Solyndra: An omen for Obama’s soon to be announced jobs plan

August 31, 2011 | Filed under Culture Of Corruption,Obama Regime | Posted by Rick Rice

If this isn’t a sign, there aren’t any signs:

Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.
“I was told by a security guard to get my [stuff] and leave,” one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.
Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.
The company has said it will make a statement at 9am California time, though it’s not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says “people are standing around in disbelief.” The employees have been given yellow envelopes with instructions on how to get their last checks.
Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said “it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. “
The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.

There are apparently lots of folks who are asking for a White House statement:

“We smelled a rat from the onset,” Republican House Energy and Commerce Committee members Rep. Cliff Stearns and Rep. Fred Upton said in a statement to ABC News of the the $535 million government loan guarantee awarded to Solyndra in 2009.
The manufacturer of rooftop solar panels opened in 2005 and in 2009 became the Obama administration’s first recipient of an half-billion dollar energy loan guarantee meant to help minimize the risk to venture capital firms that were backing the solar start-up. Obama made a personal visit to the factory last year to herald its bright future.
ABC News and the Center for Public Integrity’s iWatch News first reported on questions about the choice of Solyndra for the loan in May after the Department of Energy disclosed it was being forced to restructure its loan package for the company, which was showing early signs of financial distress. One of Solyndra’s major investors was George Kaiser, an Oklahoma billionaire who raised between $50,000 and $100,000 for Obama during the 2008 election.
Following the ABC News and iWatch News reports, the House Energy and Commerce Committee opened an investigation into the loan, which Stearns and Upton said today was “suspect from day one.”
“I think what happens is they give some of this money out to people who are either contributors or strong supporters,” Stearns said weeks before Solyndra announced its closing. “I think in the long term we have to worry about the United States government guaranteeing loans for businesses based perhaps upon favoritism.”

It’s so out of character isn’t it for the most transparent administration evah to be involved in shady dealings and cronyism?

I’m thinking it’ll be tough to blame this on either Bush, the Japanese earthquake or Tea Party racism but I expect the attempt to be made… and some to actually buy it.

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Posted by Rick Rice on August 31, 2011.
Filed under Culture Of Corruption, Obama Regime.
I blog more regularly at my own place where plain thoughts are delivered roughly. My about page gives you more on who I am.

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http://proof-proofpositive.blogspot.com/ Proof
The Obama kiss of death. Please, do not let this man visit your company! Take a photo op at your own risk!

https://plus.google.com/114041580398058374552/posts McGehee
Didn’t this all start with Obama’s March Madness picks in 2009? Now it’s reached the point where he couldn’t pick a winner in a game of Cheater’s Solitaire.

http://proof-proofpositive.blogspot.com/ Proof
He’s got what I like to call the Midas touch (like the muffler): Lots of noise and hot air.

Bob Armstrong
What shady deals?
Here’s the facts that Rick is hiding from Wizbang readers.
- The company is filing for bankruptcy.
Did you see the word bankrupt or bankruptcy anywhere in Rck’s post?
Why would he want to hide that from you?
Rick >>”It’s so out of character isn’t it for the most transparent administration evah to be involved in shady dealings and cronyism?
Cause he wants you to believe that instead. So he hides the truth and bullshits you instead. And, just like they do on Fox News, Rick puts a question mark on his bullshit so you — you know — he’s not really accusing anyone of any wrong doing – he’s just planting that seed in the minds of the the readers with 3rd grade-level reading comprehension skills…. aka most of you.
Why is the company going bankrupt?
“Despite strong growth in the first half of 2011 and traction in North
America with a number of orders for very large commercial rooftops,
Solyndra could not achieve full-scale operations rapidly enough to
compete in the near term with the resources of larger foreign
manufacturers,” the company said in a statement.
Rick doesn’t want you to know the facts – he wants you to believe his tin-foil hat conspiracy theories about corruption so badly he hid the truth from you.

Anonymous
What shady deals?
Umm . . . the fact that the stupid loan guarantee was pushed through far too fast and with far too little investigation and research. Solyndra was never a good financial bet, and taxpayer money should never have been put at risk with this loser company. The only reason it was is because Kaiser bribed Obumble.
Half a billion of our dollars down the crapper because of this shady deal. Oh, and BTW, a single click on Rick’s first link shows that the company is going bankrupt. I’m not sure why your panties are all knotted up over the word “bankruptcy.”

