credits.

    The Massachusetts Clean Energy Center provided the company with a $5 million forgivable loan in 2010. Michigan officials could not be reached for comment. A spokeswoman for the Massachusetts center, Krista Selmi, said the state is “closely monitoring the situation and in frequent communication with A123 to ensure that the Commonwealth’s investment is protected.”

    A123 executives insisted Thursday that Wanxiang was committed to helping grow the company’s existing operations in the United States, rather than just shipping its technology to China. They also said the deal would provide much-needed cash to maintain its operations here and help it tap into China and other foreign markets.

    “This proposed strategic investment from Wanxiang would significantly improve A123’s financial situation,” said A123 Systems marketing manager Dan Borgasano.

    Pin Ni, president of Wanxiang’s US subsidiary, said the company would do whatever is best for A123, but declined to comment further.

    Any deal with Wanxiang could also face scrutiny from the Committee on Foreign Investment in the United States, an interagency panel in the executive branch that reviews foreign transactions to make sure they don’t pose national security risks.

    Chinese telecommunications equipment maker Huawei Technologies was forced to abandon bids to buy stakes in at least two US companies, including Marlborough-based 3Com, over the last few years because of security concerns. 3Com, a telecommunications equipment maker, was later bought by Silicon Valley technology giant Hewlett-Packard.

    The A123 transaction could put the Obama administration in a bind. If it denies the transaction, it is possible A123 Systems may not be able to find an alternate source of capital and go out of business. One analyst, Theodore O’Neill, predicted the company could run out of cash by October if it doesn’t raise more money or slash its expenses.

    But if it approves the deal, critics say the White House risks allowing a Chinese company to gain control of potentially important energy technology underwritten by US taxpayers.

    US Representative Cliff Stearns, a Republican from Florida who serves on the House Energy and Commerce Committee, said the A123 deal shows the Obama administration is not doing enough to protect US technology. Earlier this year, he said, a Russian citizen gained control of the assets of Ener1 of New York, another troubled battery makersupported by the US taxpayers.

    “Once again it appears the Department of Energy and the Obama administration have failed to secure sensitive taxpayer-funded intellectual property from being transferred to a foreign adversary, which raises serious national security issues,” Stearns said. “We need to make sure the federal government isn’t an unwitting accomplice to the theft of our own national secrets by providing them with multimillion-dollar government grants and loans.”
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk
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    Default

    ObamaBalls??

    http://news.yahoo.com/obama-blocks-c...181230948.html


    Quote Originally Posted by voivod View Post
    A Chinese company’s preliminary agreement to invest in A123 Systems Inc. has ignited concerns that China could take control of the struggling Waltham battery maker’s advanced technology and spurred new criticisms that the Obama administration squandered billions in stimulus money with investments in risky firms.

    A123, which has warned investors that it is running out of cash, won a $249.1 million federal matching grant in 2009 to expand its facilities as part of the administration’s efforts to revive the economy and boost the nation’s clean energy sector. Under a tentative deal announced Wednesday, Chinese conglomerate Wanxiang Group agreed to invest up to $450 million in A123 and could eventually gain control of 80 percent of the company’s stock.

    Republicans quickly raised concerns about the potential loss to China of sensitive technology developed with the support of US taxpayers, with one congressman saying the A123 deal could involve “serious national security issues.” They also compared A123 to the California solar panel maker Solyndra, which went bankrupt after receiving a $535 million federally-guaranteed loan.

    “This is just another example of Barack Obama’s failure to follow through on his economic promises and the millions of taxpayer dollars he has wasted,” said Kirsten Kukowski, a spokeswoman for the Republican National Committee. “It’s unfortunate Obama borrowed from the Chinese to give taxpayer money to prop up green energy companies that the Chinese are now buying already.”

    White House officials responded that the Obama administration’s investment in the battery industry has helped the country produce more efficient cars at home, reducing its reliance on foreign oil and creating jobs. A123, for instance, says it now has 1,300 jobs nationwide, more than triple the number it had in 2008. It employs 380 in Massachusetts.

    ‘There is concern that we are essentially compromising our ability to compete.’

