Massachusetts Green Bubble Alert: American Superconductor:
Update: May 24, 2012
AMSC, Inox in Wind Turbine Deal - Analyst Blog
"In August 2010, Inox had placed an initial order for 17 of American Superconductor's wind turbine ECS to be utilized in 2-MW doubly-fed induction wind turbines. These turbines are being manufactured by Inox under a global American Superconductor Windtec license that it received in May 2009..."
Alert: American Superconductor Devens, Massachusetts
With 300 layoffs in 2011, Massachusetts American Superconductor has subcontracted $12.1 million
of its US taxpayer-funded stimulus to France from their Department of Energy $21.7 loan.
AMSC awards funded:
“..a project for the Navy that is complete and another for the Long Island power grid that is more than 50 percent complete. According to the Administration’s reporting, AMSC’s awards allowed the company to retain 12 full-time position equivalencies—that is, $1.8 million per job “saved or created.”
Shipments of wind turbine components from AMSC were refused by Sinovel in China that (was) 70 percent of AMSC’s customer-base. AMSC’s common stock responded with a dive from $24.87 on April 5 to $13.30 on April 7.
Former AMSC employee Dejan Karabasevic sits in a prison cell in Australia for having sold AMSC trade secrets to China Sinovel, while AMSC waits for a court date to be set in China for proceeding on the trade secret accused theft by Sinovel that they fiercy deny.
American Superconductor Examined (select excerpts):
Foreign Firms Take Millions in Recovery Act Cash
“April 3, 2012 — Since 2009, a wind-power company in Devens, Mass.
has taken $21.7 million in Recovery Act awards, sent the bulk of that
taxpayer-funded stimulus to French firms, fallen victim to industrial espionage
and fired American workers.”
“Unlike Solyndra, SunPower or the myriad other green enterprises that have
gone belly up after taking Obama-cash, AMSC survived its brush with free market
reality through a strategy of layoffs and cash injections from Kevin G.
Douglas, a wealthy Democratic donor and the top shareholder in AMSC, according
to SEC and FEC records.
When Sinovel broke ties, AMSC has left with an uncomfortable fact to
disclose to the SEC at their March 31, 2011 reporting deadline. SEC documents
indicate that the company requested and received and temporary reprieve on that
deadline, but it was nonetheless forced to go public with the information that it
had just lost 70 percent of its customer-base on April 5. Following the
disclosure, the price of AMSC’s common stock plummeted from $24.87 at market
open April 5 to $13.30 at market close on April 7, bottoming out in Oct. 3 at
Kevin Douglas and the Obama Administration
“How ironic that one day after Obama lauded grants to wind-power companies,
American Superconductor, a wind-power company that received such grants,
reported to the SEC that it was on the brink of collapse!”
“Douglas and his wife Michelle have given more than $130,000 to Barack Obama
and Democratic committees, according to Federal Election Commission records.
What’s more, just days after AMSC’s stock price collapsed, Douglas and his wife
Michelle gave $71,600 to the Chicago-based super PAC, Obama Victory Fund 2012.”
[cut], continue reading full article:
American Superconductor, Solyndra, Beacon Power, SunPower and other renewble energy ventures are companies in which the public is heavily invested for reasons political vs public and environmental merit. We are about $2 billion in debt with Solyndra and SunPower bankruptcy filings alone.
YOUR INVESTMENT: White House Briefing Memo on loan guarantees to renewable companies illustrates citizens assume all risks with renenwable energy company investments, like American Superconductor and multiple other green business ventures:
The "Green Bubble Alert’ is a tool that will help you to track your 60% "skin in the game" that employs Public Officials and funds unworthy companies.
In final summary, crony capitalism and corporate welfare in Massachusetts reward underperformance with your money.
(This list is expanding and regularly updated)
Massachusetts Green Bubble Alert: EnerNOC