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its old news. i am just showing an example that this company has deep pockets and is buying up everything they can. i think the bidding war could go big. but just my opinion.
An Interview with Global Clean Tech Investment Expert Mohsen Khalil
China announced a year ago that it will invest a staggering $300 billion over the next five years on clean technology and low-carbon development. But with the economic slowdown in China, will Beijing stick to that plan?
Yes, predicts Mohsen Khalil. He was a joint director at the World Bank and the International Finance Corporation. From 2010 until January this year, Khalil was the Global Head of IFC’s Climate Business Group, a new group that he set up with a mandate to scale up IFC’s climate friendly investments to $3 billion annually. He spearheaded IFC’s investments in clean technology in China and other developing countries, which totalled around $200 million in commitments by this year.
With China’s economic slowdown, its national leaders recognize that it is even more important for the government to invest in clean technology, Khalil said in a wide-ranging interview with me. “Unless you become more resource efficient, your costs are going to be high for the environment and society and it will be difficult to achieve sustainable economic growth and inclusive social development”–balanced and equitable growth that includes various segments of society.
China’s current five-year plan, which includes the $300 billion investment plan on clean tech, is “quite visionary. China recognizes the importance of investing in innovation and developing homegrown clean technologies.” Among the seven targeted innovation areas, a number are geared towards climate and efficiency, including the development of clean/alternative energy from nuclear, wind, solar, and biofuel sources, energy conservation, biotechnology and new energy vehicles.
Still, he says, in China and the rest of the world, the clean tech sector is facing several significant challenges.
Reality Check for Renewable Energy
Until relatively recently, clean tech was a darling of venture capital. “Clean tech was seen as an extension of the IT sector,” Khalil says. Clean tech was tantalizing because of the phenomenal track record by the IT industry. Today’s new green technology could turn into tomorrow’s Twitter.
But so far it hasn’t worked out that way. Why? Khalil cites several reasons.
• Investors in IT and clean tech “wanted to capture value in a short term,” he says. But clean tech is a long term and global play that may require looking to emerging markets for scaling up. Manufacturing in the clean tech sector has turned out to be much more capital intensive than in IT. Think solar panels versus social media software. Khalil says clean tech investors “have to take companies to later stages compared to IT companies. They have to take a company to Stage B and C. They have to go beyond venture capital to an equity phase and even project finance before seeing an exit.”
• Another difference is that IT is easily scaleable whereas clean technology generally is not. Create a website like Facebook and instantly you have millions of customers—anyone with a computer or smartphone. “Most of clean tech–even if the company is providing service–is industry-based, not consumer-based. So it requires a longer time horizon and numerous markets to scale up, ” he says.
• Last but not least, clean tech companies often face far more government regulation than IT companies. “This is especially true for utilities providing services such as energy and water, or waste recycling,” Khalil explains. Regulations can make the business model more complex, dampen returns relative to the IT sector, and delay growth.
These factors and the global slowdown will likely account for the drop in venture capital investment worldwide in clean tech this year, Khalil predicts. That already happened in the first quarter of 2012, “[W]hile deal counts rose, the total amount invested in clean-tech companies dropped by 18 percent compared to the previous quarter ($2.24 billion) and was 30 percent lower than 1Q11 ($2.62 billion),” according to a Cleantech Forum report in May.
Hunting for Clean Tech Money
So where can companies or venture capitalists find money to fuel clean tech innovation? The need is even greater now since the world is still battling financial crisises. Khalil explains that financial institutions, like IFC, and governments are well suited to fill this need because they can provide longer term financing and the kind of instruments and incentives that can help de-risk the initial investment phase.
Certain renewable energy companies may require government subsidies to start up, but “then there are efficient models for eventually phasing out the subsidies as the companies scale up and move towards market-based mechanisms,” he says.
Which brings us back to China, where the government heavily subsidizes clean technology companies. As a result, trade disputes are brewing. The U.S., for example, recently imposed tariffs on Chinese solar panels. “There are concerns about competitiveness” among nations, Khalil says. “I would hope that all leading economies recognize that they have far more to gain through cooperation in clean technology”. “These are global issues that are interdependent. I don’t see how [clean tech innovation and production] can be done without cooperation. Everyone can benefit. This may sound like poetry but this is what I believe.”
He added that there are many opportunities for cooperation along the value chain–from innovation to production to marketing. “Different countries can lead in different areas, while complementing each other towards a public good. And it’s important for countries to dedicate adequate resources to research and innovation.”
This global interdependence was borne out earlier this year when the Chinese company Wanxiang Group completed a major deal with a Boston-based clean tech company. Wanxiang Group invested $420 million in a Series D round in GreatPoint Energy, a company that’s developing ways to convert coal, petroleum coke and biomass into natural gas and capture and store carbon. The Cleantech Forum report cited the deal as “another example of how a US-based cleantech company can benefit from the rise of China” in this sector.”
http://marjoriesun.com/despite-slowdown-china-pours-money-into-clean-tech/
Chinese Investment in the U.S. Is Set to Hit A Record High in 2012
November 14, 2012
This post is also available in: Chinese (Simplified)
By: Kun Zhao, Esq.
The second China Overseas Investment Summit was held from August 22nd to 23rd 2012 in Hong Kong. More than 1,200 government officials, investors, and experts from over 40 countries and regions attended the two-day conference under the theme of “Global Economic Transformation and New Approaches to China’s Overseas Investment,” echoing the country’s “going global” strategy.
According to Rhodium Group, which closely tracks Chinese foreign direct investment in the U.S., the U.S. has attracted$20.9 billion in investments from China since 2000. Investment from China is set to hit record levels in 2012. China has become the second fastest growing source of foreign direct investment (FDI) in the United States with an average annual growth rate of 72 percent from 2006 to 2011. During that time, Chinese FDI has diversified substantially, reaching into many sectors of the U.S. economy. Chinese companies are investing more than ever in the US and their investments have funded the creation of many American jobs. Recent mega-deals include Dalian Wanda Group’s acquisition of cinema chain AMC Entertainment Holdings for $2.6 billion, Superior Aviation’s $1.8 billion bid for Hawker Beechcraft, and China Petrochemical Corporation (Sinopec)’s acquisition of Ohio-based Devon Energy for $2.5 billion.
Pin Ni, president of the American arm of the private Wanxiang Group, which employs about 6,000 employees in the U.S., said that “negative views of China and political tensions between the two governments deter some companies.” However, that view has not impeded substantial FDI in the U.S. Ni stated that “[o]ur labor costs are higher (in the U.S) but our overall costs are lower because it’s more efficient here.” Ni set up Wanxiang America from a home office in Mt. Prospect, Illinois, in 1994, essentially as a sales outlet for a parent company in China. It now has 27 manufacturing facilities across 14 states with annual revenues of more than $2 billion, and supplies most of the major American auto manufacturers.
The US government has launched a new effort through the SelectUSA program (www.selectusa.commerce.gov) in 2011 to attract business investment and increase employment. The program offers information assistance for global investors concerning federal programs and incentives for investing in the U.S. It also provides information concerning business incentives offered by different states and territories. It aims to help resolve issues involving federal regulations, programs, or activities during the investment process.
Other than Chinese state-owned enterprises, an increasing number of Chinese private companies, such as Haier and Lenovo, seek to set up shop in the U.S. and establish their own brand presence. Their main challenge is learning to comply with complex regulations and customizing products to suit American consumers.
THIS IS CRAZY
LOOK AT ALL THE LAW SUITES AND PRICE FIXING ISSUES WITH BATTERIES
http://lithiuminvestingnews.com/6599/lithium-ion-battery-manufacturers-accused-price-fixing-electric-vehicles-lawsuit/
CHEVY SPARK CONTRACT WITH CHEVROLET MENTIONED
A123 did eventually win a GM contract for batteries in the upcoming Chevrolet Spark EV, but that wasn't expected to be a high-volume model.
http://autos.yahoo.com/blogs/motoramic/battery-builder-a123-won-249-million-federal-grant-143806554.html
http://www.greencarreports.com/news/1080464_2014-chevrolet-spark-ev-electric-car-to-debut-at-la-auto-show
A123 SYSTEMS SUPPLYING HERE TOO.