    A123’s agreement with Wanxiang comes as many US clean energy companies struggle to compete against Chinese rivals, which are bolstered by cheap labor and their government’s massive subsidies. US companies also complain that the Chinese government has done little to stop firms there from stealing their technology.

    A Devens-based company, American Superconductor, which makes critical parts used in wind turbines and does business as AMSC, is embroiled in a high-profile court fight with a Chinese company it claims stole its technology.

    Clayton Dube, executive director of the University of Southern California’s US-China Institute, said the A123 deal is particularly sensitive because it involves alternative energy, one of the technologies that the United States is counting on for growth.

    “There is concern that we are essentially compromising our ability to compete,” he said “On deals involving telecommunications or green technologies, flags will always go up somewhere automatically.”

    A123, founded in 2001, is considered one the nation’s leading advance battery makers. In addition to federal aid, it has received significant support from Massachusetts and Michigan, where it built a factory. The state of Michigan provided the company with $12 million in grants, a $4 million loan, and promises of up to $100 million in tax credits.

    The Massachusetts Clean Energy Center provided the company with a $5 million forgivable loan in 2010. Michigan officials could not be reached for comment. A spokeswoman for the Massachusetts center, Krista Selmi, said the state is “closely monitoring the situation and in frequent communication with A123 to ensure that the Commonwealth’s investment is protected.”

    A123 executives insisted Thursday that Wanxiang was committed to helping grow the company’s existing operations in the United States, rather than just shipping its technology to China. They also said the deal would provide much-needed cash to maintain its operations here and help it tap into China and other foreign markets.

    “This proposed strategic investment from Wanxiang would significantly improve A123’s financial situation,” said A123 Systems marketing manager Dan Borgasano.

    Pin Ni, president of Wanxiang’s US subsidiary, said the company would do whatever is best for A123, but declined to comment further.

    Any deal with Wanxiang could also face scrutiny from the Committee on Foreign Investment in the United States, an interagency panel in the executive branch that reviews foreign transactions to make sure they don’t pose national security risks.

    Chinese telecommunications equipment maker Huawei Technologies was forced to abandon bids to buy stakes in at least two US companies, including Marlborough-based 3Com, over the last few years because of security concerns. 3Com, a telecommunications equipment maker, was later bought by Silicon Valley technology giant Hewlett-Packard.

    The A123 transaction could put the Obama administration in a bind. If it denies the transaction, it is possible A123 Systems may not be able to find an alternate source of capital and go out of business. One analyst, Theodore O’Neill, predicted the company could run out of cash by October if it doesn’t raise more money or slash its expenses.

    But if it approves the deal, critics say the White House risks allowing a Chinese company to gain control of potentially important energy technology underwritten by US taxpayers.

    US Representative Cliff Stearns, a Republican from Florida who serves on the House Energy and Commerce Committee, said the A123 deal shows the Obama administration is not doing enough to protect US technology. Earlier this year, he said, a Russian citizen gained control of the assets of Ener1 of New York, another troubled battery makersupported by the US taxpayers.

    “Once again it appears the Department of Energy and the Obama administration have failed to secure sensitive taxpayer-funded intellectual property from being transferred to a foreign adversary, which raises serious national security issues,” Stearns said. “We need to make sure the federal government isn’t an unwitting accomplice to the theft of our own national secrets by providing them with multimillion-dollar government grants and loans.”
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  3. #3
    Atomic Punk
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    Chinese firm sues Obama for blocking wind farm near drone site

    WASHINGTON (Reuters) - A small Chinese firm has sued President Barack Obama for squashing its bid to build wind farms close to a naval training site, but experts say the suit is long shot for a firm that greatly underestimated U.S. suspicions about Chinese intentions.

    Ralls Corp, which is owned by two Chinese nationals, was installing wind turbines close to the training site in Oregon, which, according to the facility's web site, is used to test unmanned drones - a highly sensitive and prized U.S. technology.

    http://news.yahoo.com/chinese-firm-s...--finance.html
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  4. #4
    Atomic Punk Dave's Dreidel's Avatar
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    12.17.17 @ 07:17 AM
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    Default

    China is a busy bee, they are attacking and stealing from our country a million times a day.

