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Another Gov’t-Backed Clean Energy Co. Touted by Obama Admin Goes Bankrupt
The Blaze ^ | 4/2/12 | Becket Adams

Posted on 04/02/2012 2:53:49 PM PDT by Nachum

A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware.

“Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project [emphasis added].”

Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.

“We have been working with Solar Trust of America for a couple of years in getting this project going,” David Lane, Blythe’s city manager, said in an interview with Reuters. ”Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world’s largest solar power plant, someone somewhere will buy it and build it.”

The company said it “ran short of liquidity” after Solar Millennium AG, which holds a 70 percent stake, sought court protection in December, according to Reuters.

(Excerpt) Read more at theblaze.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: another; bankrupt; energy; govtbacked; greencorruption; greenenergy; solar; solartrust; solartrustofamerica
Yoda: Unexpected this is.

Not.

1 posted on 04/02/2012 2:54:03 PM PDT by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 04/02/2012 2:55:33 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum
The company said it “ran short of liquidity”

I always run short of liquidity just before payday. I hate it when that happens.

3 posted on 04/02/2012 3:07:30 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
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To: Nachum

What a F....ing RECORD!


4 posted on 04/02/2012 3:07:39 PM PDT by A. Morgan (Ayn Rand: "You can avoid reality, but you cannot avoid the consequences of avoiding reality.")
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To: Nachum

I’m Suprised....(not!!).


5 posted on 04/02/2012 3:09:14 PM PDT by ExCTCitizen (If we stay home in November '12, don't blame 0 for tearing up the CONSTITUTION!!)
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To: Nachum
“which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project

Simple, Poof/flash, nothing there or missing............Except the money.

6 posted on 04/02/2012 3:17:04 PM PDT by The Cajun (Palin, Free Republic, Mark Levin, Newt......Nuff said.)
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To: Nachum

How many failed clean-energy companies is it now.

One for every 57 States?

Tripe!


7 posted on 04/02/2012 3:17:54 PM PDT by Gasshog (going to get what all those libs asked for, but its not what they expected.)
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To: Nachum
obozo’s cronies (the mob and other donors) have looted billions from us on this green energy scam
8 posted on 04/02/2012 3:52:56 PM PDT by drypowder
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To: Nachum

These corporations are money laundering places.


9 posted on 04/02/2012 4:32:20 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: Nachum
100% Clean Green. No footprint, very few fingerprints.

Hey BONEHEAD!!!!! How much longer are we to be ROBBED? Gank his credit card YESTERDAY!!!!

10 posted on 04/02/2012 4:37:33 PM PDT by rawcatslyentist ("Behold, I am against you, O arrogant one," Jeremiah 50:31)
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To: Nachum
The company said it “ran short of liquidity” LOL - The only people who will be surprised will be members of the press - who bought this bull - hook, line, and sinker.
11 posted on 04/02/2012 4:47:28 PM PDT by GOPJ (Democrat-Media Complex - buried stories and distorted facts... freeper 'andrew' Breitbart)
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To: Nachum
The company said it “ran short of liquidity”

LOL - The only people who will be surprised will be members of the press - who bought this bull - hook, line, and sinker.

12 posted on 04/02/2012 4:48:19 PM PDT by GOPJ (Democrat-Media Complex - buried stories and distorted facts... freeper 'andrew' Breitbart)
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FIGHT LIKE A SPARTAN!

13 posted on 04/02/2012 5:04:02 PM PDT by RedMDer (https://support.woundedwarriorproject.org/default.aspx?tsid=93)
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To: Nachum
“Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project [emphasis added].”

Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.

Wait. A company with > 2 Billion bucks worth of loan guarantees goes belly-up over < 50 Million bucks of liquidity issues? Is the big $$$ gone or never spent?

14 posted on 04/02/2012 5:16:53 PM PDT by Cyber Liberty (The only flaw is that America doesn't recognize Cyber's omniscience. -- sergeantdave)
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To: Nachum

These were all designed to go bankrupt. They took their money and folded. They got what they were designed to get.


15 posted on 04/02/2012 5:37:14 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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