Posted on 08/15/2011 3:28:41 PM PDT by Lmo56
Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.
Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The cash-strapped company announced today has sought a reorganization in U.S. Bankruptcy Court in Delaware and reached a deal with certain note holders to restructure its debt and auction off assets.
The Massachusetts Republican Party called the Patrick administration’s $58 million financial aid package, which supported Evergreen’s $450 million factory, a “waste” of money.
(Excerpt) Read more at bostonherald.com ...
$485.6 million in debt. What a business man this zero is. Using American taxpayer money on a global warming scam in a business that is making products that have no infastructure and technology has not perfected yet. 485.6 billion went into investor friends pockets, plain and simple, we have been scammed once again.
Yes, exactly, and at the same time, methinks there are more feasible and profitable types of renewable energy sources other than solar. As a small example, my family and I have a number of human-powered, or crank charged LED flashlights and lanterns, in addition to a crank generator which can recharge batteries. It doesn’t matter how dark or how calm the winds are, human power can keep going for a while without it, minus starvation, dehydration, and serious injury. I admit, these are emergency supplies, but at the same time, keep some good thought going.
oh, you thought ARRA stimulus was really supposed to “create jobs”?
$58,000,000 taken out of earnings of many average joes in order to reach blindly at some liberal (cow)pie in the sky.
Oops. Since we borrowed that money, it is $58,000,000 plus interest. To liberals it was all worth it because we “did something”. Didn’t work for bleep, but at least we “did something”.
So we borrowed 48 million from the Chinese to give to a company who ended up outsourcing many of the jobs to China and went belly up. Makes sense.
Sounds like the perfect Obamanomics business model.
Pray for America
Dig it, baby!
Global Warming on Free Republic
Wow, the CEO of this company really suckered them.................Any other new startup business in this country would have shut down long before running up $485.6 million in debt.
Just goes to show the power and effectiveness of crony-capitalism.
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