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  • Solyndra sold assets cheap for fast cash

    02/08/2012 7:17:05 PM PST · by Nachum · 27 replies
    Washington Times ^ | 2/8/12 | Jim McElhatton
    Fast running out of money, solar-panel maker Solyndra LLC last summer sold off nearly $60 million worth of inventory for less than $20 million in cash to a newly formed corporate entity closely tied to the company’s biggest investors, records show. Backed by $535 million in federal loan guarantees but burning through the little cash it had left, Solyndra made its first sale in late July to a corporate entity that had been formed just a day earlier. Three more transactions followed over the next few weeks with the same buyer, Solyndra Solar II.