Posted on 09/06/2011 4:14:52 PM PDT by SmithL
Solyndra, the solar-cell company whose collapse last week triggered a national debate over green jobs, filed its bankruptcy papers Monday, listing $859 million in assets and $784 million in secured loans.
The company's biggest lender was the federal government, which loaned Solyndra $528 million in 2009 to build a new factory near its Fremont headquarters. As part of an effort to boost renewable power companies, the government offered Solyndra as much as $535 million for the project, but the factory cost slightly less to build than expected.
The government will not, however, be the first creditor in line during Solyndra's bankruptcy proceedings. A $69 million loan this spring from the company's private investors will be repaid before taxpayers get their money back, according to a creditors' agreement cited in the bankruptcy filing.
Solyndra's former employees, most of whom were laid off last week, also hope to receive money from the company.
Research and development engineer Peter Kohlstadt filed a class-action lawsuit against the company Friday, arguing that Solyndra violated California's WARN Act (Worker Adjustment and Retraining Notification) by laying off employees without 60-days' notice. The suit, filed in the U.S. District Court for Northern California, seeks 60-days' pay, 401(k) contributions and health benefits for the more than 1,100 employees affected, who were let go without severance.
(Excerpt) Read more at sfgate.com ...
This government has a track record of putting the interest of the taxpayers last and I’m sure that any deal made by the Obama administration would be structured as such.
ROTFLMAO!!!!
Whut a frickin’ scam...
SolarGate
IBD Editorials | September 6, 2011 | Staff
Posted on 09/06/2011 5:11:53 PM PDT by Kaslin
http://www.freerepublic.com/focus/news/2774532/posts
Excuse my French, but how the FECK can you get an injection of $500+ million bucks from WE THE PEOPLE and be BANKRUPT in less than 2 years?
Arrgghhhh! I. Give. Up.
Wonder who gets first dips on the equiment, tooling, ect from the plant? Or did they spend the 1/2 billion on the front office?
George Kaiser ...key investor in Solyndra....raised $50,000 for Obamas 2008 Presidential campaign. Wonder how much he invested???? Hummmm, $69 million maybe?
I wonder if someone can get their hands on them - it’s Delaware state bankruptcy court. If it is Kaiser and he is getting first position in recovery... Nixon resigned over less.
Good question. I’ve been thinking the same.
Kickbacks? Money returned to 0bama’s campaign war chest?
Mmmm...Mmmmm....Mmmmm!
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