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Time to take a stand! Let's protest and fight the sale.
If CFIUS approves it, then we're at a loss anyway. If we fight this sale, send letters to congressmen, A123, Wanx and CFIUS protesting this sale and make enough noise, we will get noticed. A123 and Wanx will take notice and we hope they do something to calm us down. The least they can come up with is offer us some money for these shares?
They have been giving us the cold shoulder since day 1, as if we never existed.
What do we have to lose? They have everything to lose!
Let do this! Let's organize a huge protest and show them wassup!
If all took losses for tax writeoffs, that's a whole lots less tax income for the IRS AND that's on top of the tax payer's stimulus money that was poured into this company.
CFIUS should made aware of this fact as well. Should we all start writing to CFIUS to block this deal since it's a loose-loose situation? I don't see A123 or Wanx. doing crap about shareholders.
Some news:
A123 Systems Inc. (AONEQ) hopes to extend a $50 million loan from buyer Wanxiang America Corp. to make sure its access to cash doesn't run out before it closes the $256.6 million sale.
Massachusetts battery maker A123 on Tuesday won bankruptcy court approval to sell itself to Wanxiang, of China , following a competitive auction. The deal has a target closing date of Jan. 15 .
However, the bankruptcy loan that Wanxiang provided A123 is set to mature Dec. 31 , which could leave the company without access to cash until the sale closes. As a result, A123 on Wednesday filed court papers seeking to extend the loan to March 31 .
A123 said Wanxiang has agreed to its request and won't require the company to pay an extension fee.
"The extension of the maturity date to March 31, 2013 , which corresponds with the outside closing date under the terms of the purchase agreement, will allow the debtors to operate in the ordinary course of business and to proceed toward closing which will maximize value for the debtors' creditors," A123 said.
The U.S. Bankruptcy Court in Wilmington, Del. , will consider extending the loan at a Dec. 27 hearing.
A123 , a government-backed battery maker that has yet to turn a profit, filed for bankruptcy in October after striking a deal to sell itself to Johnson Controls Inc. (JCI) for $124 million . But Wanxiang, whose $465 million offer for A123 collapsed this fall after it encountered opposition from lawmakers, outbid the Milwaukee auto-parts manufacturer at an auction over the weekend.
The sale to Wanxiang excludes A123's government business, including all U.S. military contracts, which Navitas Systems of Chicago this week won court approval to buy for $2.25 million .
-- Patrick Fitzgerald contributed to this article.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Jacqueline Palank at jacqueline.palank@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
12-13-12 0955ET
Copyright (c) 2012 Dow Jones & Company, Inc.
A123 sued by shareholders Info page. Join the movement!
http://shareholdersfoundation.com/case/a123-systems-inc-nasdaqaone-investor-files-class-action-lawsuit-over-alleged-securities-laws-vi
Email: mail@shareholdersfoundation.com
http://shareholdersfoundation.com/
It's possible Liam, I just wonder, what does Wanx. see in A123 that no other major US company sees? We have multi-billion dollar US corporations who are ignoring this because they are smart and Wanx. is not?
Speculations:
1- The sale to Wanx. is blocked
2- JCI/NEC steps back in with the $250 mil bid
3- A123 gets the rest of the stimulus money ($125 mil)
4- Creditors get paid 0.61 to a dollar
5- Leaving A123 with a cash surplus.
From what we know now, Wanx. has bought most of the assets and assumed the liabilities RELATED to those assets. Gave A123 $256 mil to pay creditors. The $350 mil is Wanx. to invest in it's newly aquired assets and has nothing to do with A123.
Yet, there's still stimulus money for A123, let's not forget. Also, A123 made it clear that the licenses for it's technologies sold to Wanx. are to be licensed back to A123. Does that mean this so called "shell" company that opted for a Chapter 11 reorganization instead of a Chapter 7 total liquidation, is to come out of BK and continue to operate, develop newer technologies and open new factories?
And why has not the common shares been cancelled or been requested to be cancelled? Is this why we have scheduled court hearings until April of next year?
