” Staggering Smith Electric may be next Solyndra”

” Smith makes electric powered trucks
favored by the Obama administration, yet
has never turned a profit and is heavily in
debt. Smith originally scheduled its IPO to
seek $125 million in new investment, but
cut that back to only $75 million, then
cancelled the offering outright.
“It is an astonishing disaster and it is likely
the next step might be a Chapter 11
bankruptcy filing,” said Eric Meltzer, a
Philadelphia-based manager of distressed
companies.
The failed IPO is being compared to
Solyndra because it also cancelled an IPO
just before filing for bankruptcy solar
energy company. Solyndra cancelled its
public offering just before filing for
bankruptcy. “