Bob Armstrong
Right wingers — you can always count on them for entertainment value if not anything else — and of course they answer one conspiracy theory with another, wrapping themselves in a warm cocoon of bullshit.
>>” The only reason it was is because Kaiser bribed Obumble.
Oh, thanks for explaining it in such detail.
And yeah, “bankruptcy” was right there in Rick’s post all along.
Oh, wait – no it wasn’t. Instead Rick cooked up a conspiracy theory that even smart people like iwogisdead fell for.

retired.military
here spongebob. Let me say what you really want to say.
RAAAACCCCCIIIISSSSMMMM
There you feel better now?
tell me something spongebob. What company did Bush give $500 million to which went bankrupt 3 years later?

Bob Armstrong
It’s was a loan guarantee, not a loan, you feeble-minded moron.
retired.military
Loan gaurentees means that the US Govt backs up to $500+ million in loans for the company. I would gladly loan ANY company money with that type of gaurentee because if the company defaults than the US GOVT is on the hook for the money.
You can call it potatoe and I will call it Potato and it still amounts to the govt being on the hook for up to $500+ million to the company. The company could have borrowed money to buy gold plated toilet paper and the US GOVT gaurenteed the loan.
Now go ahead and call me a racist.
Bob Armstrong
Ok, you’re a racist. Feel better?
In bankruptcy the assets are sold off and creditors are offered a lower pay back, etc.
To start with this company has a $700 million facility they recently built. Something tells me that is worth a great deal of money.

>>”:and it still amounts to the govt being on the hook for up to $500+ million to the company
Actually, no. “500 million to the company” is another tin foil conspiracy theory. The company isn’t owed anything. In bankruptcy assets are sold and creditors… — oh, what’s the point. You a moron racist. You’re not going to listen to facts anyway.
retired.military
“You a moron racist”
Spongebob.
Funny. I have 3 college degrees and hold several accredidations.
I have a biracial daughter (who also detests Obama’s policies) and dont have a racist bone in my body. When you have no other arguments you pull out the race card. The only racist that I see in this forum lately is YOU.
In addition, I have already addressed your bankruptcy assets mime and you have agreed that the taxpayers will probably wind up getting soaked for at least $100 million on this deal. Sounds like you are talking about yourself when you say racist moron.
http://profiles.yahoo.com/u/EU5DQWQTTHTPO4A4ZYSL3AAV2U Adjoran
Right, dumbass. Anyone wanting a billion-dollar facility for producing solar panels might want to buy it. Know any?
But probably the real estate market is hot out there right now, right?
Obama’s Regime will be paying off half a billion dollars of his crony’s debt. Clear enough?
Anonymous
Yes and remember how the GM creditors got a piece of GM?
djdrummond
My goodness Bob, you certainly don’t mind talking well beyond your intellectual limits. You managed to miss the facts in everything you said there:
First, the filing is Chapter 11, which is reorganization. Dissolution of assets occurs in Chapter 7 filings. Also, speaking from twelve years of professional experience in risk analysis and credit management (and another twelve in operations management), along with an MBA and its concentration in Accounting, I can affirm that the short version of any bankruptcy is that creditors get screwed.
When you say ‘something’ tells you that the facility is ‘worth a great deal of money’, that ‘something’ is your ass. The $700,000,000 is the cost, not the value, you petulant miscreant. The facility only has value – of any kind – to someone who purchases the land and building from the secured creditors who take over the property when the company defaults in bankruptcy. Further, since this is a Chapter 11 filing, the company will petition the court to restructure its debt, which will lead – inevitably – to one of two results; the petition is approved, in which case the creditors will be paid substantially less than what the original contract provided (the creditors get punished), or the court will deny the petition and trigger a Chapter 7 conversion, in which case the creditors take over property they will be unlikely to sell for anything close to what they loaned to the company. I note as well that the sudden collapse of operations (no notice to the employees, for example) indicates the company was not well-managed and the operations management may not have received truthful information from the owners. The question of fraud will have to be investigated but there are are tells that the owners were not honest with either their managers or their creditors.
The significance of the government guarantee is that the government accepted liability without security in the company, Under the federal bankruptcy code, the government will be designated an unsecured creditor and in all likelihood will not see any recovery from its expense in the next three years, even if the restructuring is granted by the court, and will certainly never recover the principal it committed to the venture.
The political affiliation of George Kaiser certainly raises questions which will have to be considered, especially in light of Solyndra’s collapse in so short a time from receiving so much money. Confirmation will have to wait on the forensic auditor’s report, but for now the question of fraud is valid in the context of the event.
I not only listen to facts, I work with them in Finance every working day and well into the night at month-end and quarter-end. It’s also stunningly obvious that you don’t have a clue what facts are, or have any working experience in risk analysis or venture capitalization. This dismal lack of cogency would also help explain your pathetic and peurile habit of accusing everyone you dislike of being a ‘racist’. And, just for the record, my wife happens to be a different race from myself, so in addition to being far better qualified by education and professional experience to speak on this issue than you, I cannot be a racist by any definition used by sentient beings on this planet. Not that it will stop you, of course, but at some point one would hope a tiny little voice of reason would suggest ahead of the blunder that you are about to hurtle off a cliff, yet again.
http://profiles.yahoo.com/u/EU5DQWQTTHTPO4A4ZYSL3AAV2U Adjoran
Anyone who doesn’t understand a “guarantee” is in effect a cosigner, and on the hook for the full amount guaranteed, shouldn’t be allowed out of the house with a pen.
You calling someone a moron is hilarious, you dirty hippy.

