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Obama-backed electric car battery-maker files for bankruptcy

An Indiana-based energy-storage company, whose subsidiary received a $118.5 million stimulus grant from the Energy Department, filed for bankruptcy Thursday.

Enera1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding.

“This was a difficult, but necessary, decision for our company,” Ener1 CEO Alex Sorokin said in a news release. “We are extremely pleased to have the strong support of our primary investors and lenders to substantially reduce the company’s debt.”

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  • Lone Ranger

    another obama acomplishment, why doest he add this to his portfolio of failures??

    • REMAINFREE

      Guys, guys,…..don’t you see, this is another funneling of campaign money. I bet we hear that a majority of this so-called stimulus money gets washed right back into Obama’s campaign contributions. Just like the sham~Solyndra. I just wonder when the GOP is going to start pull the trump card on all these issues.

      • don

        ain’t going to ever happen. we don’t have any one brave enought to do anything. besides if they get the power they will do the same thing. no win stiuation.

        • REMAINFREE

          Here-Here, I agree….

      • RICHARD

        SOO TRUE, WONDER HOW MANY MORE ?? SOON THERE WILL BE MORE EVENTS FOR OBAMA TO BRAG ABOUT== LIKE OSAMA BIN LADEN WHO WAS ON MACHINES 20 YRS AGO AND HAS BEEN DEAD FOR 10 PLUS YEARS

      • EWH

        SOMEONE NEEDS TO INVESTIGATE WHERE THE MONEY IS COMING FROM TO THE DNC. THERE IS MUCH EVIDENCE BAILOUT MONEY TO SOLYENDRA WENT TO THE DNC & OBUMER.

      • THOMAS STEWART

        Right-On Remainfree Just Remember Keep Your Eye On The George Sore-Ass Ball, Because The Real King Is George Soros Not King Obamacare.Try http://WWW.TruNews.Com . This Is The Game-Changer For A Real Imposter With The Help Of Susan Daniels And A Real Honest Judge Michael Malihi. God Bless America

      • JIM

        HOW MANY MORE OF obama BACKED COMPANYS GO BANKRUPT.THE GOVERMENT NEEDS TO GET OUT OF PRIVATE BUSISNESS AND STAY OUT. THEY HAVE NO IDEA WHAT THEY ARE DOING OR HOW TO RUN PRIVATE BUSISNESS.
        I BET IS THEY HAD A LEMON STAND IN THERE FRONT YARD IT WOULD GO BANKRUPT.

    • American

      Find your Sec. of State email for your state, and SEND this ,,I sent it to Ruth Johnson (R). of Michigan..We Must KEEP obama OFF the voting ballots in every State.. This here is another tool WE as Americans can use to our fight to get obama out of The White House for GOOD..!
      This is a national call to action to help ensure Article II, Section 1, of the U.S. Constitution is upheld by stopping Obama from getting back in the White House for another 4 un-Constitutional years. The Obama State Ballot Challenge 2012 project was created to help organize and report on the Herculean effort to keep Obama off the Presidential election ballot in 2012 because he does not meet the Constitutional standard of Natural Born Citizen that was established by Minor v. Happersett, and because of his massive fraud crimes committed before and during his tenure in the White House.The first ballot challenge is ongoing in New Hampshire and citizens have additionally filed ballot challenges in Georgia, Hawaii, Tennessee, Arizona, and Alabama, and many more are in the works. we are a nation of laws, and the political ruling class has failed to uphold the law regarding Obama’s usurpation. We do it for God, country, and family…. and for justice. We will also fight against any non Natural Born Republican that appears on the Presidential ballot. This is not a political initiative, it is about respecting the Constitution.
      We all lose if we continue to be a nation of men and not of laws. This enables corruption in Congress, the White House and the Courts. As it stands now, they are all operating above the law. This state ballot initiative brings the power back to the states to ensure their citizens are voting for only qualified candidates.
      Orly Taitz Sums Up Obama Fraud Crimes to New Hampshire Ballot Commission
      PLEASE i BEG you to watch this video,,It’s EVERY Americans duty to know the TRUTH..
      Orly Taitz vs NH Ballot Law Commission Obama Birth
      http://www.youtube.com/watch?feature=player_embedded&v=BUcyb5pmUKI

  • Eli Jones

    So another one of Obama’s tax funded failures wants more of our money. Close the doors now!

