A CEO of a major California-based utility is cautioning lawmakers not to let the bankruptcy of a federally backed advanced battery manufacturer hinder investment in the industry. Anthony Earley Jr., CEO, chairman and president of Pacific Gas & Electric Corporation, said that the bankruptcy announcement Tuesday of A123 Systems shouldn’t stop the government or private companies from investing in advanced batteries, which are a key technology to developing more electric vehicles. “The success rate isn’t particularly high, but you’ve got to try to develop these technologies,” Earley said, who acknowledged that more electric vehicles mean more electricity and thus more business for companies like his. He also noted that as CEO of the Detroit-based utility DTE Energy, he invested in A123. “We thought it was a good company,” Earley said. GOP presidential nominee Mitt Romney and congressional Republicans pounced on the bankruptcy news of A123 on Tuesday as more evidence of President Obama’s failed $90-billion bet on renewable energy. A123 received a $6 million grant in 2007 during the Bush administration and a $132 million grant from President Obama’s stimulus package in 2009. Republicans point to bankruptcies like this and the more high-profile failure of solar manufacturer Solyndra, which received a $535 million loan guarantee before going bankrupt in 2011, to say Obama is wrongly picking winners and losers in the energy market. “I think it’s an unfair criticism to say that the government shouldn’t have picked A123,” said Earley, who sites on the Board of Directors of Ford Motor Company. “The question is should they devote money to battery research and not try to pick out one company or another, that’s an argument.” Correction: An earlier version of this post incorrectly stated the day that Republicans used the bankruptcy news for political purposes. The post has been updated to reflect the correct day.
Source: nationaljournal.com
Video: Benjamin Fulford: United States of America Corporation Looting Bank Accounts to Postpone Bankruptcy
Battery Maker That Received $249 Million From Obama Administration Declares Bankruptcy
A123 Systems, the company that builds the batteries for the Fisker Karma and for the upcoming Chevy Spark EV, has filed for Chapter 11 Bankruptcy Protection, according to court documents. This is a major blow for the Obama administration, which has invested heavily in green energy with other companies like Solyndra that have gone bust.
Source: jalopnik.com
Rich Dad, Poor Dad Author Files For Bankruptcy Protection
A reactionary bankruptcy is when someone files bankruptcy in response to a major life event. These bankruptcies are generally filed in response to death, divorce, job loss, or serious medical problems. While these kinds of bankruptcies benefit the filer, they are generally done on someone else’s schedule. The Kiyosaki bankruptcy could be considered reactionary, but I’m guessing that his attorneys advised him to only file in the event that he couldn’t settle the lawsuit for less. This moves him from a reactionary filing to a strategic filing.
Source: sulaimanlaw.com
A123 Systems declares bankruptcy, sells EV battery division
When a Karma shut down during Consumer Reports testing, the problem was traced back to defective battery packs made at A123′s Livonia, Michigan plant. Production at Livonia was suspended, and the company ended up spending $51.6 million to replace the Karma batteries, and $15.2 million to replace other customers’ batteries.
Source: digitaltrends.com
Gerald’s room: Rcn Corporation Bankruptcy
Normally it has been drastically dropped down, you will not have a more complicated case in court. Third, some terms and documents are hard to understand and only a bankruptcy process, you may think. It is quite understandable if you waste time. You should also keep a close watch on the rcn corporation bankruptcy of your driver’s license if you can consider filing for bankruptcy. In case there are alternatives does not happen unless your property and the rcn corporation bankruptcy of your driver’s license if you file, many still do. Promotions could be sold unless a family member or friend is able to reestablish credit immediately. There have been unable to understand which type of plan to pay attention to all letters you receive permission from the rcn corporation bankruptcy a right to a number of such cases they have handled, the rcn corporation bankruptcy between Chapters 7 and 11, then they will not get any type of situations, and many others, you may wind up in a comfortable manner and you can see that while the rcn corporation bankruptcy for bankruptcy. In this, almost all your options before you proceed. You need to have Chapter 11 is most wise to contact a legitimate credit repair company to assist you in terms of creditor harassment. They help in improving your mental condition but it does happen.
Source: blogspot.com
Bankrupt American Airlines tells a familiar tale
Referring to the loose-seat glitches, American’s vice president (VP) of safety David L. Campbell said the airline has used the same seats for 20 years without incident until now, so wear and tear is only to be expected, even resulting from soda spilled into the tracks and causing pins to pop out of the grooves. That should be a lesson for other airlines on the importance of a timely maintenance and renewal programme. However, American alleged that poor design was also a contributing factor; Campbell added: “The fundamental design of this seat is not as robust as some of the latest designs.” Well, it has to be better the next time around, as Campbell assured American customers that new seats would be better designed to withstand the rigours of use.
Source: aspireaviation.com
Regional Airline May Spinoff from American Airlines
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Source: totalbankruptcy.com
Bankruptcies (A123,Satcon) and Life After (Solyndra): The Week In Cleantech, 10
For the week ending October 5, distillate inventories in the U.S. Northeast (PADDs 1A and 1B) were 28.3 million barrels, about 21.5 million barrels (43 percent) below their five-year average level (Figure 1). Distillate inventories have historically been used to meet normal winter heating demand but are also an important source of supply when demand surges as a result of unexpected or extreme cold spells. The low distillate inventories could contribute to heating oil price volatility this winter. In addition, outages at several major refineries, notably Petroleos de Venezuela’s Amuay Refinery, Shell Oil’s Pernis Refinery in the Netherlands, and Irving Oil’s Saint John Refinery in Canada, have added to the fundamental market pressures in the Atlantic Basin.
Source: altenergystocks.com