ALERT ALERT ALERT ALERT ALERT
READ THIS ESPECIALLY THE PARTS ABOUT THE CHEVY SPARK AND A123
General Motors pledges to build up to 500K electric vehicles by 2017, including Chevrolet Volt
GM has announced plans to build up to 500,000 vehicles per year that include electric power in the engine, including plug-in hybrids like the Chevrolet Volt and the all-electric Chevrolet Spark EV. General Motors is just the latest in automakers to make the electric push, including Ford and Tesla.
THE SPARK IS THE ONE WITH THE A123 BATTERY
REUTERS
WEDNESDAY, NOVEMBER 14, 2012, 5:23 PM
CAME OUT TODAY!!!!!!!
KEEP READING FOLKS!!!!!
General Motors Co aims by 2017 to build up to 500,000 vehicles a year that include some form of electric power in the engine, including cars like the Chevrolet Volt plug-in hybrid, a top executive said on Wednesday.
GM has made rolling out cars with electrical technology -- including its eAssist system that boosts fuel efficiency in gasoline-powered cars -- a central part of its global strategy, global product development chief Mary Barra told reporters.
"Our plans call for producing up to 500,000 vehicles annually with some form of electrification globally by 2017," she said via satellite.
That would be slightly more than 5 percent of GM's global sales last year of about 9 million.
The forecast includes plug-in hybrids; pure electric vehicles like the Chevy Spark EV that will go on sale next summer; and eAssist system, which GM offers on several vehicles, she said. GM introduced the Volt in the fall of 2010.
So far this year, GM has sold more than 50,000 vehicles that include electrification technologies in the United States, with eAssist accounting for slightly more than half that total. Barra did not break down how much of GM's target would be cars that do not include a gasoline engine, but she said plug-in technology will remain central to GM's strategy.
"A major focus for GM's electrification strategy will center on the plug," she said. "We have every intention of maintaining our leadership position in plug-in vehicles."
Barra said GM is not turning its back on traditional hybrid or hydrogen fuel-cell vehicles.
GM plans call for its eAssist system, which boosts fuel efficiency as much as 25 percent in some gasoline-powered vehicles, to be on "hundreds of thousands" of vehicles annually by 2017, she said.
Barra said the Spark EV minicar, which will take on Nissan Motor Co's Leaf, will be a global vehicle, launching first in select markets in the United States and South Korea before moving to other countries. GM will sell the car, rather than limiting access to lease deals, she added.
"We're not building the Spark EV to check a regulatory box," Barra said.
The EV's battery will be made by A123 Systems Inc, which filed for bankruptcy last month.
The rollout of the Spark continues GM's push to seize the mantle of "greenest automaker in the world" from Toyota Motor Corp, which makes the popular Prius hybrid car. Toyota also sells a plug-in version of the Prius as well.
Chief Executive Dan Akerson has driven GM more aggressively toward EVs. Efforts have centered on rolling out the plug-in technology in a broader range of vehicles to recoup its investment in the money-losing Volt.
In August 2011, GM said it would build a Cadillac ELR luxury coupe based on the Volt's plug-in hybrid technology. In October, the company said the ELR will begin in late 2013 at the same plant that makes the Volt.
GM, like other automakers, also needs more fuel-efficient cars as the industry pushes toward more stringent U.S. requirements that will be in place by 2025.
Ford expects hybrids, plug-in hybrids and EVs will account for as much as a quarter of its global sales by 2020. GM's smaller rival said in August it was accelerating development of its hybrid and electric vehicles by bringing design and production of key parts in-house.
The No. 2 U.S. automaker, which has launched the Focus EV and C-Max Energi plug-in hybrid car this year, said it will spend $135 million to design parts for its next wave of EVs and double its battery testing capabilities by next year.
President Barack Obama's administration has been a strong proponent of electric vehicles like the Volt and set a goal of reaching 1 million battery-powered vehicles on the road by 2015.
Analysts are less optimistic as prices remain too high for EVs, and driving range and wide availability of public battery charging stations remain the chief concerns for consumers. Lux Research estimates the number will actually be fewer than 200,000, and Boston Consulting Group has predicted EVs and plug-in hybrids will make up only 5 percent of the market within eight years.
However, Elon Musk, the CEO of electric carmaker Tesla Motors Inc, said on Monday that Obama's re-election would likely mean a continuation of the U.S. government's policy promoting EVs. He said he would back any efforts to boost federal tax credits for electric cars to as much as $10,000 from $7,500 now and added Tesla would install fast-charging stations on major U.S. routes by the end of next year.
Read more: http://www.nydailynews.com/autos/gm-build-500k-electric-vehicles-2017-article-1.1202147#ixzz2CF9sau6c
SPARK BATTERY WILL BE MADE BY A123 SYSTEMS. THIS CAME OUT TODAY. THIS MEANS THERE IS A DEAL TO MAKE BATTERIES FOR THE CHEVY SPARK FOR 2013 IMO. STRONG BUY SIGNAL IMO. DO YOUR OWN DD AND PLAY AT YOUR OWN RISK.
It is funny as much of it is posted by Moosewood Communications which is Wayne's company. Maybe those are free.
I bought at close to .07 at the lowest. I am ok with riding this one out.
CEMJQ popped to around .44 on one of its first hard moves.
CALIFORNIA DISTRIBUTOR
Fox Loomis Inc.
6901 McComber St.
Sacramento, CA 98528
ph: (916) 383-2140
fax: (916) 383-8021
Drilling@foxloomisinc.com
Sam@FoxLoomisInc.com
Fox Loomis Inc.6901 McComber St.Sacramento, CA 98528ph: (916) 383-2140fax: (916) 383-8021Drilling@foxloomisinc.comSam@FoxLoomisInc.com
Contact: Sam Fox
Do we know how this guy is doing?
Exxon Mobil Corp. (CVX)’s Nigerian unit said it began cleaning up part of the nation’s southeast coast after a pipeline from an offshore facility spilled at least 200 barrels of crude at the end of last week.
Exxon Mobil shut the pipeline on Nov. 10 and is investigating the cause of the spill in the state of Akwa Ibom, the company said late yesterday in a statement from Lagos, the commercial capital. Dispersants and booms are now being deployed in work involving more than 100 personnel.
The nation’s authorities don’t yet have an estimate for the amount of crude released. An aerial inspection will be carried out before an estimate on volumes is made, Peter Idabor, director-general of National Oil Spill Detection and Response Agency, said today by phone from Abuja, the Nigerian capital.
“It is not enough for Mobil to say they are cleaning up; they have to tell us what dispersants they are using,” Nnimmo Bassey, executive director of Environmental Rights Action, an affiliate of Friends of the Earth, said today by phone from Benin City, Nigeria. “Their continuous spilling in the area has destroyed the fisheries economy and general livelihoods of the people.”
Exxon Mobil, the second-largest producer in Nigeria, is the operator of a joint venture in which it holds a 40 percent stake, with state-owned Nigerian National Petroleum Corp. holding the rest. The company was involved in Nigeria’s worst offshore spill that dumped an estimated 40,000 barrels into the sea from its Idoho platform in January 1998.
“Our teams are being mobilized to clean up the area,” Mark Ward, managing director of Exxon’s Nigerian unit, said in the statement. The company regrets this incident and apologized for the inconvenience it has caused, he said.
To contact the reporters on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net
To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net
Shareholders. I saw that awhile back.
MOP found here
http://www.slideshare.net/AbeAsh1/spillcon-brochure
Scroll down and you'll see it. This looks like a new catalogue of oil spill products.
That is why he has been very successful. The guy is a true businessman.
They have taken many American companies that were in trouble and turned them around.
4 bidders according to this
http://m.green.autoblog.com/2012/11/12/a123-bidding-starts-dec-6-from-as-many-as-four-companies/
WEEEEEEEEEEEEE
EDIT EDIT FOOD FOR THOUGHT
Made by whom?
I have been buying on all these dips. This is a no brainer for me. I think the commons could be toast after the Chapter 11 but there is money to be made in the mean time.
Oh gee look we are GREEN. People need to stop hating on this stock.
I am going to stay silent until we know more from the court. Too much emotion on here right now.
