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Solyndra files bankruptcy, employees sue
San Francisco Chronicle ^ | 9/6/11 | David R. Baker, Chronicle Staff Writer

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 ...


TOPICS: Business/Economy; Extended News; Government
KEYWORDS: 0bama; bundlers; campaigndonations; corruption; democrats; fraud; georgekaiser; globalwarminghoax; green; greenenergy; greenpower; obama; solyndra; yourtaxdollarsatwork
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To: JPG
The Obama Casino is only open for his special friends and supporters. Bet all you want and enjoy your winnings.

And to think we all thought Clinton and his/their handlers were slick. Obama and crowd took it all to a level way farther than Bill and company ever did.

More and more proof that the Dem party is a criminal enterprise. They just get better at it every time they get power!

Yet more than 50% of the electorate including many independents will dutifully vote them in hoping to get their cut too. What fools the electorate is.
41 posted on 09/06/2011 6:07:06 PM PDT by JSteff ((((It was ALL about SCOTUS. Most forget about that and HAVE DOOMED us for a generation or more.))))
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To: icanhasbailout

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.


42 posted on 09/06/2011 6:07:22 PM PDT by grumpygresh (Democrats delenda est)
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To: SmithL

ROTFLMAO!!!!

Whut a frickin’ scam...


43 posted on 09/06/2011 6:20:03 PM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: SmithL; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

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


44 posted on 09/06/2011 6:25:05 PM PDT by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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To: SmithL

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.


45 posted on 09/06/2011 7:33:22 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: opentalk

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?


46 posted on 09/06/2011 7:37:10 PM PDT by Springman (Rest In Peace YaYa123 and Bahbah.)
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To: icanhasbailout

George Kaiser ...key investor in Solyndra....raised $50,000 for Obamas 2008 Presidential campaign. Wonder how much he invested???? Hummmm, $69 million maybe?


47 posted on 09/06/2011 7:49:05 PM PDT by jackieh
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To: jackieh

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.


48 posted on 09/06/2011 8:15:12 PM PDT by icanhasbailout
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To: Diana in Wisconsin

Good question. I’ve been thinking the same.


49 posted on 09/07/2011 1:07:14 AM PDT by afraidfortherepublic
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To: afraidfortherepublic

Kickbacks? Money returned to 0bama’s campaign war chest?

Mmmm...Mmmmm....Mmmmm!


50 posted on 09/07/2011 7:10:13 AM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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