Governor Terry McAuliffe of Virginia started a green car company several years ago and things did not go well. People who worked for him were accused of over-promising to foreign investors. Now the company is going bankrupt and a conservative website is being blamed.
The Richmond Times-Dispatch reports:
GreenTech, the electric car company once led by McAuliffe, files for bankruptcy
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 2013 run for governor and has said he has had no role whatsoever in the company’s operations since then. Early in the campaign, the Democrat featured the company prominently as he pitched himself as a deal-making, forward-thinking entrepreneur…
According to its bankruptcy filing, GreenTech raised $141.5 million from investors between 2009 and 2013 as part of the EB-5 visa program that offered immigrant investors permanent residency.
He was clearly counting on Hillary winning the 2016 election. Maybe he was hoping for a bailout.