THIS THING JUST BOUNCED LIKE CRAZY. HERE WE GO
READ CAREFULLY
A123 Systems Inc. (AONEQ), the bankrupt maker of electric-car batteries that received a $249.1 million federal grant, won permission to sell its assets at a Dec. 6 auction where bidders will include Johnson Controls Inc. (JCI) and Wanxiang Group Co.
U.S. Bankruptcy Judge Kevin Carey approved bidding procedures at a hearing today in Wilmington, Delaware, overruling the U.S. Trustee’s objection to a $2.5 million breakup fee Johnson Controls will get if it isn’t the winner. Johnson Controls also would get $3 million for expenses.
The proposed protections for Johnson Controls will “enhance the process,” not chill it, Carey said. He scheduled a Dec. 11 hearing to approve the sale.
About 25 parties interested in A123 assets are under confidentiality agreements, Timothy Pohl, a managing director of Lazard Ltd. (LAZ), told the court. Siemens AG (SIE) of Germany and Tokyo- based NEC Corp. (6701) are among companies interested in bidding for A123 assets, their lawyers said in court today.
A123, based in Waltham, Massachusetts, filed for bankruptcy (AONEQ) last month with plans to sell its automotive-business assets to Milwaukee-based Johnson Controls for about $125 million.
‘Active Discussions’
The company “continues to engage in active discussions regarding strategic alternatives for its grid, commercial, government and other operations, and has received several indications of interest for these businesses,” A123 said today in a statement.
THE ABOVE HERE IS HUGE^^^^
Bojan Guzina, an attorney representing Wanxiang American Corp., a unit of the Chinese auto-parts maker, told Carey that the company presented a “qualified” bid to A123 last night. Wanxiang is pursuing approval from the Committee on Foreign Investment in the United States.
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. While filings are voluntary, the committee can begin its own review.
Last week, Wanxiang America said it wanted to be the lead bidder for all of A123’s assets in the court-supervised auction.
Because of the stalking-horse baseline bid, “we have more parties conducting diligence now by a significant margin than we did in the out-of-court process,” Pohl told the court. Some companies are interested in pieces of the business that Johnson Controls isn’t buying, he said.
Carey also approved incentive and retention plans for certain employees. A123 lost three employees since a Nov. 5 hearing, bringing total departures since the case was filed to 25, the company’s lawyers said.
A123 listed assets of $459.8 million and debt of $376 million as of Aug. 31 in its Chapter 11 petition.
The case is In re A123 Systems Inc., 12-12859, U.S. Bankruptcy Court, District of Delaware (Wilmington
ALLL GOOD STUFF. THE MORE BIDDERS AND FIGHTING FOR ASETS THE BETTER IMO.
SEE YOU IN DECEMBER. :)
Siemens Announces Acquisition of Mechatronic Simulation Provider
THIS IS VERY INTERESTING TO DADDY FAT SAXX BECAUSE OF THE POTENTIAL FOR SIEMENS TO ALSO BUY UP A123 SYSTEMS. READ ON.
Published on November 9, 2012 at 5:38 AM
Siemens expands its portfolio of industry software by acquiring LMS International NV (Leuven, Belgium), a leading provider of test and mechatronic simulation for complex products. "The mechatronic simulation will become more and more important for intelligent and competitive product development and production processes.
With the acquisition of LMS, we are entering a leading position in this software segment as well and can significantly boost the pace and power of our clients' innovation," said Siegfried Russwurm, member of the Siemens AG Managing Board and CEO of the Industry Sector. The purchase price for LMS amounts to approximately 680 million euro. The transaction is subject to approval by regulatory authorities.
THAT IS ABOUT $863600000.00 DOLLARS
With more than 1,200 employees and revenues of around 140 million euro for the first nine months of 2012 (January 1 to September 30), LMS is a global partner to some 5,000 companies in the automotive, aerospace, and other industries. The privately held company is supporting all of the Fortune 500 automotive and aerospace manufacturers and their tier-one-suppliers with a combination of mechatronic simulation software, testing systems and engineering services. LMS offers a complete software platform to model, simulate and test vehicles, aircraft, and other complex products optimizing their acoustics, vibrations, oscillations, fatigue strength, and dynamics.
I SEE A CONNECTION WITH A123 FROM THE ABOVE BOLDED INFORMATION. "AUTO" BEING A BIG CLUE
The business activities of LMS are to be integrated into the product lifecycle management (PLM) software portfolio within the Siemens Industry Automation Division. "With the acquisition of LMS, we are expanding our portfolio of industry software in an area that is critical for many customers. They will now be able to simulate, test, optimize, and produce their products in a unified, consistent data environment. This will make them faster, more efficient, more flexible and more cost-effective," explains Anton S. Huber, CEO of the Industry Automation Division.
"This acquisition is the best possible strategic option to maximize our future growth and continue the long-term success for LMS in a consolidating industry," said Urbain Vandeurzen, Chairman and CEO of LMS. "Since LMS' foundation in 1980, we have reported over 30 years of continued profit and revenue growth. Our customers can continue to count on our portfolio of solutions and now also on a strong partner that offers complementary technical software, deep industry expertise and long-term stability."
PLM software, part of the Siemens industry software portfolio, is used by over 70,000 companies worldwide in automotive production, electronics manufacturing, aerospace, mechanical engineering, and other industries. Since its acquisition of UGS Corp. in 2007, Siemens has been the only provider worldwide covering the entire value-added process for product development and production with its software products. Siemens' acquisitions since the end of 2011 include Active Tecnologia em Sistemas de Automação Ltda. (pharmaceutical and biotech production), Vistagy Inc. (construction of composites), IBS AG (quality and production management), Innotec do Brasil Ltda. (integrated system management), Perfect Costing Solutions GmbH (cost management), VRcontext International S.A. (3D system visualization) and Kineo CAM (computer-aided motion software).
Source: http://www.siemens.com
I agree this is cutting edge stuff and no one wants to make a big deal out of it so as not to lose their edge... I see big numbers..
MUST MUST MUST MUST READ
Chinese, US auto parts makers to square off in A123 sale
Thu Nov 8, 2012 2:57pm EST
* Wanxiang, Johnson Controls agree to Dec. 6 auction
* Wanxiang needs regulatory approval for its bid
* A123 banker tells court numerous bids expected
* A123 filed for bankruptcy protection last month
By Tom Hals
WILMINGTON, Del., Nov 8 (Reuters) - A U.S. and a Chinese auto parts maker will face each other on Dec. 6 in an auction to buy A123 Systems Inc, a bankrupt maker of batteries for electric cars that was partly funded by the U.S. government.
Wanxiang Group Corp, whose rescue deal for A123 unraveled earlier this year, will square off against Johnson Controls Inc of Milwaukee, the parties told a bankruptcy court on Thursday. Attorneys for NEC Corp of Japan and Siemens AG of Germany said their companies were also interested in bidding.
The sale has already drawn scrutiny from U.S. politicians because A123, whose lithium ion batteries are also used for power grid storage, has received $130 million in grant money from the U.S. Department of Energy as part of a program to support battery production.
A123 entered bankruptcy last month with an agreed bid of $125 million for its automotive business from Johnson Controls. That will serve as an initial bid that is meant to encourage other potential buyers to come forward. The money raised in the auction will repay A123's creditors.
Wanxiang told Delaware Bankruptcy Court Judge Kevin Carey on Thursday that it had sent A123 a confidential proposed bid on Wednesday night for the entire business.
The Chinese company's bid will need approval from the Committee on Foreign Investment in the United States, and two Republican senators have asked the committee to review its application.
Wanxiang had sought to have the auction pushed further into December, giving it more time to obtain regulatory clearance, while Johnson Controls originally wanted the auction on Nov. 17.
A123's investment banker told the court on Thursday that he expected other bidders. "This is not a two-horse race. This is a 10-horse race," said Timothy Pohl of Lazard Freres & Co.
While Pohl declined to name potential bidders, an attorney for NEC said the company was interested in the nonautomotive parts of A123. Siemens' attorney did not say what the German company would bid for.
A123's lawyer, Jan Baker of Latham & Watkins, told the court the sooner the company finds a buyer, the better. He said employees were leaving the company, which could potentially undermine the battery maker's value.