http://www.wizbangblog.com David Robertson
Employees at Solyndra have lost their jobs. That’s the main point. As the NBC story says . . .
The employees have been given yellow envelopes with instructions on how to get their last checks. Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs.
From the NBC news analysis:
President Obama faces political catastrophe in the form of Solyndra — a San Francisco Bay area solar company that he touted as a gleaming example of green technology. It has announced it will declare Chapter 11 bankruptcy. More than 1,100 people will lose their jobs.
It is the ABC news story which asks . . .
Did Obama Administration Cut Corners For a Green Energy Company?
Tin-foil hat conspiracy theories? Said the pot to the kettle.

Bob Armstrong
Yep., jobs lost. Cause Kaiser bribed Obaumble – cant you read!

retired.military
Jobs were probably lost because the $500 million that the company got from Obama probably went into someone’s pocket for the most part instead of into the business.

Bob Armstrong
Oh look – another conpiracy theory asshat.
>>:”Shortly after it opened a massive $700 million facility…
Let’s see, $535 million loan guarantee. $700 million facility. Doesn’t leave a lot to line the pockets of anybody, now does it?What an idiot.
retired.military
Spongebob.
You know about those things called kickbacks. You know the left accused Haliburton and Cheney of those things even though Haliburton made less money per dollar than McDonalds does on their hamburgers.
So lets see Company A pays millions for a building worth half that. The owner of the construction company kicks back money to whoever makes the decisions for the company on who gets the contract.
Then the company goes bankrupt and doesnt even have to pay the contractor the money who can go to UNCLE SAM and say PAY ME since you gaurenteed his loans.
That kind of stuff never happens in real life just our conspiracy theories correct? YOU MORON.
Bob Armstrong
It happens, but saying it happened here is a conspiracy theory – and as we know from right wing history there’s lots of noise, like the Birther movement, conspiracy theories are bullshit put forth by idiots with an axe to grind, like the Birther racists determined to prove Obama is a muslim from Kenya.
retired.military
Spongebob
But the racists mime isnt a theory is it? You consider it an indisputable fact.
As far as the birther mime. a. I believe Obama was born in Hawaii. b. Even if it was proved otherwise the damage it would do trying to remove him from office would be far worse than the damage done to the constitutional practises we base our laws on.
Once again stop with the stupid sterotypes.
http://profiles.yahoo.com/u/EU5DQWQTTHTPO4A4ZYSL3AAV2U Adjoran
You have to be the stupidest person I’ve encountered in years.
And I know lots of Obama voters.