  • Skipper

    Another failure from our Failures in Chief

    • http://bobk90.wordpress.com Bobby

      Good One!!!!

  • http://AOL M. Steinbaugh

    Is he truely clueless or is he trying to destroy this country?

  • Pete K

    …and who are the primary investors in this failed adventure besides the taxpayer? Is Soros one of them?

    • NancyJ

      Good question, I wonder.

    • Michelle

      Yeah…that’s what I want to know.

    • http://bobk90.wordpress.com Bobby

      It could be any one actually & maybe its one of the Communist CZARS that were Forced out and tried to make a living on the outside with the Help of Comrade Obama!

  • CAllenDoudna

    The reverse Midas touch: Everything he touches turns to Debt!

    • NancyJ

      If you don’t mind, I will use your remark. Love it!!

    • http://bobk90.wordpress.com Bobby

      How about this:

      More Debt, More Debt, My Country for more Debt!!!

  • mainerinexile

    The CEO must be another Obama donor…

  • mainerinexile

    In Indiana, quiet Indiana, the Li-Ion sleeps tonight…

  • Motorcycle Man

    Our government needs to get the hell out of the way and LET the free market system work….perhaps giving some sort of special incentive award AFTER an energy efficiency system
    is created and PROVEN might work better than just pissing money into the wind like Washington is known to do…..get the lobbyists and special interest groups out of there buying the bureaucrats off at the expense of hard working Americans!!!!!

    • Jerry

      Get bho out of Washington!!!!!!

  • Ken Danagger

    The surest way to get a company to fail is to give them a handout from the public treasury. Handouts attract laziness and incompetence, which results in poor performance. In a true free market system, the assets of these failures would be sold to the highest bidder so that someone more competent and more motivated could take up the challenge. That’s the way nature works (natural selection), and the way the business world SHOULD work (free markets).

  • hunter

    When we elect a person without a record or ethetics, this could happen. The newa media is no longer help.

  • Jerry

    Even before reading this article somebody in the field of good journalism should name and call this freak the “bankrupt” prez because that is all he ever comes up with! I myself alone could have made better decisions than this “excuse” of a man! I hope there are less of the uninformed educated illiterates around come election time!

    • Jstarusa

      Doesnt speak well of his Harvard education, does it. If they had common sense classes there, he must have skipped them. Seems he wants to turn the United States into an African 3rd world country where the warlords ride around in pickup trucks with 50 caliber machine guns in the back to keep the people down and out! Pity, this was the greatest country in the world once upon a time….

  • Jerry

    Somebody needs to teach this jerk that he can’t do any thing as far as trying to nullify the industrial revolution because he is using industrial revolution “money” to pour down the ratholes and rat traps! Where does all this money comes from for him to use on bankrupt projects!!!!!!!!

  • mixplix

    This is how the DOE can employ sixteen thousand employees who have failed for over thirty years to get us off foreign oil. Lend money the same way the banks do, with interest, naturally.

    • http://CowboyByte Walt

      mixplix, That’s the best example of why government can not attempt to be in business ! “THANKS!”

  • Lowell T.

    Tax paying citizens are only getting scraps of information. I would like to know what is really going on but afraid to ask. I wish the news media was up for reelection. I would do my best to throw them out with the current administration.

    • Jstarusa

      Well said, Lowell T!

    • THOMAS STEWART

      Right-On Lowell T The Kings Castle And Guards Are Starting To Jump Ship, Yikeess, Now Watch What Happens When Judge Michael Malihi Wants Our Imposter Pres Obama Too Show Cause For Contempt Of Court, Yikeess, Now The Biggest Fiasco ” Audit The Fed” Pres Obama Dhimmitude Economy Is Littered With Billion Dollar Busts, Yikeess, Thanks George Soros For Cuba And Brazil Oil. God Bless America.