Carey approved incentive and retention plans for A123 employees over the objection of the U.S. Trustee, an agent of the Department of the Justice who oversees bankruptcies.
A123, based in Waltham, Massachusetts, supplies batteries for Fisker Automotive's Karma, a plug-in hybrid, and the Chevrolet Spark EV, which will be introduced next year by General Motors Co.
A123 ran into problems last year after Fisker Automotive cut battery orders for the Karma in October 2011. This year, A123 had to recall battery packs made for Fisker, which made up 26 percent of A123's revenue in 2011.
The battery maker struck a $465 million rescue deal with Wanxiang that was meant to keep it out of bankruptcy, but that deal came apart when A123 failed to meet certain conditions.
The case is A123 Systems Inc, Delaware Bankruptcy Court, No. 12-12859.
GM SPARK DEAL STILL ON THE TABLE
YES YES YES!!!!!!! IT IS NOT A LIQUIDATION.. IT IS A RESTRUCTURING... SOME OF THESE POSTERS HERE ARE CLUELESS IMO.
READ THIS
Johnson Controls Faces Stiff Competition for A123 Assets
Patrick Fitzgerald
November 08, 2012
(c) 2012 Dow Jones & Company, Inc.
Johnson Controls Inc. was named the lead bidder for battery maker A123 Systems Inc.'s auto assets, setting the stage for a likely bidding war at bankruptcy auction next month involving the U.S auto-parts maker, China's Wanxiang Group Corp ., Germany's Siemens AG and Japan's NEC Corp .
Judge Kevin Carey of the U.S. Bankruptcy Court signed off on Johnson Controls ' $125 million offer as the stalking horse, or lead bidder, for A123's transportation unit at a court hearing in Wilmington, Del. Wanxiang, which last night submitted a rival offer for all of A123's business, will be considered a qualified bidder.
Enlarge
Although A123 filed for bankruptcy last month with a stalking horse offer in hand from Johnson Controls , the battle for the battery maker's assets---which in addition to its automotive unit also includes a consumer arm and a grid storage division---is shaping into a "10- to 20-horse" race, according to an A123 restructuring adviser.
While Johnson Controls ' stalking-horse bid sets a floor price for A123's auto business, others can place competing bids on some or all of the battery maker's assets.
Among those now in the race are NEC and Siemens . Lawyers for both companies told Judge Carey that they also were interested in bidding on A123's assets. Siemens didn't indicate if it would bid on all of A123 or just specific pieces, while NEC is specifically looking at A123's non-auto assets.
A spokesman for Siemens said the company doesn't comment on potential merger or acquisition activity. A spokeswoman for NEC couldn't be reached for comment.
READ THE ABOVE AGAIN - Siemens and "merger or acquisition"
An auction for A123's assets will be held Dec. 6 at the Chicago office of the law firm of Latham & Watkins , A123's bankruptcy lawyers. Given the complexity of the business and the level of interest in the battery maker, A123's restructuring adviser, Lazard's Tim Pohl, said he could "easily foresee" the auction lasting "several days."
AUCTION COULD TAKE SEVERAL DAYS
Judge Carey scheduled a sale hearing for the afternoon of Dec. 11, more than three weeks later than Johnson Controls initially had requested.
The sale extension is critical for Wanxiang, which needs U.S. government approval before it can close a deal for A123 Systems . Specifically, Wanxiang needs approval from the Committee on Foreign Investment in the United States, which reviews deals that result in the control of a U.S. business by a foreign company in cases where a deal could affect U.S. national security interests.
With approval of Wanxiang's offer for A123 as a "qualified bid" the company can get the ball rolling on the initial 30-day review process. A lawyer for A123 said the battery maker has "committed" that the Wanxiang deal will get filed "today" with CFIUS.
Wanxiang is still eager to buy A123, which filed for Chapter 11 after receiving nearly $250 million in Department of Energy grants, despite having been left at the altar earlier this year when a previous deal collapsed.
The Chinese auto parts maker believed it had a deal earlier this year to buy an 80% stake in A123 Systems for $465 million. Wanxiang's initial offer---which also would have included the purchase of A123's consumer arm and grid-energy storage division---sputtered after it encountered opposition from lawmakers concerned about the transfer of U.S. taxpayer dollars and technology to China. As the initial deal unraveled, Johnson Controls stepped in with an offer to buy the Massachusetts company's transportation business, leaving Wanxiang, for the moment, in the cold.
A123 was one of dozens of clean-energy firms that the Obama administration supported with stimulus funds in an effort to build a domestic manufacturing base in the sector.
The Massachusetts battery maker has drawn down about $132 million of its $250 million grant from the Energy Department. It is one of more than two dozen companies, including Johnson Controls , that received a total of about $2 billion since 2009 to build advanced batteries and other components of hybrid and electric cars.
Judge Carey also approved A123 Systems ' bid to pay millions of dollars in "incentive" bonuses to a handful of the battery matter's top employees, most if not all of whom are insiders.
The government's bankruptcy watchdog had objected to the bonuses, noting that since A123 already has a $125 million offer on the table for just its transportation business, the proposed bonus targets---based on $150 million total sale price---amounted to little more than a "layup" for the company's top brass.
But Judge Carey rejected that argument, saying the incentive package seemed fair and reasonable. He also signed off on a separate retention plan and severance package covering the battery maker's employees.
THIS IS A RESTRUCTURE NOT A SELL OFF. ASSET SALES ARE A GOOD THING.
Yes and they will either get paid or infuse more cash in to the business. :)
LOOK AT ALL THE BIG CORP. ATTORNEYS AND WHO THEY ARE REPS. FOR
Attorneys
Derek C. Abbott
Morris Nichols Arsht & Tunnell LLP
1201 N. Market Street
PO Box 1347
18th Floor
Wilmington, DE 19899-1347
302-658-9200
302-658-3989 (fax)
dabbott@mnat.com
Assigned: 10/17/2012 representing Johnson Controls, Inc.
(Interested Party)
Omar J. Alaniz
Baker Botts LLP
2001 Ross Avenue
Dallas, TX 75201
214-953-6500
214-953-6503 (fax)
omar.alaniz@bakerbotts.com
Assigned: 11/07/2012 representing Centre National de la Recherche Scientifique
(Interested Party)
Hydro-Quebec
(Interested Party)
Universite de Montreal
(Interested Party)
Elihu Ezekiel Allinson, III
Sullivan Hazeltine Allinson LLC
901 North Market Street
Suite 1300
Wilmington, DE 19801
302-428-8191
302-428-8195 (fax)
ZAllinson@SHA-LLC.com
Assigned: 11/07/2012 representing Auwahi Wind Energy, LLC
(Creditor)
D. J. Baker
Latham & Watkins LLP
885 Third Avenue
New York, NY 10022-4834
212-906-1200
212-751-4864 (fax)
dj.baker@lw.com
Assigned: 10/18/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
William R. Baldiga
Brown Rudnick LLP
One Financial Center
Boston, MA 02111
usa
617-856-8200
617-856-8201 (fax)
wbaldiga@brownrudnick.com
Assigned: 10/18/2012 representing Ad Hoc Group of A123 3.75% Convertible Noteholders
(Creditor)
David M. Banker
Lowenstein Sandler PC
1251 Avenue of the Americas
New York, NY 10020
212-204-8692
973-422-6863 (fax)
dbanker@lowenstein.com
Assigned: 11/02/2012 representing LiFeP04+C Licensing AG
(Creditor)
Michael Jason Barrie
Benesch Friedlander Coplan & Aronoff LLP
222 Delaware Avenue, Suite 801
Wilmington, DE 19801-1611
(302) 442-7010
(302) 442-7012 (fax)
mbarrie@beneschlaw.com
Assigned: 10/26/2012 representing Massachusetts Clean Energy Technology Center
(Creditor)
Emily A. Battersby
DLA Piper LLP (US)
1251 Avenue of the Americas
New York, NY 10020-1104
212-335-4500
212-335-4501 (fax)
emily.battersby@dlapiper.com
Assigned: 10/25/2012 representing Fisker Automotive, Inc.