Jeff Blogworthy
Are you mentally ill? Over half a billion dollars in taxpayer money and this “business” can’t make it more than two years. These companies aren’t businesses at all. They’re money laundering fronts for “wealth redistribution.”
Yeah, Rick is hiding things. That’s why when you click on the prominent link you get the bolded headline “Solyndra to Declare Bankruptcy.” Sneaky, sneaky Rick.

Bob Armstrong
Actually, it was a loan guarantee, not “half a billion dollars in taxpayer money”.
And they built a $700 million facility they’ve been operating for several years now.
Where do these think-minded indivuals come up with these conpiracy theories?
Oh yeah, I forgot – Rick Rice hides the facts in his posts, so Wizbangblog is certainly one of the places.

jim_m
Actually, it was a loan guarantee, not “half a billion dollars in taxpayer money”.
Well that answers Jeff’s question as t whether you are mentally ill in the affirmative.
If a company goes bankrupt and defaults on that loan. who is one he hook for it? Why, the people who guaranteed that loan. That would be the US government, or more correctly, the tax payers. If you are too feeble minded that you cannot make the logical connection that we are paying or the loan because they went bankrupt and defaulted then please STFU and go somewhere like DU where your illogic will be appreciated.

Anonymous
“Are you mentally ill?”
Ha ha, as if you have to ask.

retired.military
spongebob is back.
here spongebob let me help you out.
obama gave a company over $500 million of taxpayer money and now that company is dead broke. where did the $500 million go? will taxpayers ever see a cent back? Businesses normally are sold, go out of business or go bankrupt. one of the 3 spongebob. It isnt hard to realize that a business that got over $500 million in taxpayer money isnt going to just close their doors and not go bankrupt. also no mention was made about the business being sold so that leaves bankruptcy. you see republicans use their heads about these things.
You failed to mention this part of the story spongebob
Following the ABC News and iWatch News reports, the House Energy and Commerce Committee opened an investigation into the loan, which Stearns and Upton said today was “suspect from day one.”
“I think what happens is they give some of this money out to people who are either contributors or strong supporters,” Stearns said weeks before Solyndra announced its closing. “I think in the long term we have to worry about the United States government guaranteeing loans for businesses based perhaps upon favoritism
Maybe you should have just called racism and get it over with. This stuff with facts isnt your forte.

Bob Armstrong
>>:”obama gave a company over $500 million of taxpayer money and now that company is dead broke. where did the $500 million go? ”
Actually, he didn’t. See what happens when you feed half-truths to half-witted morons, Rick?
It was a loan guarantee, not a loan.

retired.military
As i said. If a company came to me and said “hey can I borrow X dollars, The govt is going to gaurentee the loan,” I wouldnt even ask for a business plan. Just write the check. The bottom line is the US GOVT (AKA TAXPAYERS) are on the hook for the loans.
Tell you what Spongebob. Bet you $100 to favoritie charity to the winner that the taxpayers wind up losing at least $100 million on this deal.
Care to put your money where your foot is”? In your mouth.
Or is my bet racist?
Loser sends proof of payment to winners charity to Jay Tea.

Bob Armstrong
>>”As i said. If a company came to me and said “hey can I borrow X
dollars, The govt is going to gaurentee the loan,” I wouldnt even ask
for a business plan. Just write the check. ”
Well that proves you’re an idiot. Now you want us to believe everyone else is an idiot too, right?
>>”Bet you $100 to favoritie charity to the winner that the taxpayers wind up losing at least $100 million on this deal.”
We might well lose that much.
On the other hand, you un-American crybabies made the same argument about bailing out GM< and only proced that you had your racist head sup your racist asses.
I use the term racist here only because Retired Thinker has been insisting that I do so. I apologize if anyone is offended.
retired.military
Spongebob. I now insist you go away and never darken our doorstep again.
. You menionted that a business goes bankrupt and sells its assets didnt you? Yeah you did. And you said the creditors gets money from the sale of the assets correct? yeah you said that.
Strange that you mention GM as well. Since what the Obama administration did was throw about 100 years of contract law out the window and shaft the PREFERRED SHAREHOLDERS which in other bankruptcy cases would mean they get paid first. But not in GM’s camse. The union got all the good assets and everyone else got all the bad assets.
And why apologize now. Why not apologize for the past month or so of bullshit racists posts you have made?
https://plus.google.com/114041580398058374552/posts McGehee
In fact, Spongebob has had to stop trying to use the race card because somebody threatened to call his parents if he continued.

