A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday.
The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 11 is the section of the Bankruptcy Code used by companies to reorganize.
A123 didn’t expect to be on time [...]
Look at the facts: One — Facebook is well capitalized. It does *not* need money to fund operations or *any* planned growth. (Which by the way, are the only valid reasons to IPO). What this means is that the principals are looking to cash out. Why now?
Two — The rate of new users joining Facebook is *slowing*. The star is already starting to wane.
Three — The [...]
Treasury to tap pensions to help fund government
“The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt [...]