Posted on 09/28/2011 5:57:42 AM PDT by therightliveswithus
...According to a report released today, a year and a half after being granted an enormous government loan, Solyndra violated the terms of that loan and technically defaulted on it. This should have frozen the loan that the energy company received, thus not allowing them to use up the rest of the money the government had given them. However, that did not happen.
Instead, it has been revealed that the Energy Department went out of its way to restructure the loan to Solyndra, thus allowing them to violate the terms of the loan and yet continue to use it. The violation occurred in December of 2010, when Solyndra was so "short on cash" that it could not follow through on some aspects of the agreement.
In the new contract that the Energy Department created, private investors agreed to give $75,000,000 to the struggling company. On top of that, the new terms stated that, should Solyndra be liquidated, the private investigators would be paid ahead of the government. In other words, if there was any money remaining with the company, the money taxpayers gave to Solyndra would be repaid last, if at all...
If the loan was not restructured, which happened officially in early 2011, it would have saved taxpayers over $50,000,000. The energy company had gone through approximately 90% of its loan by this time, but after they violated the terms, they technically had no right to take the rest of the money. However, the Energy Department's intervention allowed Solyndra to use up the rest of the money.
(Excerpt) Read more at punditpress.com ...
By any means necessary, right Obama?
The nerve of the Bam team going after Gibson Guitar Co. When this solyndra scam stinks to low hell. Prosecute Solyndra and Bam Admin.
It must drive those maggots in government crazy.
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