Anonymous
The fact stands that they can’t market a product that sells despite getting over 500 million in goverment loans. The infusion of free goverment cash will never be able to make a company profitable, much like you can’t spend your way out of a resession.

Bob Armstrong
Actually it wasn’t free government cash, it was a loan guarantee – something the DOE does ot the tune og billions of dollars per year.
But feed half-truths to tea party idiots and you conspiracy theories up then wazoo.
Yes, after Bush’s 8 years of doing nothing in terms of alternative energy the US is way behind.
Solyndra would become the third such company to file for bankruptcy in recent days. Spectrawatt Inc. of Hopewell Junction, N.Y., filed for Chapter 11 bankruptcy protection Aug. 19. Evergreen Solar Inc. of Marlboro, Mass., filed for Chapter 11 on Aug. 15.
Experts said that solar energy was still among the most promising of all
of the alternative energy sources, but they added that due diligence
was necessary to pick the best companies. Some said a consolidation of
the industry was inevitable.
“There used to be 50 car companies in this country, but very few
survived,” said Bill Bathe, chief executive of U.S. Energy Services, a
Minneapolis energy management company. “For consumers, this is an
exciting time, but for investors, this is still a very high-risk stage.
You may hit a home run or be part of the experiment that delivers no
payout.”
Tyson Slocum, director of the energy program at Public Citizen, said
there were lessons to be learned in the way other nations have funded
their renewable energy projects.
“You can’t end loan subsidies for renewable energy. That would be a
disaster,” Slocum said. “In countries like Germany and Japan, which have
a much larger footprint in this area, subsidies have been remarkably
successful.”
Germany and Japan are ahead in this game because we’re playing a massive game of catch up - thanks to the Republican slaves kissing the feet of the oil industry for decades.

retired.military
So why not let Germany and Japan spend the billions developing it and then use the technology and reap the benefits. After all we rebuilt both countries and they have done it to us enough times.

Bob Armstrong
Oh I see, we just steal the technology from Germany and Japan.
I’d “like” your comment but I’m not that stupid, but don’t worry, 914 and Rodney Graves and JLawson and GarandFan are that stupid, and they’ll be along shortly I’m sure.
retired.military
Did I say steal Spongebob? Strange that word isnt in my post. Which seems to be a big deal to you since the word bankrupt was not in the original thread and you were so emphatic about pointing that out.

retired.military
Hey Spongebob how about those nuclear power plants that obama promised back during the election?
Where are they at again?
http://www.google.com/#sclient=psy&hl=en&source=hp&q=obama+%22nuclear+power+plant%22&pbx=1&oq=obama+%22nuclear+power+plant%22&aq=f&aqi=g-v1g-b2&aql=&gs_sm=e&gs_upl=190l6720l0l6956l27l19l0l1l1l0l424l3052l1.12.4.0.1l18l0&bav=on.2,or.r_gc.r_pw.&fp=33823dacecb8c72a&biw=1366&bih=622
I see a bunch of articles about Obama calling for them. Dont see any action. I know they take a few years to bring on line but I will bet you another $100 (since you pretty much agreed that the TAXPAYERS are going to lose at least $100 million) that if Obama gets reelected that we wont see any new nuclear power plants brought on line. It is a safe bet since Obama wont be reelected.

