BANKRUPTCY PLAYS

[finbar99]

The name of Johnson Controls is now popping up in the Valence docket. The case appears to be taking some sort of turn as the company is now motioning to hire KPMG and Roth Capital to act as agents for an equity raise. What I find most interesting is that Johnson Controls, plus a few others, are listed in the engagement letters as parties for whom KPMG and Roth would only be eligible for half of the 2.5% commission that would be applicable for new money. Have to guess that when JC lost the A123 IP they approached Valence, and now Valence has initiated an equity solicitation process that did not previously seem to be part of the plan.