The electric car company founded by former Gov. Terry McAuliffe filed for Chapter 11 bankruptcy this week, blaming in part a wave of negative coverage by a conservative news website for its financial woes.
GreenTech Automotive’s bankruptcy petition cites 76 articles by the website Watchdog.org it says “negatively affected governmental, investor and public perception of GreenTech” and prompted investigations by the Securities and Exchange Commission and the Department of Homeland Security.
GreenTech in 2013 sued Watchdog.org, operated by the Franklin Center for Government and Public Integrity, for $85 million. A judge dismissed the case in 2014.
McAuliffe resigned from GreenTech in late 2012 during his run for governor. Early in the campaign, he featured the company prominently, pitching himself as a forward-thinking entrepreneur.
More recently, however, the company has faced a series of lawsuits filed by investors in the company, who have called GreenTech a “scam perpetrated by savvy and politically connected operatives and businessmen” to exploit Chinese immigrants hoping to come to America.
The bankruptcy filing cites a $7.5 million judgment won by 12 investors and says other suits are pending.
According to its bankruptcy filing, GreenTech raised $141.5 million from investors between 2009 and 2013 as part of the EB-5 visa program, which offered immigrant investors permanent residency.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
Who better suited to run against Trump indeed! Only if the goal is to bankrupt the country. He DOES have experience with bankruptsies.
How much did McAuliffe get to keep? As much as his wife did in campaign contributions?
He couldn't run a pie shop.
Post a Comment