Lawyers for A123 System Inc.’s onetime Chinese partner appeared in bankruptcy court Thursday to reaffirm Wanxiang Group’s interest in buying the Waltham battery company, potentially setting up a bidding war for the firm.
In August, the Chinese auto parts conglomerate agreed to invest up to $465 million in A123, with the potential of acquiring up to 80 percent of the company. Then A123 filed for bankruptcy and simultaneously said it planned to sell its assets to Johnson Controls Inc. of Milwaukee. That transaction, which requires court approval, is valued at $125 million.
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ANOTHER Barack Obama Taxpayer funded Green Energy company goes bust. Obama says it's time for people to get Clean Energy from Algae.
95% of risk venture investments fail. These are the odds accepted by the pros. When will government lawyers learn that picking winners is folly. Best to keep feeding basic research through grants and other funds to research universities and quasi-government agencies like DARPA.
And DARPA succeeds every time? Hardly. I thought government-funded projects were uniformly wasteful and failed so frequently that private industry could do them vastly better if just given a low enough tax rate. Make up your minds, guys.