(Interested Party)
George Benaur
Buchanan Ingersoll & Rooney PC
700 Alexander Park
Princeton, NJ 08540
609-987-6800
609-520-0360 (fax)
george.benaur@bip.com
Assigned: 10/17/2012 representing BAE Systems Controls Inc.
(Creditor)
Nola R. Bencze
Buchanan Ingersoll & Rooney PC
700 Alexander Park
Suite 300
Princeton, NJ 08540
(609) 987-6853
(609) 520-0360 (fax)
nola.bencze@bipc.com
Assigned: 10/17/2012 representing BAE Systems Controls Inc.
(Creditor)
Sunni P Beville
Brown Rudnick LLP
One Financial Center
Boston, MA 02111
617-856-8200
617-856- 8201 (fax)
sbeville@brownrudnick.com
Assigned: 11/07/2012 representing OFFICIAL COMMITTEE OF UNSECURED CREDITORS
(Creditor Committee)
Robert S. Brady
Young Conaway Stargatt & Taylor LLP
1000 North King Street
Wilmington, DE 19801
usa
302-571-6600
302-571-1253 (fax)
bankfilings@ycst.com
Assigned: 10/17/2012 representing Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
(Interested Party)
Gary D. Bressler
McElroy Deutsch Mulvaney & Carpenter LLP
300 Delaware Ave., Suite 770
Wilmington, DE 19801
(302) 300-4515
(302) 654-4031 (fax)
gbressler@mdmc-law.com
Assigned: 10/26/2012 representing The Hanover Insurance Company
(Interested Party)
Jo Ann J. Brighton
K&L Gates LLP
214 North Tryon Street
47th Floor
Charlotte, NC 28202
704-331-7400
704-331-7598 (fax)
joann.brighton@klgates.com
Assigned: 11/07/2012 representing NEC Corporation
(Interested Party)
Andrew Brozman
Clifford Chance LLP
31 West 52nd Street
New York, NY 10019-6131
212-878-3427
andrew.brozman@cliffordchance.com
Assigned: 10/17/2012 representing UNITED STATES OF AMERICA
(Creditor)
Timothy P. Cairns
Pachulski Stang Young & Jones LLP
919 N. Market Street
17th Floor
Wilmington, DE 19801
302-652-4100
302-652-4400 (fax)
tcairns@pszjlaw.com
Assigned: 11/06/2012 representing NEC Corporation
(Interested Party)
Mary Caloway
Buchanan Ingersoll & Rooney PC
1105 North Market Street
Suite 1900
Wilmington, DE 19801-1228
usa
302-552-4209
302-552-4295 (fax)
mary.caloway@bipc.com
Assigned: 11/05/2012 representing BAE Systems Controls Inc.
(Creditor)
Sarah Campbell
Clifford Chance LLP
31 West 52nd Street
New York, NY 10019-6131
212-878-3427
sarah.campbell@cliffordchance.com
Assigned: 10/17/2012 representing UNITED STATES OF AMERICA
(Creditor)
Shawn M. Christianson
Buchalter Nemer, P.C.
55 Second Street, 17th Floor
San Francisco, CA 94105-3493
(415)227-0900
(415)227-0770 (fax)
schristianson@buchalter.com
Assigned: 11/07/2012 representing Oracle America, Inc
Buchalter Nemer
c/o Shawn M. Christianson
55 Second Street, 17th Floor
San Francisco, Ca 94105
415-227-0770 (fax)
schristianson@buchalter.com
(Creditor)
Mark D. Collins
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
302 651-7700
302-651-7701 (fax)
collins@RLF.com
Assigned: 10/16/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Mark D. Collins
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
302-651-7531
302-651-7701 (fax)
collins@rlf.com
Assigned: 10/16/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
John M Craig
Russell R.Johnson III, PLC
2258 Wheatland Drive
Manakin-Sabot, VA 23103
(804) 749-8861
804-749-8862 (fax)
Assigned: 11/02/2012 representing NStar Electric & Gas Corporation
(Creditor)
The Detroit Edison Company d/b/a DTE Energy and Michigan Consolidated Gas Company, d/b/a DTE Energy
(Creditor)
Andrea Campbell Davison
Arent Fox LLP
1050 Connecticut Avenue, NW
Washington, DC 20036-5339
202-857-6000
202-857-6395 (fax)
davison.andrea@arentfox.com
Assigned: 11/02/2012 representing Panalpina, Inc.
Arent Fox LLP
c/o Jeffrey N. Rothleder, Esq.
1050 Connecticut Avenue NW
Washington, DC 20036
(Creditor)
John D. Demmy, Esq
Stevens & Lee, P.C.
1105 North Market Street, 7th Floor
Wilmington, DE 19801
302-425-3309
610-371-8515 (fax)
jdd@stevenslee.com
Assigned: 11/01/2012 representing NStar Electric & Gas Corporation
(Creditor)
The Detroit Edison Company d/b/a DTE Energy and Michigan Consolidated Gas Company, d/b/a DTE Energy
(Creditor)
Gregory T. Donilon
Pinckney, Harris & Weidinger, LLC
1220 North Market Street, Suite 950
Wilmington, DE 19801
(302) 504-1527
(302) 442-7046 (fax)
gdonilon@phw-law.com
Assigned: 11/02/2012 representing Maxwell Technologies, Inc.
(Interested Party)
Peter James Duhig
Buchanan Ingersoll & Rooney PC
1105 North Market Street
Suite 1900
Wilmington, DE 19801-1228
302-552-4217
302-552-4295 (fax)
peter.duhig@bipc.com
Assigned: 10/17/2012 representing BAE Systems Controls Inc.
(Creditor)
Daniel G. Egan
DLA Piper LLP (US)
1251 Avenue of the Americas
New York, NY 10020-1104
212-335-4500
212-335-4501 (fax)
daniel.egan@dlapiper.com
Assigned: 10/25/2012 representing Fisker Automotive, Inc.
(Interested Party)
Bonnie Glantz Fatell
Blank Rome LLP
1201 Market Street, Suite 800
Wilmington, DE 19801
(302) 425-6423
(302) 425-6464 (fax)
fatell@blankrome.com
Assigned: 10/31/2012 representing Siemens Industry, Inc.
(Interested Party)
Mark E. Felger
Cozen O'Connor
1201 N. Market Street, Suite 1001
Wilmington, DE 19801
usa
302-295-2087
302-295-2013 (fax)
mfelger@cozen.com
Assigned: 11/05/2012 representing Aristeia Master, L.P.
(Creditor)
Joshua A. Feltman
Wachtell Lipton Rosen & Katz
51 West 52nd Street
New York, NY 10019
212-403-1000
212-403-2000 (fax)
jafeltman@wlrk.com
Assigned: 10/17/2012 representing Johnson Controls, Inc.
(Interested Party)
Brian C. Fork
K&L Gates LLP
214 North Tryon Street
47th Floor
Charlotte, NC 28202
704-331-7400
704-331-7598 (fax)
brian.fork@klgates.com
Assigned: 11/07/2012 representing NEC Corporation
(Interested Party)
David M. Fournier
Pepper Hamilton LLP
Hercules Plaza, Suite 5100
1313 Market Street
Wilmington, DE 19899-1709
usa
302 777-6500
302-421-8390 (fax)
fournierd@pepperlaw.com
Assigned: 11/06/2012 representing Centre National de la Recherche Scientifique
(Interested Party)
Hydro-Quebec
(Interested Party)
Universite de Montreal
(Interested Party)
Laurence M. Frazen
Bryan Cave LLP
3500 One Kansas City Place
1200 Main Street, Suite 3500
Kansas City, MO 64105
816-374-3200
816-374-3300 (fax)
lmfrazen@bryancave.com
Assigned: 11/06/2012
LEAD ATTORNEY representing Smith Electric Vehicles Corp.
(Creditor)
Gregg M. Galardi
DLA Piper LLP
919 N. Market Street
15th floor
Wilmington, DE 19801
212-335-4640
212-884-8680 (fax)
gregg.galardi@dlapiper.com
Assigned: 10/24/2012 representing Fisker Automotive, Inc.
(Interested Party)
Lauren C. Genvert
DLA Piper LLP (US)
919 North Market Street
Suite 1500
Wilmington, DE 19801
302-468-5700
302-394-2341 (fax)
lauren.genvert@dlapiper.com
Assigned: 10/25/2012 representing Fisker Automotive, Inc.
