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It Didn’t Work For Solyndra: Obama’s Green Energy Poster Child

- July 31, 2012

FILING CHAPTER 11 BANKRUPTCY, SOLYNDRA COMES UP SHORT FOR TAXPAYERS

Last Friday, Solyndra LLC, The Solar Panel Maker That Received $535 Million Federal Loan Guarantees, Filed A Chapter 11 Reorganization Plan In Bankruptcy Court. Solyndra LLC, the solar panel maker that received $535 million in federal loan guarantees before filing for bankruptcy last September, has filed a Chapter 11 reorganization plan, according to court documents. The company on Friday filed the plan in the U.S. Bankruptcy Court in Wilmington, Delaware, which will take virtually all the remaining assets of the company and put them into the Solyndra Residual Trust.” (Janet McGurty, “Solyndra Files Chapter 11 Reorganization,” Reuters, 7/29/12)

Solyndra’s Reorganization Bankruptcy Plan Ensures Private Investors Will Recover Losses Before The American Taxpayers. “The plan provides for holders of allowed administrative expenses and priority claims to be paid in full, and assets of Solyndra will be vested in the Solyndra Residual Trust, according to a filing yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Holders of Solyndra’s general unsecured claims, valued at $50 million to $120 million, are expected to recover from 2.5 percent to 6 percent, according to a disclosure statement filed with the plan. ‘The plan proposes to fairly and efficiently restructure the debtors’ liabilities and distribute the debtors’ assets in a manner that will allow these Chapter 11 cases to be promptly concluded,’ the company said in a filing.” (Joel Rosenblatt, “Solyndra Files Plan To Reorganize In Chapter 11 Bankruptcy,” Bloomberg, 7/28/12)

“The Obama Administration Bypassed Steps Meant To Protect Taxpayers As It Hurried To Approve An Energy Loan Guarantee To A Politically-Connected California Solar Power Startup…” (Ronnie Greene And Matthew Mosk, “Was White House In Hurry To Spur Green Jobs – Or Favor Firm Backed By Fundraiser,” iWatch News, 5/24/11)

PRAISING SOLYNDRA, OBAMA PROMISED A GREEN TECHNOLOGY REVOLUTION

One Year After Obama Touted Solyndra As The “Shining Light For The Future Of Green Jobs,” The Company Filed For Bankruptcy. “In 2009, Solyndra secured a $535 million loan guarantee from the U.S. Treasury to produce solar panels. But on August 31, 2011, the company shut its doors and announced its intent to file for bankruptcy. The revelation came after President Obama visited the plant in May 2010 and touted it as a shining light for the future of green jobs and a green-energy economy. ‘The promise of clean energy isn’t just an article of faith — not anymore,’ Obama said at the time. ‘The future is here.’ The future was bankruptcy.” (Amanda Carey, “Solyndra Officials Made Numerous Trips To The White House, Logs Show,” The Daily Caller, 9/8/11)

“Solyndra Had Repeatedly Been Highlighted As A Model By The Obama Administration.  Chu Attended The Groundbreaking Of The Factory Solyndra Built Using The Federal Loan, And Vice President Biden’s Image Was Beamed To The Ceremony Through A Video Feed.” (Joe Stephens & Carol D. Leonnig, “Solyndra Solar Company Fails After Getting Controversial Federal Loan Guarantees,” The Washington Post, 8/31/11)

Solyndra Was The First Company To Receive Taxpayer Backed Loans Under Obama Presidency. “Solyndra was the first company to get a taxpayer-backed loan in the early weeks of the new Obama administration, but there are more than 40 other clean tech firms and projects the Energy Department has since backed or agreed to back with more than $38 billion in taxpayer funds.” (Carol Leonnig, “After Solyndra Failure, Auditors Wonder What Other Bad Bets Obama Officials Made, The Washington Post, 9/1/11)

IN REALITY, SOLYNDRA COST AMERICANS MORE THAN ONE THOUSAND JOBS AND HUNDREDS OF MILLIONS OF TAX DOLLARS

A Total Of 1,861 Workers Were Laid Off By Solyndra As It Went Bankrupt. “Since September 1, 2010 (impact date), an estimate 1,861 workers have been separated from the firm. This total includes an estimated 649 temporary workers as well as leased workers from West Valley, Aerotek, Oxford Global, GES and Lighthouse Management. Most of these separations occurred at the time of the shut-down of the Fremont, CA facility on August 31, 2011. An additional 85 workers are threatened with separation as the company’s operations wind down.” (Employment And Training Administration, “Investigative Report TA-W-80,410; Solyndra LLC,” Department Of Labor, 9/12/11)

In August 2011, Solyndra Announced That It Will File For Bankruptcy, “Immediately Laying Off 1,100 Employees.” “Solyndra, a Fremont solar tech manufacturer, announced Wednesday it is suspending operations and immediately laying off 1,100 employees. The company said it will also file for bankruptcy.” (George Avalos, “Fremont Solar Tech Firm Solyndra To Shut Down, Lay Off 1,100 Workers,” The San Jose Mercury News, 8/31/11)

“The Company [Solyndra], Received $535 Million In Taxpayer Money From The U.S. Department Of Energy And $1.1 Billion In Private Venture Capital Funding.” (George Avalos, “Fremont Solar Tech Firm Solyndra To Shut Down, Lay Off 1,100 Workers,” The San Jose Mercury News, 8/31/11)


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