I wish somebody from A123 would come out and do a meaningful press release.
We should contact "occupy wallstreet" to go camp outside A123 HQ!
I have had contact with Patrick.Fitzgerald@dowjones.com Who was unaware of the $350 million, he said he never heard of it so I sent him the link to the court document. He's a brilliant reporter and I'm sure he will bring this to light.
Whether it makes a difference or not remains to be seen. But this horse ain't dead yet folks!
It's a simple and very elegant ending.
Read this paragraph from A123 website:
"Receiving Court approval of our asset purchase agreement with Wanxiang and Navitas is an important step toward finalizing the sale of A123's assets, and we are now focused on CFIUS approval of the sale to Wanxiang, which we are confident that we will receive given the structure of this transaction," said Dave Vieau, Chief Executive Officer of A123. "We believe an acquisition by Wanxiang will provide A123 with the financial support necessary to strengthen our competitive position in the global vehicle electrification, grid energy storage and other markets, and we look forward to completing the sale."
What this means is that A123 will be a company that's owned by Wanxiang. It will continue to operate as A123 but with a new daddy. This sugar daddy will infuse lots of cash into it and eventually bring it out of BK.
My guess is that the shares will not be cancelled.
Sounded like taking over payments due on balances due
Pumpers turned dumpers & dumpers turned pumpers!
45 day investigation by government! WOW
NEC wants $2mil for showing up? lol I shoulda showed up with my dog!
RE: sticky: I second that!
3 minutes to go, do or die!
No trading after hours
@justthefacts1: please DO NOT COVER!
Shorts better cover
So, why have a judge then? The judge is only there to OK every deal regardless? Oh great, I learned something new from you.
I honestly don't think the judge will sign off on this sale
I think the judge feels the bid was too low, he's questioning how they reached that low number (sorta)
The sale documents showed that Wanx. isn't responsible for debts before the sale. But now I am hearing they are?? That's half good news!
From Ilene @court: And Wanxiang agreed further to absorb the claims instead of AONEQ
Follow Ilene twitter.com/DelShareholder
Today I donated bags of clothes & shoes to a local Goodwill and you know what? I felt like a million dollars! I forgot all about the money we lost on this company and just thought of the less fortunate people who will have warm clothes to wear this Christmas.
What would George Washington do?
1- Cancel the Wanx deal
2- Government bail out of A123 and:
3- Fire all execs, zero bounces, hire honest & INTELLIGENT ppl
4- Pay debts, get company out of BK
5- Buy majority of shares
6- Sell those shares for a PROFIT after making it profitable
7- According to #6 that would have included making USA the leader
in this industry.
If China is willing to do it for it's own companies, why can't we?
U ain't seen anything yet. Fireworks start tomorrow!
The Dept of Justice should investigate this.
Wait 4 months and save 200 million. Who got bribed?
Why did the deal break down back in August? Nobody
is giving any details as to why.
Somebody told Wanx hey wait 4 months & save 200 million
Something smells.
Lots of angry shareholders out there, A123 execs better watch their backs! Law suits & intimidation are not new. Throughout history, shareholders who got screwed & lost their life savings and money for their kids futures by execs who received millions in bounces for screwing the same shareholders, reacted in different ways.
Let us hope they do the right thing.
From A123 Website (The horse's mouth)
On the third objection, A123 believes that we have adequately identified the company’s assets that we intend to sell at the forthcoming auction. In the proposed bidding procedures, we clearly state that any and all of our assets, including our automotive business as well as our grid, commercial, government and other businesses, are subject to sale at the auction. While we cannot speculate on what companies will ultimately bid on which components of the A123 business, we believe we have made it clear as to how interested parties can structure their proposals.
A few other objections are addressed in our response, but to reiterate, our goal is to promote a sale process that maximizes the value of our assets and benefit to our stakeholders. We continue to be encouraged by the significant level of interest in our automotive, grid, commercial, government and other businesses, and we are confident that benefits of a fair, inclusive and transparent sale process will be reflected in the bids we receive for these assets.
http://info.a123systems.com/blog
LOL something else will be raining on you if you don't give it a break.
