Chicago billionaire looses millions in bankrupt company

Chicago billionaire Joe Mansueto is one of the largest investors in bankrupt Carbon Motors Corp. He invested about $3.6 million in the company that was supposed to produce high-tech police cars. Carbon filed for Chapter 7 bankruptcy relief reporting less than $20,000 in assets but over $21 million in liabilities. Problems began after the US DOE failed to grant Carbon’s loan request last year of over $300 million. Suppliers such as BMW and Inteva Products are said to be owed millions.

For more details read, “Carbon Motors’ Chapter 7 filing marks official end for firm.”

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