An American company that lost out in its bid for the assets of failed, federally backed battery maker A123 is appealing a judge's decision last week to sell the company to a Chinese competitor, The Washington Times reported yesterday. The sale of A123 Systems to Chinese-based Wanxiang has prompted critics in Congress to urge the federal government to intervene and block the sale on national security and other grounds. Milwaukee-based Johnson Controls filed its appeal with the U.S. Bankruptcy Court in Delaware early Monday, saying that the company should have been paid a so-called breakup fee and expense reimbursement in the deal selling A123. The company also said that it is ready to make another bid for A123 if the deal with Wanxiang falls apart, which remains a possibility. Sens. Chuck Grassley (R-Iowa) and John Thune (R-S.D.) issued a joint statement last week calling for a "full review" of the bankruptcy transaction by the federal government. "In the end, the taxpayers will be left having to repay interest to China for a business that a Chinese company now owns," the lawmakers said.