  • manny

    The stimulus handouts were a total failure. Government should stay out of business, period and let the free market decide the winners and losers. This administration is killing business at every turn with taxes and regulations. The Keystone pipeline….don’t get me started….

  • Stephen

    King Obamir has the Midas touch, but the only gold that’s worth its weight is now in his campaign coffers. Any company that makes a deal with the devil loses along with the American tax payers and our country’s future. It’s another very sad story to add to his resume.

  • http://Comcast JimBob

    Remind me not to let this idiot pick horses for me at Hialeah… He’s a one-man bankruptcy machine.

  • J.M.R.

    once again loss of our money from the chimp dick-tater loser

  • Billy J Shafer

    Everything he touches turns to sh$t.

  • DockyWocky

    Gee. If I didn’t know better, it appears that FOOs (Friends Of Obama) who got all these suspicious magnanimous grants and loans from Obama’s various financial entities, are simply ripping off the American taxpayers when they take off with the real money and leave their green geek scams to go belly up in the bankruptcy courts.

    If I didn’t know better, I said.

    As another commentator said, “Everything Obama touches turns to sh$t,” but all his pals hand over the required kick-backs then leave the scene with executive packs and bonuses.

    There must be an opposite to King Midas. Maybe a King Skat – who turned everything he touched to feces. Whatever, that’s our boy, Obama.

  • http://www.newsandopinions.net Bill Stanley

    Battery maker A123 Systems received $380 million in government support. Instead of up to 3,000 new Michigan jobs as Czar Obama and the company predicted, it has 690 employees. Johnson Controls received a $299 million stimulus grant and opted to build one factory instead of two because of lower-than-projected demand. The one plant is operating at half capacity. California electric-car maker Aptera announced it was shutting its doors because of problems raising capital. Government Motors’ (GM) Volt was supposed to drive Czar Obama’s push for 1 million alternative vehicles by 2015. GM revealed it would fall roughly 38% shy of its goal of selling 10,000 this year. Sales of electric cars are approximately two-tenths of 1% of 2011 domestic sales.

  • http://www.longlfechoices.blogspot.com John Bazen

    STOP!!!!!
    Our very likable President, has never been able to get himself passed the Community Organizing phase, ergo he is figuratively drowning, because he’s NOT in a job that fits, ” learn on the job!”

    It means all the rest of us must pay for his ineptitude!

  • The Lion Den Roars

    NO < NO < this is another one of his ,fly by cosmedic deals. To much Viagra.

  • Don DeCamp

    Wake up America . We had better vote while we still can

  • Jose C

    “This was a difficult, but necessary, decision for our company,” Ener1 CEO Alex Sorokin said in a news release. “We are extremely pleased to have the strong support of our primary investors and lenders to substantially reduce the company’s debt.”

    I am tired of people beating around the bush.
    Tell it like it is Mr. Sorokin, Say that you have strong support from you primary investor: Obama and the Federal Government.

  • http://EXPLORER WI LDA WOODS

    ANOTHER SIGN IF A ADMINISTRATION THAT IS IN OVER THEIR HEADS!!!!!
    ANOTHER CHUNK OF SQUANDERED TAX MONEY!!!!!!
    How much more of this is the tax payers willing to over look!!!!

  • Shane

    Another “investment” by Obama goes bankrupt. It’s clear Obama knows little about Capitalism and investing.

    • Truthteller

      On the contrary, Shane,

      Obummer is as dumb as a fox. Ask yourself the question, How has the liar in chief raised close to a billion dollars for his reelection campaign? The answer is, loan billions of spendulus tax dollars to wacky green companies, who very shortly go bankrupt, of course after illegally laundering those spendulus dollars into Obummer campaign coffers.

      The execs, (Obummer operatives) take their perks, golden parachutes, and bonuses. After that, there is nothing left of the company, but a building full of equipment and a bunch of empty bank accounts.