(Interested Party)
Steven A. Ginther
Missouri Dept. of Revenue
301 W. High Street, Room 670
P.O. Box 475
Jefferson City, MO 65105-0475
573-751-5531
573-751-7232 (fax)
deecf@dor.mo.gov
Assigned: 10/25/2012 representing Missouri Department of Revenue
Attn: Steven A. Ginther, Bankruptcy Unit
PO Box 475
Jefferson City, MO 65105-0475
573-5531
573-751-7232 (fax)
deecf@dor.mo.gov
(Creditor)
Michael D. Gordon
Briggs and Morgan, P.A.
2200 IDS Center
80 South Eighth Street
Minneapolis, MN 55402
612-977-8400
612-977-8650 (fax)
mgordon@briggs.com
Assigned: 10/22/2012 representing Welsh Romulus, LLC, BPE Exchange, LLC, and BPW Exchange, LLC
(Creditor)
Victoria A. Guilfoyle
Blank Rome LLP
1201 Market Street
Suite 800
Wilmington, DE 19801
302-425-6404
302-425-6464 (fax)
guilfoyle@blankrome.com
Assigned: 10/31/2012 representing Siemens Industry, Inc.
(Interested Party)
Bojan Guzina
Sidley Austin LLP
One South Dearborn
Chicago, IL 60603
312-853-7323
312-853-7036 (fax)
bguzina@sidley.com
Assigned: 10/17/2012 representing Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
(Interested Party)
Christopher R. Harris
Latham & Watkins LLP
885 Third Avenue
New York, NY 10022
212-906-1200
212-751-4864 (fax)
christopher.harris@lw.com
Assigned: 10/18/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Jennifer R. Hoover
Benesch Friedlander Coplan & Aronoff LLP
222 Delaware Ave.
Suite 801
Wilmington, DE 19801
302-442-7010
302-442-7012 (fax)
jhoover@beneschlaw.com
Assigned: 10/31/2012 representing Massachusetts Clean Energy Technology Center
(Creditor)
Allan H. Ickowitz
Nossaman LLP
777 South Figueroa Street
34th Floor
Los Angeles, CA 90017
213-612-7800
213-612-7801 (fax)
aickpwitz@nossaman.com
Assigned: 10/26/2012 representing Auwahi Wind Energy, LLC
(Creditor)
Ericka F. Johnson
Womble Carlyle Sandridge & Rice LLP
222 Delaware Avenue
Suite 1501
Wilmington, DE 19801
302-252-4320
302-252-4330 (fax)
erjohnson@wcsr.com
Assigned: 10/22/2012 representing Phillips Specialty Products, Inc.
(Creditor)
Ericka Fredricks Johnson
Womble Carlyle Sandridge & Rice, LLP
222 Delaware Avenue
Suite 1501
Wilmington, DE 19801
302-252-4337
302-661-7737 (fax)
erjohnson@wcsr.com
Assigned: 11/08/2012 representing Phillips Specialty Products, Inc.
(Creditor)
Laura Davis Jones
Pachulski Stang Ziehl & Jones LLP
919 N. Market Street, 17th Floor
Wilmington, DE 19899-8705
302-652-4100
302-652-4400 (fax)
ljones@pszyj.com
Assigned: 11/07/2012 representing NEC Corporation
(Interested Party)
Benjamin W. Keenan
Ashby & Geddes, PA
500 Delaware Avenue
8th Floor
P O Box 1150
Wilmington, DE 19899
302-654-1888
302-654-2067 (fax)
bkeenan@ashby-geddes.com
Assigned: 10/22/2012 representing Welsh Romulus, LLC, BPE Exchange, LLC, and BPW Exchange, LLC
(Creditor)
Emil A. Kleinhaus
Wachtell Lipton Rosen & Katz
51 West 52nd Street
New York, NY 10019
212-403-1000
212-403-2000 (fax)
eakleinhaus@wlrk.com
Assigned: 11/02/2012 representing Johnson Controls, Inc.
(Interested Party)
Stephen S. LaPlante
Miller Canfield Paddock & Stone, PLC
150 West Jefferson Avenue
Suite 2500
Detroit, MI 48226
313-496-8478
313-496-8452 (fax)
laplante@millercanfield.com
Assigned: 10/23/2012 representing Intertek Testing Services N.A., Inc.
(Creditor)
David K. Lam
Wachtell Lipton Rosen & Katz
51 West 52nd Street
New York, NY 10019-6150
212-403-1000
212-403-2000 (fax)
dklam@wlrk.com
Assigned: 10/17/2012 representing Johnson Controls, Inc.
(Interested Party)
Michael R. Lastowski
Duane Morris LLP
1100 North Market Street, Suite 1200
Wilmington, DE 19801-1246
302-657-4900
302-657-4901 (fax)
mlastowski@duanemorris.com
Assigned: 11/05/2012 representing Southern California Edison Co.
(Creditor)
John J. Lavelle
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
212-839-5300
212-839-5599 (fax)
Assigned: 11/07/2012 representing Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
(Interested Party)
Michelle M. LeCointe
Baker Botts LLP
98 San Jacinto Boulevard
Suite 1500
Austin, TX 78701-4078
512-322-2500
512-322-2501 (fax)
michelle.lecointe@bakerbotts.com
Assigned: 11/07/2012 representing Centre National de la Recherche Scientifique
(Interested Party)
Hydro-Quebec
(Interested Party)
Universite de Montreal
(Interested Party)
Nathan P. Lebioda
K&L Gates LLP
214 North Tryon Street
47th Floor
Charlotte, NC 28202
704-331-7400
704-331-7598 (fax)
nathan.lebioda@klgates.com
Assigned: 11/07/2012 representing NEC Corporation
(Interested Party)
Scott J. Leonhardt
The Rosner Law Group LLC
824 Market Street
Suite 810
Wilmington, DE 19801
302-777-1111
leonhardt@teamrosner.com
Assigned: 11/01/2012 representing Niagara Thermal Products LLC
(Interested Party)
Kevin J Mangan
Womble Carlyle Sandridge & Rice LLP
222 Delaware Avenue
15th Floor
Wilmington, DE 19801
302-252-4361
302-661-7729 (fax)
kmangan@wcsr.com
Assigned: 10/22/2012 representing Phillips Specialty Products, Inc.
(Creditor)
Mary K. Markman
Michigan Department of Attorney General
525 West Ottawa
Lansing, MI 48933
517.373.1162
517.373.2060 (fax)
Markmank@michigan.gov
Assigned: 10/24/2012 representing Michigan Economic Growth Authority
525 West Ottawa Street
Lansing, MI 48933
5173731162
(Creditor)
Michigan Strategic Fund
525 West Ottawa Street
Lansing, MI 48933
5173731162
(Creditor)
Douglas K Mayer
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
212-403-1251
212-403-2251 (fax)
dkmayer@wlrk.com
Assigned: 11/02/2012 representing Johnson Controls, Inc.
(Interested Party)
Michelle McMahon
Bryan Cave LLP
1290 Avenue of the Americas
New York, NY 10104
212-541-2000
212-541-1439 (fax)
michelle.mcmahon@bryancave.com
Assigned: 11/05/2012 representing Smith Electric Vehicles Corp.
(Creditor)
Kevin J. Meek
Baker Botts LLP
98 San Jacinto Boulevard
Suite 1500
Austin, TX 78701-4078
512-322-2500
512-322-2501 (fax)
kevin.meek@bakerbotts.com
Assigned: 11/07/2012 representing Centre National de la Recherche Scientifique
(Interested Party)
Hydro-Quebec
(Interested Party)
Universite de Montreal
(Interested Party)
Michael Joseph Merchant
Richards Layton & Finger, P.A.