    Most of us are oblivious to what they are up to.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  5. #5
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default

    China’s Wanxiang Wins A123 Auction for $260 Million

    China’s Wanxiang Group bid $260 million for assets of car-battery maker A123 Systems Inc., winning a bankruptcy auction, officials said.

    The assets purchased may include A123’s automotive segment, energy-grid storage business, commercial business and U.S. government business.

    “I can tell you that we have won the bid, and the total value is about $260 million,” said Mo Xiaoping, a spokesman for Wanxiang Group based in Hangzhou, Zhejiang province. “From our side, we see no additional obstacles to complete the deal.”

    A123, which received a $249.1 million federal grant, held the auction behind closed doors in the Chicago law offices of Latham & Watkins. The auction began on Dec. 6 with prospective bidders including Johnson Controls (JCI), Wanxiang, Siemens AG (SIE) of Germany and Tokyo-based NEC Corp. (6701)

    The company will seek court approval to sell the assets from U.S. Bankruptcy judge Kevin Carey at a Dec. 11 hearing in Wilmington, Delaware.

    A123’s automotive business includes facilities in Livonia and Romulus, Michigan. A123 used $132 million of the grant toward building the two Michigan factories.

    Shanghai Automotive

    As part of the purchase, the buyer may get A123’s stake in a joint venture with Shanghai Automotive Industry Corp.

    The grid business focuses on energy generation, transmission and distribution while the commercial division develops products for industries such as telecommunications, industrial robotics and power tools, according to court papers. A123 works with the government on portable power solutions, unmanned aerial vehicles, pulsed power weapons as well as small energy cells for remote devices.

    A123 announced in August that it was working on a deal with Wanxiang, China’s largest auto-parts maker, for financing in exchange for a majority ownership stake. The battery-maker needed a lifeline after recalling faulty batteries supplied to its main customer, Fisker Automotive Inc.

    Fisker Chief Executive Officer Tony Posawatz said last month the Anaheim, California-based automaker was awaiting the sale of A123’s Michigan plant that makes lithium-ion batteries for its Karma so it could resume production of the $103,000 plug-in sedan.

    Stake

    Wanxiang had planned to invest as much as $465 million in A123, giving the Hangzhou, China-based company a stake of as much as 80 percent, A123 said in an Aug. 16 statement.

    Wanxiang has been pursuing approval from the Committee on Foreign Investment in the U.S. CFIUS, a multiagency group led by the Treasury Department, reviews mergers and acquisitions for national-security concerns when a takeover may give a foreign owner control of a U.S. company.

    A123, based in Waltham, Massachusetts, filed for bankruptcy in October after the Wanxiang deal was scuttled amid congressional Republicans’ reluctance to allow the sale of the government-funded company to a Chinese company.

    A123 listed assets of $459.8 million and debt of $376 million as of Aug. 31 in court documents.

    The case is In re A123 Systems Inc. (AONEQ), 12-12859, U.S. Bankruptcy Court, District of Delaware (Wilmington).
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  6. #6
    Atomic Punk Little Dreamer's Avatar
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    12.15.17 @ 11:35 PM
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    Default

    They're just trying to get ahead, like the good Capitalists they are. Buy, sell, make profit. It's the name of the game, and we've been at it for decades, so no need to get offended about it.
    Little Dreamer

  7. #7
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Newly released documents show that the Obama administration was warned as early as 2010 that electric car maker Fisker Automotive Inc. was not meeting milestones set up for a half-billion dollar government loan, nearly a year before U.S. officials froze the loan after questions were raised about the company's statements.

    An Energy Department official said in a June 2010 email that Fisker's bid to draw on the federal loan may be jeopardized for failure to meet goals established by the Energy Department.

    Despite that warning, Fisker continued to receive money until June 2011, when the DOE halted further funding. The agency did so after Fisker presented new information that called into question whether key milestones -- including launch of the company's signature, $100,000 Karma hybrid -- had been achieved, according to a credit report prepared by the Energy Department.

    http://www.foxnews.com/politics/2013...ing-on-fisker/
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

 

 

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