Anonymous
How many business’s is this now that he has backed that went under or shipped over sea? He really has what one of my friends refers to as the Fecal Finger. Only good thing about it was when I won the 2009 football pool when he backed one of the super bowl teams and I was the only one who went against him.
Anonymous
What a sick perverted joke hope and change is… Racepants too..
Anonymous
As a company taking Barry’s phony taxpayer funded splurge remember this: You roll around in the mud with swine you are apt to get shit on.
Jeff Blogworthy
At Veridian Dynamics, we only need the facade of business because, when you have the federal government, real products aren’t necessary.
Jeff Blogworthy
At Veridian Dynamics, we only need the facade of business because, when you have the federal government, real products aren’t necessary.
PBunyan
I just pray Obama never picks my team to win anything.
retired.military
Hey SPongebob you neglected to mention this
“One of Solyndra’s major investors was George Kaiser, an Oklahoma billionaire who raised between $50,000 and $100,000 for Obama during the 2008 election.”
now where have we seen Obama donors get sweetheart deals before.
The auto bail outs wasnt it? Why yes it was.
Oh wait here is one that you may not have seen.
http://www.powerlineblog.com/archives/2011/08/the-gibson-guitar-saga-gets-steadily-curiouser.php
It seems that the republican who owns Gibson guitars has the US govt on his back and has had $500k in materials seized by the govt.
Yet his main competitor is a major Obama supporter, uses the exact same kind of wood which has been seized from Gibson and yet has had zero problems with the US govt. Strange coincidence there isnt it.
I know. It is racism right?

Anonymous
And the really sad thing is that this isn’t the first time the wood police swat team has raided Gibson.
Bob Armstrong
No, just another right wing asshat conspiracy theory – being promoted by Wizbangblog.

retired.military
RACISt SPONGEBOB. You forgot RACIST CONSPIRACY.
Get with the left wing talking points.

PBunyan
Did ya ever notice how we seem to get one collosal Marxist douchebag after another? Frank O’Connel gets the axe and then comrade Armstrong shows up almost immediately spilling the same tired tripe.
It’s like they get assigned to do it or something.
herddog505
So, we blew through nearly $535M of money that we had to borrow from the bloody Red Chinese so that about 1100 people could have jobs making nothing for two years???
That’s roughly $250K PER JOB.
Holy friggin’ sh*t. Where the f*ck did all that money go???
Here’s the larger (hah!) problem: Uncle Sugar has no business picking winners and losers like this. It’s one thing to spend (waste?) tons of cash on such things as defense contracts, dams, roads, and the like; these are things that the federal government is SUPPOSED to do. But handing over $535M to a company to try to make something for which there is no appreciable market in the hopes that “if you build it, they will come” is absurd. The warning flag was obvious: if Solyndra couldn’t raise capital from private investors, then that’s a good indication that their product, business model, or both were crap.
BTW, why DIDN’T rich greenie liberals like Algore or Buffet (or Bad Luck Barry, for that matter) put up their own money for this debacle? They profess to believe in this AGW horsesh*t ; why did Solyndra have to get money from the taxpayer? I think we know the answer: liberals are only careless and stupid with the public’s money, NEVER their own.

Bob Armstrong
Actually no, it wasn’t $535 million in tax payer money. It was a loan guarantee.

Anonymous
GUARANTEE OF WHAT? Oh, yeah. They default on the loan, the taxpayer pays.
Next thing you’ll say is NO REAL MONEY WAS INVOLVED.

Bob Armstrong
Actually no, they’re going into bankruptcy. Guaranteeing the loan means the loan will indeed be repaid – but it will be up to the bankruptcy court to determine how the assets are sold and distributed and how much of the assets are used to pay off the obligations, including this loan..

Anonymous
AND WHO GETS STUCK WITH PAYING THE DIFFERENCE WHEN SOLD ASSETS DON’T COVER THE ‘OBLIGATIONS’?
retired.military
See my post above,, about the preferred creditors of GM getting screwed over despite 100 years of bankruptcy laws. All thanks to the Obama admin.
djdrummond
** sigh **
Bob, you have to be from another planet, because this world simply does not work the way you imagine.
OK, point 1 – a guarantee is a legal commitment to act as surety. It means that the first thing the court will do is assign that government guarantee to pay the secured creditors. That is real money, and there is nothing teh government can do now to back out of it.
Second, the filing is Chapter 11, so the land and buildings will not be allowed to be possessed by creditors, but instead the company is petitioning the court to arrange for lower payment amounts and delayed payment terms, which screws over the creditors. Since the business is special-purpose, if the court denies the petition and forces conversion to Chapter 7 most of the equipment and buildings will have substantially less value in potential resale and again the creditors will be the victims of the event.
But take heart, Bob. If you go on as you are now, at some point you will likely drive your own finances into chaos and you will be able to learn firsthand how a bankruptcy court works.