One Rodney Square
P.O. Box 551
Wilmington, DE 19899
usa
302-651-7700
302-651-7701 (fax)
merchant@rlf.com
Assigned: 10/16/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Michael Joseph Merchant
Richards Layton & Finger
One Rodney Square
PO Box 551
Wilmington, DE 19899
302-651-7700
302-651-7701 (fax)
merchant@rlf.com
Assigned: 10/16/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Kathleen M. Miller
Smith, Katzenstein & Jenkins LLP
800 Delaware Avenue
P.O. Box 410
Wilmington, DE 19899
302 652-8400
302-652-8405 (fax)
kmiller@skjlaw.com
Assigned: 10/16/2012 representing Airgas, Inc. and related Airgas entities
(Interested Party)
Phillip Mindlin
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
212-403-1217
212-403-2217 (fax)
pmindlin@wlrk.com
Assigned: 10/17/2012 representing Johnson Controls, Inc.
(Interested Party)
Tamara K. Minott
Morris, Nichols, Aesht & Tunnell LLP
1201 North Market Street
PO BOX 1347
Wilmington, DE 19866
302-658-9200
302-658-3989 (fax)
tminott@mnat.com
Assigned: 10/17/2012 representing Johnson Controls, Inc.
(Interested Party)
Mark Minuti
Saul Ewing LLP
222 Delaware Ave, Suite 1200
P.O. Box 1266
Wilmington, DE 19899
302 421-6840
302 421-5873 (fax)
mminuti@saul.com
Assigned: 10/17/2012 representing Ad Hoc Group of A123 3.75% Convertible Noteholders
(Creditor)
Assigned: 11/04/2012 representing OFFICIAL COMMITTEE OF UNSECURED CREDITORS
(Creditor Committee)
Louis A. Modugno
McElroy Deutsche Mulvaney&Carpenter LLP
1300 Mount Kemble Avenue
P.O. Box 075
Morristown, NJ 07962
973-993-8100
973-425-0161 (fax)
lmodugno@mdmc-law.com
Assigned: 10/26/2012 representing The Hanover Insurance Company
(Interested Party)
Francis A. Monaco, Jr.
Womble Carlyle Sandridge & Rice
222 Delaware Avenue, Suite 1501
Wilmington, DE 19801
302-252-4340
302-661-7730 (fax)
fmonaco@wcsr.com
Assigned: 10/22/2012 representing Phillips Specialty Products, Inc.
(Creditor)
Edmon L. Morton
Young, Conaway, Stargatt & Taylor
The Brandywine Bldg.
1000 West Street, 17th Floor
P.O. Box 391
Wilmington, DE 19899
usa
302 571-6600
302-571-1253 (fax)
bankfilings@ycst.com
Assigned: 10/17/2012 representing Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
(Interested Party)
Tina Niehold Moss
Perkins Coie LLP
30 Rockefeller Plaza, 25th Floor
New York, NY 10112
212-262-6900
212-977-1649 (fax)
tmoss@perkinscoie.com
Assigned: 11/02/2012 representing U.S. Bank National Association, as Indenture Trustee
Perkins Coie LLP
30 Rockefeller Plaza, 25th Fl.
New Yrok, NY 10112
212
(Creditor)
Kathleen A. Murphy
Buchanan Ingersoll & Rooney PC
1105 North Market Street
Suite 1900
Wilmington, DE 19801
302-552-4200
302-552-4295 (fax)
kathleen.murphy@bipc.com
Assigned: 10/17/2012 representing BAE Systems Controls Inc.
(Creditor)
Brett H. Myrick
Sidley Austin LLP
One South Dearborn Street
Chicago, IL 60603
312-853-7000
312-853-7036 (fax)
bmyrick@sidley.com
Assigned: 10/17/2012 representing Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
(Interested Party)
Bruce S. Nathan
Lowenstein Sandler PC
1251 Avenue of the Americas
New York, NY 10020
212-262-6700
973-422-6863 (fax)
bnathan@lowenstein.com
Assigned: 11/02/2012 representing LiFeP04+C Licensing AG
(Creditor)
Sebastian V. Niles
Wachtell Lipton Rosen & Katz
51 West 52nd Street
New York, NY 10019-6150
212-403-1000
212-403-2000 (fax)
svniles@wlrk.com
Assigned: 10/17/2012 representing Johnson Controls, Inc.
(Interested Party)
Michelle G. Novick
Arnstein & Lehr LLP
120 S. Riverside Plaza
Suite 1200
Chicago, IL 60606
312-346-7100
312-876-0288 (fax)
mgnovick@arnstein.com
Assigned: 10/25/2012 representing Electro Wire, Inc.
(Creditor)
Andrew F. O'Neill
Sidley Austin LLP
One South Dearborn Street
Chicago, IL 60603
312-853-7000
312-853-7036 (fax)
aoneill@sidley.com
Assigned: 10/17/2012 representing Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
(Interested Party)
Laura A. Otenti
Posternak Blankstein & Lund LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199-8004
617-973-6100
617-367-2316 (fax)
lotenti@pbl.com
Assigned: 10/31/2012 representing Massachusetts Clean Energy Technology Center
(Creditor)
Ricardo Palacio, Esq
Ashby & Geddes, P. A.
500 Delaware Avenue
8th Floor
Wilmington, DE 19801
302-654-1888
302-654-2067 (fax)
bankruptcy@ashby-geddes.com
Assigned: 10/19/2012 representing Welsh Romulus, LLC, BPE Exchange, LLC, and BPW Exchange, LLC
(Creditor)
Vanessa V. Peck
Goulston & Storrs, P.C.
400 Atlantic Avenue
Boston, MA 02110-3333
617-482-1776
617-574-4112 (fax)
vpeck@goulstonstorrs.com
Assigned: 10/18/2012 representing Boston Properties Limited Partnership
(Creditor)
David P. Primack
McElroy Deutsch Mulvaney & Carpenter LLP
300 Delaware Ave, Suite 770
Wilmington, DE 19801
(302) 300-4512
(302) 654-4031 (fax)
dprimack@mdmc-law.com
Assigned: 10/26/2012 representing The Hanover Insurance Company
(Interested Party)
Adam S. Ravin
Latham & Watkins LLP
885 Third Avenue
New York, NY 10022
212-906-1293
212-751-4864 (fax)
adam.ravin@lw.com
Assigned: 10/18/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Caroline A. Reckler
Latham & Watkins LLP
885 Third Avenue
New York, NY 10022-4834
212-906-1200
212-751-4864 (fax)
caroline.reckler@lw.com
Assigned: 10/18/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Annemarie V. Reilly
Latham & Watkins LLP
885 Third Avenue
New York, NY 10022-4834
212-906-1200
212-751-4864 (fax)
annemarie.reilly@lw.com
Assigned: 10/18/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Todd J. Rosen
Munger Tolles & Olson LLP
355 South Grand Avenue
Los Angeles, CA 90071
213-683-9100
213-683-4022 (fax)
todd.rosen@mto.com
Assigned: 11/02/2012 representing Maxwell Technologies, Inc.
(Interested Party)
Douglas B. Rosner
Goulston & Storrs, P.C.
400 Atlantic Ave.
Boston, MA 02110
617-482-1776
617-576-4290 (fax)
drosner@goulstonstorrs.com
Assigned: 10/18/2012 representing Boston Properties Limited Partnership
(Creditor)
Judith W. Ross
BAKER BOTTS L.L.P.
2001 Ross Avenue
Dallas, TX 75201-2980
214-953-6500
214-661-6503 (fax)
judith.ross@bakerbotts.com
Assigned: 11/07/2012 representing Centre National de la Recherche Scientifique
(Interested Party)
Universite de Montreal
(Interested Party)
Assigned: 11/07/2012 representing Hydro-Quebec
(Interested Party)
Jeffrey N Rothleder
Arent Fox LLP
1050 Connecticut Avenue, N.W.
Washington, DC 20036
202-828-3472
22-857-6395 (fax)
rothleder.jeffrey@arentfox.com;davison.andrea@arentfox.com
Assigned: 11/01/2012 representing Panalpina, Inc.
Arent Fox LLP
c/o Jeffrey N. Rothleder, Esq.
1050 Connecticut Avenue NW
Washington, DC 20036
(Creditor)
Donald E. Rothman
Riemer & Braunstein , LLP
Three Center Plaza
Boston, MA 02108
617-880-3556
617-692-3556 (fax)
drothman@riemerlaw.com
Assigned: 11/02/2012 representing Silicon Valley Bank
(Interested Party)
Daniel A. Rubens
Wachtell Lipton Rosen & Katz
51 West 52nd Street
New York, NY 10019
212-403-1000
212-403-2000 (fax)
darubens@wlrk.com
Assigned: 11/02/2012 representing Johnson Controls, Inc.
