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Should have cleaned out the rookies. Let the vets take over and roll this up for ya!!
BANG BANG BANG. This is dirt cheap right now
This looks like someone is trying to scare people out before the hearings. Load em if you want. Do your own DD and don't trust me trust your gut. This is a company with future contracts with Johnson Controls and GM possible going forward. This is a great risk considering what all this company has to offer.
LOADING!!!!!! CANDY BABY!!!!
Watching this one. Some pretty big swings.
This week. Please go back and look at many posts I have added showing schedules of hearings
Wait for the hearings :)
I been tryin to tell ya. This one is going to take a hearing and it is not going to be fast. Once the judge speaks this one should IN MY OPINION do very well.
got more cheapies today. Thanks
I have been posting and saying that for days!!!
WE HAVE HEARINGS!!!!!! ON MONDAY!!! PAY ATTENTION PEOPLE!!!
This play is based on the courts and the hearings...
still buying. hearings next week!!!!!!!!!
No link provided. Those are the court documents.
THE NEWS IS THE SAME!!!! Bidders are jockeying for position. November is a big month for hearings. We will know more as November unfolds.
Make your bets and hang on. I grabbed some more 12s today and am very happy. A bidding war is good for us as the value keeps rising as the competition heats up. The more that bid the better we do.
LOL!!!!! WEEEEEEEEE
You are reading that incorrectly. Fisker does not like the current deal and they have an objection in the court to extend the process to find added value. Fisker will lose all warranty supprt from a123 if they are sold. Johnson Controls will not honor those warrantys.
That is what is currently going on.
Yes I agree eat well on the dip. The BK play is in full effect. I have seen 2 cents to .19 back to 9 cents and then up to .44 and then back to .20 and then a run to $1.60 all in the same bk stock.
I got .12s
You too buddy. Another gift.
The creditor commitee represents both secured and unsecured creditors.
These guys have a huge investment in a123
http://www.svb.com/assetmanagement/
APPOINTMENT OF OFFICIAL CREDITOR COMMITTEE!!!!!!
This guy on seeking alpha is bashing the stock but some of his facts are wrong. I guess he did not do his DD on this one. LOL.
This looks like a shake IMO. Trying to scare people into selling. Someone called a short raid yesterday. I am still buying as I see huge value in this company. Good luck all
That is BS it was much less than that. How much was each life worth coming home from Iraq and Afghanistan? I hate it when politics gets that deep into an issue. A123 still has millions from the bailout money and that money could go to the net buyer of the company. They did not spend all 249 million.
multiple bidders speculated!!! this is going to go big
THIS IS A MUST MUST MUST READ
I am buying more shares!!!!
Bids heat up for assets of A123 Systems
October 31, 2012 11:42 AM
The bid war for the assets of A123 Systems is becoming contentious - and for good reason.
This week, Johnson Controls, was replaced as debtor-in-possession by Chinese supplier Wanxiang Group Corp., according to bankruptcy filings. Milwaukee-based JCI retains its stalking horse bid of $125 million for A123's bankrupt automotive assets. Wanxiang, which offered A123 $465 million for an 80 percent stake prior to bankruptcy has also entered a new, yet-to-be-revealed bid.
JCI pulled out as a lender after California-based Fisker Automotive asked the bankruptcy judge to delay A123's Nov. 19 auction by 30 days. According to court filings, the auction did not provide enough time for competing bids and worries over warranty of A123 batteries.
"A123's obligations under this supply agreement, including its warranty obligations thereunder, gives rise to substantial unsecured claims in favor of Fisker in these cases that may exceed $100 million in the aggregate," the company said in its appeal.
What this means, according to an anonymous source familiar with Fisker and A123, is that A123 has yet to complete a replacement battery program after it shipped defective cells earlier this year.
The defect was identified in April after a Fisker Karma plug-in hybrid fitted with an A123 lithium-ion battery failed during a test by Consumer Reports. Replacing the defective batteries was expected to cost A123 $66.8 million, including a $15 million inventory charge.
The source said that Fisker has yet to fulfill its obligation to replace the defective batteries. Everything is negotiable in bankruptcy court and it is likely JCI wouldn't agree to honor that contract or to replace the batteries.
With two bids already entered ahead of the Nov. 19 auction, barring the approval of Fisker's request to delay, more bids could be on the way.
Bankruptcy filings reveal that A123 received four offers prior to bankruptcy, Wanxiang's and three others to acquire part of its assets. The unnamed source said JCI was a bidder as well as two other "large" battery companies. The source did not reveal the other bidders.
On the short list of speculation are Asian firms SK Group, Samsung SDI, Hitachi Ltd., LG Chem Ltd. and Panasonic Corp., Michael Lew, senior analyst covering A123 for New York City-based Needham & Co., told Crain's earlier this month.
Bidders could be getting A123's assets and intellectual property on the cheap.
A123 has used only $132 million of its $249.1 million grant from the U.S. Department of Energy and the government arm hasn't ruled out allowing the next buyer to use the remaining $117.1 million of the grant — provided it remains a U.S. investment, William Gibbons, DOE deputy press secretary, wrote in an email to Crain's.
JCI is offering $125 million for A123's assets. If the bid is approved, it could get A123 for a net swing of $7.9 million.
Great we can buy even more shares. Hey come back on November 8th or 9th after the hearings and tell me that.
You nailed it. Bidding war could start after judge approves one bid. Then we can start seeing other bids submitted. The batteries are just one part of the deal as the company has much more to offer than just batteries
Rookies are funny. We discussed that ages ago. Onward and upward after the hearings my friend. :)
Obamacare is Romney Care. LOL. And it is working in Massachusetts right now by Romney;s own admission. Sorry to get political but facts are facts. Romney is lying about the auto industry and the auto industry just put him in check.
http://themoderatevoice.com/165975/auto-companies-slam-mitt-romney-for-false-jeep-jobs-to-china-claim-in-ohio-anti-obama-ad/
Big corporations usually support Republicans but when the guy is lying like a rug they had to call him out on the mat. Not a good idea to piss off auto executive a week from election time.
A123 will benefit from a strong auto industry
I agree. It was not Obama's fault that this company went into BK. The problem was that they lost a huge potential client in GM and they also overproduced their batteries for a virgin market. Now it has been a few years and this technology is being used more and more by all autos. I am voting Democratic this year and I hope companies like this are given a second chance. That is what America is about.
MUST WATCH THIS VIDEO
I am reading the court docs daily. I will post what I find out when I have time.
1000% agree. There are hearing dates that will effect this case well into November. We will only know more as the case unfolds.