Interesting, on 12/12/12 we'll know if we made it!
I smell a class action lawsuit by shareholders
no pain no gain
A123 Systems Inc. plans to seek bankruptcy-court approval Tuesday to sell itself to the winning bidder of an auction that began Thursday.
The government-backed maker of batteries for electric cars sought Chapter 11 protection in October with a deal in hand to sell its automotive-business assets to Milwaukee -based auto-parts manufacturer Johnson Controls Inc. (JCI). The deal included the Michigan factory for which A123 in 2009 received nearly $250 million in grants from the Department of Energy to construct.
However, bankruptcy laws generally require such deals to be tested at the auction block. A123 drew the interest of several bidders ahead of Thursday's auction, which was expected to last more than one day given the complexity of its business.
Wanxiang America Corp. , the U.S. arm of a Chinese-owned auto-parts company, has submitted a competing bid and other potential suitors have expressed interest in various parts of the company. And lawyers for electronics makers Siemens AG (SI, SIE.XE), of Germany , and NEC Corp. (NIPNF, 6701.TO) of Japan , have also indicated their clients were interested in bidding on the Waltham, Mass ., company's assets.
NewPage Corp. next week will seek to emerge from bankruptcy protection with $ 850 million in new financing.
The paper maker will ask a Wilmington, Del. , bankruptcy judge Thursday to confirm its Chapter 11 plan of reorganization, which hands ownership of the company to first-lien lenders owed $1.77 billion .
Also under the plan, second-lien lenders and unsecured creditors will share $ 30 million in cash and proceeds raised by post-bankruptcy lawsuits.
If approved, the Chapter 11 balance-sheet reshaping "should continue the employment of the 6,000 employees, and...put it on track in the commercial world totally deleveraged to survive and thrive," NewPage attorney Martin Bienenstock told the bankruptcy court last month.
The company hopes to fund its plan with $850 million in exit loans from lenders led by Goldman Sachs Group Inc. (GS), J.P. Morgan Chase & Co. (JPM) and Barclays PLC (BCS, BARC.LN). The court will also review the financing package at Thursday's hearing.
NewPage , which filed for bankruptcy in September 2011 , hopes to exit by the end of the year. The Miamisburg, Ohio , company is one of the biggest North American manufacturers of coated paper used in magazines, and it also makes specialty paper and newsprint.
Finally, Eastman Kodak Co. (EKDKQ) on Friday will seek approval to enter into a commitment for an $830 million loan package that it says is essential to its ongoing restructuring.
A group of its second-lien bondholders, including units of D.E. Shaw Group and Litespeed Management, have agreed to provide the loan, which Kodak may use during its Chapter 11 case as well as to fund its eventual exit from bankruptcy.
If approved, the financing terms would require Kodak to complete its restructuring by Sept. 30, 2013 , and sell off its portfolio of some 1,100 digital-imaging patents for at least $500 million .
Kodak reportedly has taken one step closer to meeting the latter condition. The Wall Street Journal reported Wednesday that a group of unknown bidders has offered more than $500 million for the patents, though the company declined to comment on the offer.
Kodak late last month chose the current bondholder group as its bankruptcy lender, reversing its earlier decision to accept a $793 million financing package from a rival bondholder group that included Centerbridge Partners and J.P. Morgan Chase & Co.
"The improved financing commitment provides a longer maturity, lower fees and pricing, and greater liquidity than our previously announced commitment," Kodak Chief Executive Antonio M. Perez said in a statement.
-- Peg Brickley in Wilmington, Del. , contributed to this article.
Write to Jacqueline Palank at jacqueline.palank@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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12-07-12 1104ET
Copyright (c) 2012 Dow Jones & Company, Inc.
I guess for some ppl, no news is bad news?
This paints a better picture of outstanding shares and who owns them:
http://www.nasdaq.com/symbol/aoneq/institutional-holdings