Posted on 08/15/2013 4:51:39 PM PDT by Oldeconomybuyer
The U.S. Department of Energy will put up for auction this week a $50 million loan awarded to the now-closed Vehicle Production Group LLC, an unusual move by the DOE that may give U.S. taxpayers a chance to recoup a portion of their investment.
The auction may also mark a path for the government to offload non-performing loans made to other troubled, taxpayer-backed companies, including hybrid sports car maker Fisker Automotive, which owes the DOE $192 million and has so far failed to secure a buyer.
"I just don't see a great argument for making the bid and resurrecting either of them," said Brett Smith, industry analyst with the Center for Automotive Research. "It's so tough to be a niche manufacturer like that in this world."
(Excerpt) Read more at reuters.com ...
The Department of Energy plans to sell by competitive auction, to be held on August 15, 2013, the $49,962,446 promissory note (original principal amount) issued by The Vehicle Production Group LLC in connection with a secured loan made under the Advanced Technology Vehicles Manufacturing Program. The loan is presently not performing. Persons interested in purchasing the note should promptly contact the Advanced Technology Vehicles Manufacturing Program at portfolio.vpg@hq.doe.gov to learn how qualified prospective purchasers may obtain additional information about the auction, including requirements for submitting an initial bid (N.B. the deadline for submitting initial bids is August 12, 2013 at 5:00 PM EST). Inquiries should include sender’s name, business name, postal, street, and email addresses, and telephone numbers. The Department reserves the right, at any time and in its sole discretion, to alter or terminate this sale process, to refuse to enter into or terminate discussions with any or all interested parties, to reject any or all indications of interest or offers, to negotiate with one or more interested parties after the auction, or to enter into one or more definitive agreements without notice. It is understood that each interested party will bear the costs of its own investigation and evaluation of this opportunity.
I wonder if a “Union Shop” buys this note they will get a bailout ?
Calling Warren Buffett or Bill Gates or George Soros or Bill Slick Willy Clinton or any rich Progressive feeling overly burdened with illegitimate wealth from capitalism .... where are you?
Rats. If the bid date hadn’t already passed, I’d consider bidding $100.
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