(Interested Party)
John Henry Schanne, II
Pepper Hamilton LLP
Hercules Plaza, Suite 5100
1313 Market Street
PO Box 1709
Wilmington, DE 19899-1709
302-777-6502
302-421-8390 (fax)
schannej@pepperlaw.com
Assigned: 10/26/2012 representing Centre National de la Recherche Scientifique
(Interested Party)
Hydro-Quebec
(Interested Party)
LiFePO4+C Licensing AG
(Interested Party)
Universite de Montreal
(Interested Party)
Morgan L. Seward
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
302-571-6600
bankfilings@ycst.com
Assigned: 10/17/2012 representing Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
(Interested Party)
Joseph R. Sgroi
Honigman Miller Schwartz & Cohn LLP
2290 First National Bldg.
660 Woodward Avenue
Detroit, MI 48226
313-465-7570
313-465-7571 (fax)
jsgroi@honigman.com
Assigned: 10/18/2012 representing General Motors LLC
c/o Honigman Miller Schwartz and Cohn
660 Woodward Ave
2290 First National Bldg
Detroit, MI 48226
(313) 465-7570
(313) 465-7571 (fax)
jsgroi@honigman.com
(Interested Party)
Joel C. Shapiro
Blank Rome LLP
One Logan Square
130 North 18th Street
Philadelphia, PA 19103-6998
215-569-5746
215-832-5746 (fax)
shapiro-jc@blankrome.com
Assigned: 10/31/2012 representing Siemens Industry, Inc.
(Interested Party)
Drew G. Sloan
Richards Layton & Finger, P.A.
920 North King Street
Wilmington, DE 19801
302-651-7612
302-651-7701 (fax)
dsloan@rlf.com
Assigned: 10/17/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Jennifer E Smith
Benesch,Friedlander,Coplan & Aronoff LLP
222 Delaware Avenue,
Suite 801
Wilmington, DE 19801
302-442-7010
302-442-7012 (fax)
jsmith@beneschlaw.com
Assigned: 10/31/2012 representing Massachusetts Clean Energy Technology Center
(Creditor)
Robert Somma
Posternak Blankstein & Lund LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199-9004
617-973-6100
617-367-2315 (fax)
rsomma@pbl.com
Assigned: 10/31/2012 representing Massachusetts Clean Energy Technology Center
(Creditor)
Ronald A Spinner
Miller Canfield Paddock & Stone PLC
150 West Jefferson Avenue,
Suite 2500
Detroit, MI 48226
313-496-7829
313-496-8452 (fax)
spinner@millercanfield.com
Assigned: 10/26/2012 representing Intertek Testing Services N.A., Inc.
(Creditor)
Amanda R. Steele
Richards, Layton and Finger
920 N. King Street
Wilmington, DE 19801
302-651-7838
302-428-7838 (fax)
steele@rlf.com
Assigned: 10/16/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Amanda R. Steele
Richards, Layton and Finger
920 N. King Street
Wilmington, DE 19801
302-651-7838
302-428-7838 (fax)
steele@rlf.com
Assigned: 11/06/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
John Stemplewicz
U. S. Dept. of Justice
P. O. Box 875
Ben Franklin Station
Washington, DC 20044
(202) 307-1104
(202) 305-4933 (fax)
john.stemplewicz@usdoj.gov
Assigned: 10/17/2012 representing UNITED STATES OF AMERICA
(Creditor)
William D. Sullivan
Sullivan Hazeltine Allinson LLC
901 North Market Street, Suite 1300
Wilmington, DE 19801
(302) 428-8191
(302) 428-8195 (fax)
bsullivan@sha-llc.com
Assigned: 10/26/2012 representing Auwahi Wind Energy, LLC
(Creditor)
Marisa A. Terranova
Richards Layton & Finger, P.A.
920 N. King Street
Wilmington, DE 19899
302-651-7811
302-498-7811 (fax)
terranova@rlf.com
Assigned: 10/19/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
James C. Thoman
Hodgson Russ LLP
140 Pearl Street, Suite 100
Buffalo, NY 14202
(716) 856-4000
(716) 849-0349 (fax)
jthoman@hodgsonruss.com
Assigned: 11/02/2012 representing Niagara Thermal Products LLC
(Interested Party)
Chad Joseph Toms
Whiteford Taylor Preston LLC
The Renaissance Centre, Suite 500
405 North King Street
Wilmington, DE 19801
302-357-3253
302-357-3273 (fax)
ctoms@wtplaw.com
Assigned: 10/23/2012 representing Limbach Company LLC
(Interested Party)
Matthew Troy
U.S. Department of Justice
1100 L Street NW
Room 10044
Washington, DC 20005
202-307-0958
Assigned: 10/17/2012 representing UNITED STATES OF AMERICA
(Creditor)
Matthew L. Warren
Latham & Watkins LLP
885 Third Avenue
New York, NY 10022-4834
212-906-1200
212-751-4864 (fax)
matthew.warren@lw.com
Assigned: 10/18/2012 representing A123 Systems, Inc.
200 West Street
Waltham, MA 02451
(Debtor)
Jeffrey R. Waxman
Morris James LLP
500 Delaware Avenue, Suite 1500
P.O. Box 2306
Wilmington, DE 19801
302-888-5842
302-571-1750 (fax)
jwaxman@morrisjames.com
Assigned: 11/02/2012 representing LiFeP04+C Licensing AG
(Creditor)
Austin T. Witt
Wachtell Lipton Rosen & Katz
51 West 52nd Street
New York, NY 10019-6150
212-403-1000
212-403-2000 (fax)
awitt@wlrk.com
Assigned: 10/17/2012 representing Johnson Controls, Inc.
(Interested Party)
William G. Wright
Capehart & Scatchard, P.A.
8000 Midlantic Drive
Suite 300S
Mt. Laurel, NJ 08054
856-914-2045
856-235-2786 (fax)
wwright@capehart.com
Assigned: 11/08/2012 representing Banc of America Leasing & Capital, LLC
(Creditor)
Jennifer L Young
Milberg LLP
One Pennsylvania Plz
49th Floor
New York, NY 10019
646 733 5718
Assigned: 11/07/2012
LEAD ATTORNEY representing Suk Cheung et al
(Interested Party)
Victor W. Zhao
United States Department of Justice
1100 L Street, NW
Washington, DC 20005
202-307-0958
202-514-9163 (fax)
victor.w.zhao@usdoj.gov
Assigned: 10/16/2012 representing UNITED STATES OF AMERICA
(Creditor)
LOOK THE STALKING HORSE BID KEEPS THE VALUE HIGHER. THIS CANNOT BE LOW BALLED!!!!!
What is a stalking horse bid? What is the definition of a stalking horse bid?
"Stalking horse bids" take place during a bankruptcy.
Let's say that XYZ, Inc. has filed for bankruptcy. and they will now begin the process of liquidating their assets.
XYZ, Inc. wants to maximize the amount of money that it receives for its assets, so it will pursue something known as a stalking horse bid.
XYZ, Inc. will select a company from the list of interested buyers to submit a stalking horse bid.
This company will offer up a price for the assets. This is known as the "stalking horse bid".
Other companies will then have a chance to best this offer.
Why would a company choose to submit an initial bid?
Often the bankrupt company will offer a perk to the company submitting the "stalking horse bid", such as breakup fees.
This initial "stalking horse bid" will set a minimum price for which the assets can be acquired. This prevents companies from submitting a bunch of lowball offers in an attempt to purchase the assets for a song.
The bankrupt company benefits from a "stalking horse bid" in that a minimum price is set for the assets.
The company placing the "stalking horse bid" will usually benefit in that they will receive some sort of a perk for bidding first.
SO THIS WILL NOT BE LOW BALLED! IF ANYTHING THE OTHER BIDDERS WILL HAVE TO BID UP THE VALUE.
Stalking Horse Explained
http://www.zacharyscott.com/insight/corporate-finance/guidelines-bankruptcy-sale.aspx
I am buying on the hope that the December hearing brings multiple offers and sends this up.