The electric car company founded by former Gov. Terry McAuliffe — who is prepping to run for the Democratic presidential nomination in 2020 — filed for Chapter 11 bankruptcy this week, blaming negative coverage by a conservative news website.
“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,” Roanoke.com wrote.
GreenTech has battled Watchdog.org for years. McAuliffe’s company sued Watchdog, run by the Franklin Center for Government and Public Integrity, in 2013 for $85 million, but a judge tossed the case the following year. The company has also had lots of legal problems of its own, being hit by lawsuits filed by investors who 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. – READ MORE
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