X Prize winner in financial trouble

An investigation by Mike Soraghan, of Greenwire, found that the Li-Ion Motors Corp., winners of the coveted X prize for super-fuel-efficient cars, is struggling financially. "Court documents, interviews and the company's regulatory filings with the Securities and Exchange Commission paint a picture of an erratic enterprise that has vacuumed up $50 million from stock holders in 10 years with little to show for it until the Sept. 16 X Prize ceremony. But they also raise questions about whether Li-Ion Motors meets key criteria for the X Prize: the ability to mass-produce a car. "