Posted on 09/16/2011 4:14:23 PM PDT by Starman417
The folks at LA Observed have slogged through the Solyndra SEC filing and have found what may be a stunning discovery, adding insult to injury.
For more background on Solyndra, read Curt's post here and Dr. John's post here.
Turns out that Solyndra, the now-bankrupt solar panel manufacturer so highly touted by the Obama administration applied for a second loan which would be guaranteed by the US Department of Energy.
This second loan was to be in the amount of $469 million dollars (for Phase II Part 1):
On September 11, 2009, we submitted Part 1 of an application for an approximately $469 million guaranteed loan to be utilized to finance the construction of Phase II. As with the financing facility for Phase I, the loan would be made by the Federal Financing Bank and guaranteed by the DOE. On November 4, 2009, we were notified by the DOE that our Part 1 application was complete and that Phase II was determined to be a Section 1703 eligible project and to have the credit subsidy cost for the project paid out of funds allocated under Section 1705. We submitted Part 2 of our loan guarantee application on November 17, 2009.
While writing this post, and reading through the filing, I discovered something else. Notice the line in bold above.
A loan application was also made for Phase II, Part 2. We don't, as of yet have a monetary value for Part 2.
The earlier $535 million loan (for Phase I) was separate and distinct from the second one:
Phase I FinancingWe were the first company to secure a guaranteed loan facility under Title XVII. On September 3, 2009, we and one of our subsidiaries, Solyndra Fab 2 LLC, entered into financing agreements with the Federal Financing Bank, a government corporation under the general supervision of the Secretary of the Treasury, and the DOE that provide for a $535 million loan to Solyndra Fab 2 LLC, which we refer to as the Fab 2 Borrower, that is guaranteed by the DOE. The estimated aggregate project costs of Phase I are approximately $733 million...
It's unclear from the filing if the second loan was ever actually received by Solyndra and, so far, the administration has not made any effort to address that issue one way or the other:
(Excerpt) Read more at floppingaces.net...
Move on folks, nothing to see here.
Since when is government corruption punishable?
The list, ping
Let me know if you would like to be on or off the ping list
I wonder why they didn’t get it. They weren’t ashamed to go to the well twice, but I guess someone in the WH noticed how dicey they were and the decision was made to let them go under the bus, where they were headed anyway.
What is clear is that this deal is getting very hot.
America has become Zimbabwe. Obama is our Mugabe.
I'm pretty sure they didn't--but it took a lot of nerve to ask! If they did, then O's green group doubled down. But, none of the reporting so far has talked about the second loan having been granted. You'd think it would have been obvious to anyone looking at the latest balance sheet.
Due to the TOTAL lack of gonads in DC, anyone believe any of the GOP has the acorns to do anything about this corrutpion and this theft of US taxpayer dollars??? An Independent Prosecutor would be a good first step and then calls for impeachment would be a close second.
We The People are not happy campers and the Congress would be wise to take note of that fact like yesterday. IMO and the opinion of millions more, Boner is out looking for his spine and guts and still is not finding anything resembling either.
Due to the TOTAL lack of gonads in DC, anyone believe any of the GOP has the acorns to do anything about this corruption and this theft of US taxpayer dollars??? An Independent Prosecutor would be a good first step and then calls for impeachment would be a close second.
We The People are not happy campers and the Congress would be wise to take note of that fact like yesterday. IMO and the opinion of millions more, Boner is out looking for his spine and guts and still is not finding anything resembling either.
This is going to get even better. It appears that Solyndra gutted their balance sheet with a sale of their inventory and other assets before they filed bk.
We are just getting warmed up.
I’m with you. If they did get it, it should have shown up.
In 2009 they had an annual revenue of about $6 million; in 2010 they had a revenue of $100 million, on which they racked up a big loss. It also lists all of the investors, which are partnerships and don't tell you the names (like Keiser) of who is behind them. Interesting reading, if a bit dry.
Dude! That's like a billion bucks!
Bump!
I wonder how many degrees of separation is the big, green elephant Van Jones in all of this?
The whole “green energy” is something predicated on fraud to begin with. Remember global cooling/warming/climate change? Save the planet from CO2? Free energy?
All total BS from the beginning and as with all scams, follow the money.
stinkin’ corruption ping
http://seekingalpha.com/article/179667-what-is-solyndras-cost-per-watt
As far as capex is concerned - Phase I and Phase II of Solyndra’s Fab 2 will total approximately $1.38 billion ...
omg, THAT INFO WAS DATED: 12/23/2009!!!!!!
What Is Solyndra’s Cost per Watt?
by: Greentech Media December 23, 2009
http://seekingalpha.com/article/179667-what-is-solyndras-cost-per-watt
Not only this sorriness, but Fast and Furious as well! And now, connections need to start mapping out regarding the Wall Street “Day of Rage” just in case this snowballs, as they are hoping. If it gets to riot stage, we have an administration who has attempted to incite war against this nation.
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