Anonymous
You’ll have to pardon spongebob-shithead. He’s gotta protect his Obamassiah. When the facts aren’t in your favor, baffle them with bullshit. Obamabots think that will work. Look how easily The One leads them and baffles them with his BS.
“Shortly after it (Solyndra) opened a massive $700 million facility, it canceled
plans for a public stock offering earlier this year and warned it would
be in significant trouble if federal loan guarantees did not go
through.”
Solyndra probably canceled the stock offering because they knew the offering would be subject to SEC review. CEO’s have been known to go to prison for fraud. The only other option was to secure loans. So what the hell, they’re GREEN! So they go to Barry and Company and say “Want a great photo-op?”. They get a government backed loan (Fannie Mae/Freddie Bac all over again). Only problem was that the Obama Administration wanted the photo-op; that’s all they cared about. Wasn’t their money. None of ‘the best and brightest’ thought to do due diligence and see why a company needing money couldn’t go to Wall St. for it. So WHAT DID the company’s books look like when they were pleading for money?
Hell, think I’ll announce I’m opening a solar panel energy plant next week. Maybe I can get another “investment” from the Energy Dept. Then declare bankruptcy 6 months later.

Bob Armstrong
Just reporting the facts — no winder you hate me. The truth hurts, don’t it?
But spin another tin foil conspiracy – you’re in good company – just beware – some folks look at facts and think before they spew – and they’ll laugh at your conspiracy theories.

Anonymous
Yeah, shit-pants, that explains the lack of due diligence, doesn’t’ it?

Bob Armstrong
OK, poopy drawers (wow, that felt as juvenile as you sounded).
Due diligence? Is that like “Iraq has WMDs so let’s spend thousands of Americans lives and trillion dollars getting rid of those WMDs.”
Republicans talking about “due diligence – now there’s a laugh.

Anonymous
http://culturekitchen.com/liza/blog/5_years_4000_deaths_later_democrats_who_voted_for_
Here are the Democrats who said: “”Iraq has WMDs so let’s spend thousands of Americans lives and trillion dollars getting rid of those WMDs.”
Baucus (D-MT)Bayh (D-IN)Biden (D-DE)Breaux (D-LA)Cantwell (D-WA)Carnahan (D-MO)Carper (D-DE)Cleland (D-GA)Clinton (D-NY)Daschle (D-SD)Dodd (D-CT)Dorgan (D-ND)Edwards (D-NC)Feinstein (D-CA)Harkin (D-IA)Hollings (D-SC)Johnson (D-SD)Kerry (D-MA)Kohl (D-WI)Landrieu (D-LA)Lieberman (D-CT)Lincoln (D-AR)Miller (D-GA)Nelson (D-FL)Nelson (D-NE)Reid (D-NV)Rockefeller (D-WV)Schumer (D-NY)Torricelli (D-NJ)
Anonymous
DON’T LIKE THE ANSWER DO YOU SHITHEAD? GONNA SPIN AND DODGE ON THAT ONE AREN’T WE?
FUCK THE TAXPAYER. IT’S NOT “REAL” MONEY.
retired.military
“Iraq has WMDs”
Oh you mean the WMDs that Bill and Hillary clinton said they had. The WMDs that Al Gore, John Kerry, Edwards, Albright and the rest of the democrat party said they had? Those WMDs?
“concerned about your own wallet, and only when there’s a black man in the WH”
Gee There is the spongebob racepants we know and dont love.
“Bush wasting trillions didn’t phase you a bit”
But but Obama is doing it like 3 times as fast. Bush was a piker on spending when compared to Obama.
Anonymous
WTF now it’s IRAQ? What the hell does that have to do with Barry giving a major contributor a kick back?

retired.military
Spongebob
We dont hate you because of the occasional fact (loan gaurentee vs grant, which doesnt matter as both buts the US taxpayer on the hook for money going to Obama supporters, it is just the method of delivery).
we DONT LIKE YOU (Hate is way too strong a word) because of ridiculous accusations of racism which propagated your posts (at least up until today). The total lack of thought you put into what you have said (racism this, racism that, racism here, racism over there, racism everywhere) instead of accepting the fact that we have a difference of opinion in how things shouild be done than Obama does and race has absolutely nothing to do with it). That has caused the total objectivity to your posts. In short you shot yourself in the foot by steroetyping people per the DNC talking points.,
Try making another handle, come back here and post and stick to facts rather than the bullshit you have been posting and try to have decent conversation.

