A123 was once a prominent business in the green world. The startup lithium-ion battery maker was launched in 2001 and went public nine years later. Then, it was valued at over $2 billion. Now, however, A123 is in a very different place.
Many people seeking the protections offered by a bankruptcy in New Jersey hope to keep as many of their assets as they can during the process. For many who file for Chapter 7 liquidation, the exemptions permitted under our laws may be able to allow them to keep some property. However, in some cases, the assets are marshaled by the bankruptcy trustee for sale for the benefit of the creditors.