  • Platoon Sergeant Chee

    Whitehouse spokesWoman blames failure on Gingrich, or Romney, or Santorum or…..

  • J J

    Another Solendra – so why should we believe that he has a handle on anything with his energy policy??? He may WANT green but this country obviously isn’t ready for green. Green isn’t affordable for the average American citizen so there he goes picking winners again and the winners are average American citizens. However, his winners seem to always take millions of taxpayer dollars and then file bankruptcy while laughing all the way to the bank because the taxpayer doesn’t get paid back. I’m tired of this scenario.

  • Joseph C Moore, USN Ret

    I really like the term “reverse Midas touch -everything he touches turns to debt”.

  • J J

    I wouldn’t want Obama backing my company. That endorsement seems to be a death sentence.

    • D Fowler

      Naw! You couldn’t get them if you wanted them. This is just another way to funnel tax dollars into campaign funds for the Obumo’s reelection fund.

      • Truthteller

        Right on, D Fowler.

  • D Fowler

    I am sure Obumo and his band of merry fairies, will claim these greenie failures and total waste of stimulus money are all Bush’s fault. What is sad is that the neo-left sheep will believe him.

  • jerry

    Obama is doing an excellent job. Pray for him psalms 109:8

    His mandate is to corrupt, bankrupt and destroy America for the islamic sharia of N. America and he is doing a wonderful job of it.

  • http://FaceBook ron yurchak

    We The People are the primary investors and lenders. It was our tax money that was used to subsidize this failing company. One more bright idea from the GREEN president. When does it stop?.

  • CAllenDoudna

    (tune: “My Country Tis of Thee”)

    Obama he will spit on thee
    His land of Poverty
    You he will screw.

  • KS

    Lets see: we THINK “he” does not know what he’s doing, BUT: every play comes out of Eugene Debs playbook way back in the ’30s. Back inthe 60’s, these guys were sitting in coffee houses, backyards, plotting and planning and devising scenarios that we are lliving out today. The sheeple are so on Prozac and mind-numbing drugs that they don’t give a sh–t.

  • Julian

    Maybe we have it backwards, when Obama loans a company taxpayer money that is what causes them to go broke. If so he should loan the EPA money, as well as those fools that believe in man made global warming and rain makers. When man can control the jet stream and solar flares then he can control or influence the climate.

  • John

    He desparately needs those batteries for Michelle’s vibrator !

  • stevor

    Barry is just ignorant and bad for the country. He’s all out for helping his rich benefactors so they can contribute more to his election. Get people to look at the FAKE birth certificate that Barry has online. Use this link. Zoom in as much as possible and look at the “1” on the end of the serial number being different/pasted in. Look at the “signature” at the bottom where there’s a “nose”, “eye” and “laughing mouth” on the “A” of “Alvin”, the mouth LAUGHING at all the folks who think Barry is for real:

    http://www.whitehouse.gov/blog/2011/04/27/president-obamas-long-form-birth-certificate

    It will take less than a minute to confirm what I say. He’s already off the Georgia ballot for not going to court there. Get him off the rest of the states!

  • Neal

    Everything he does, everything about him, is just like him,,, Half Baked!!

  • Neal

    Everything he does, everything about him, is just like him,,, HALF BAKED !!!
    There will be no positive finalism to his quest to kill America..
    It will go on after he is gone, unless America elects REAL American senators and representatives that hold America above a party..

  • James R. Maxwell

    Yeppers, “Strong support from out primary investory” I take that to mean the George Soras and obama who invested (Political speak for gave) them millions of tax payers dollars.

  • Navy Veteran

    The stimulus money “given” to these so called green companies has been nothing but a hoax. This money was never intended to expand these companies. The justice department should be checking into the financial condition of the officers of the companies. I would bet that they became multi millionaires almost overnight. The green energy concept has never been nothing but another way to “launder” money. It’s a fraud on people who don’t use their brain to think with. How many congressmen and women do you see driving a Chevy Volt? The answer to this question should indicate something.