Bob Armstrong
Have a nice evening RM.

retired.military
Nite nite spongebob.
Try my suggestion above.
You may be suprised at the quality of conversation you get.

Anonymous
Just reporting 1/2 the facts and filling in the blanks with shit you make up.

Anonymous
Its racepants its racepants oh what a wonderful toy’ Its racepants its racepants a bigotted girl or a boy’
retired.military
You have to love Spongebob’s agruments
He repeatedly says
“Actually no, it wasn’t $535 million in tax payer money. It was a loan guarantee. ”
And then he says (in response to my bet offer)
>>”Bet you $100 to favoritie charity to the winner that the taxpayers wind up losing at least $100 million on this deal.”We might well lose that much.
So Spongebob argues that taxpayers money isnt really on the line and then fully admits we will probably lose at least $100 million.
So hey blowing $100 million in taxpayer money to an Obama Supporter isnt that bad.
Anonymous
Racepants- ”Have a nice evening RM.”
Translation: Med pass in ward 7
Pingback: Is any Obama ‘stimulus’ plan doomed to fail? | Wizbang
Anonymous
The only alternative to the loan guarantee being payback to Obumble’s fundraiser Kaiser is that Obumble, Biden, and Chu got us involved in this money pit because of their stupidity. Which, I admit, is a real possibility.

It looks like we’re on the hook for about $ 400 million of the guarantee. Solyndra has petitioned for Chapter 11 relief. This means that, contrary to the claim that assets will be sold and the money paid out, creditors (like the ones we have guaranteed) will have their claims crammed down.

http://en.wikipedia.org/wiki/Cram_down

Those creditors won’t really care about the cram-down, since they’re going to be paid from the Treasury for whatever they are not paid from the bankruptcy estate.

It’s a terrible deal, and one we should have stayed miles away from. But, friends of Obumble get treated well.
herddog505
RE: Loan guarantee
1. Will the US gov’t (i.e. the taxpayers) get all the money back that was loaned to Solyndra? My guess is that the answer is “no” simply because the company and its asset will not be sold for what was paid for them due to depreciation.
2. What (if anything) of value was gotten for this misadventure? How was this a good investment?
3. If this was a loan guarantee and not a loan, who loaned Solyndra the money?
4. What is Uncle Sugar doing in the “loan guarantee” business for this sort of thing? Can I get Uncle Sugar to guarantee me a loan for $500M that I can spend however I want, then declare bankruptcy a couple of years later and walk away?
http://www.facebook.com/dan.melson Dan Melson
Here’s something to investigate: How much money from Solyndra found its way back into Obama’s campaign? Given the Gibson Guitars thing (Republican donor company harassed, Democratic donor competitor doing exactly the same thing left alone) that would show a pattern
Anonymous
This is what the CEO had to say:
I read the WaPo article on Solyndra. This quote from Solyndra’s CEO really stood out:
“This was an unexpected outcome and is most unfortunate,” Solyndra chief executive Brian Harrison said in a statement. “Regulatory and policy uncertainties” made it impossible to raise capital to quickly rescue the operation, he said.
http://wizbangblog.com Shawn
This could have made a great opinion piece.
Paul Hooson
I’m still debating running a Wizbang Pop business piece on this story here. Some very important facts are missing from this story. The success of the solar panel business has only encouraged stiff competition from China in this industry where the Chinese are able to sell solar panels for a lot less money than U.S. produced ones. The price of solar panels has come down 40% recently, leaving this American producer way overpriced in the market. This U.S. company didn’t fail for any other reason than not being able to produce and sell their products for less than China. That’s all.
How many other American products can’t compete with Chinese made goods for price? That’s the real story here, not some other failure of the company or Washington’s loan guarantee program to spur American technology development.
http://profiles.yahoo.com/u/LJRJIW2N7TV7TV5JAJGY6VGK3I j
Government get the heck out of the way of FREE MARKETS and private initiative! And boot the unions as well…. make us competitive and this wont happen.

Solyndra: An omen for Obama’s soon to be announced jobs plan

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