Obama tours Solyndra plant in May 2010
Posted on 09/07/2011 4:29:19 AM PDT by Oldeconomybuyer
Solyndra is for sale.
The Fremont-based solar company, which shut down most of its operations last week and laid off 1,100 workers, announced in a bankruptcy filing Tuesday that it will spend the next four weeks looking for a buyer.
A buyer would not have to repay the $527 million in loans backed by the federal government that Solyndra owes.
Though Solyndra's panels are estimated to have been installed on more than 1,000 commercial and industrial roofs in 20 countries, the company lost money on nearly every sale, the bankruptcy filing shows.
In the filing, W.G. Stover, the company's chief financial officer, wrote that Solyndra "was forced to reduce its average selling prices to remain competitive." He said that Solyndra had sales of $142 million in 2010 but lost $329 million.
(Excerpt) Read more at baycitizen.org ...
Since the company's economic model isn't viable...it's hard to see why anyone would want to buy it, let alone put more $$ into it...
I guess they planned to make it up with volume.
The taxpayer lost much more money than the company on every sale.
Al Gore should be forced to buy it.
I bid $57.23 if I’m not saddled with their debt.
Can at least sell their scrap metal for something.
Bankrupts commonly think their company can be saved by a buyer. It is delusion.
The buyer that is successful will buy the place for a penny on the dollar at the bankruptcy auction and mine the assets for salable junk
Solyandra was the victim of falling prices while it’s very existance was subsidized? Who was minding the store for the US taxpayers? I guess their Chinese competitors were getting even more money from their taxpayers in a kind of bidding war to see which planned economy was more stupid?!
Maybe Newsweek can buy them with that $1 buy-in deal they themselves were bought for.
Along with 'If you like your insurance you can keep it' Obama always said at speeches and rallies 'We wil create Green jobs that cannot be shipped overseas'. I remember back in 2009 or last year Glenn Beck doing a blackboard lecture showing how the Chinese will be easily able to make these solar panels cheaper than these companies in the US that Obama gave the money too, just as they did.
Back in 2009 Obama's base liberal black voters really believed that Cap and Trade would create all these new high paying union jobs here, the new domestic auto industry. That is why they never complained about the C+T taxes to pay for it. Carbon energy is still way too cheap compared to any of this.
Let’s send a message to Hollywood.
“Matt Damon, do you care about the environment? Buy this great green company! Just skip one private jet you planned to buy”
” I guess they planned to make it up with volume. “
LMAO!
The Oracle of Ohmaha will swoop in and buy this asset up. He seems to like giving Obama as much cover as possible.
sadly the taxpayer has been on the hook every step of the way, and *if* the company gets sold, i wonder where all those dollars [yuan] will go ???
Sid Sodnagel asks:
“What’s cheaper than a copy of Newsweek Magazine?”
Answer:
“Newsweek Magazine.”
Perhaps General Motors can take all the profits from the sale of Volts and use it to buy Solyndra.
(at Zero Hedge - but this guy, Bruce Krasting, has been quoted on National Review)
http://tinyurl.com/SOL-Inventory
“On July 29, 2011 Solyndra (‘SOL’) ... sold both the Accounts Receivables and the Inventory of the company. Solyndra Financial (a subsidiary of SOL) was the seller. The purchaser was a newly formed company called Solyndra Solar II LLC...
“I have information from a former Solyndra employee... I believe that the following is factual:
“‘It seemed like the company had been hoarding panels in the last month. We were producing a great deal of material, but holding off on shipments.
“‘We were stacking up panels everywhere. Our old building was packed with them, but we had some huge orders in the works. Usually we shipped most of the material in the last week of the quarter, so this was not completely unusual.
“‘We had close to three months worth of panels and we were on track to sell about two hundred million this year. That works out to about fifty million in inventory.’”
Also, just for fun, search for Solyndra on eBay. A million dollars worth of inventory on “Buy It Now” status? Huh?
http://www.ebay.com/sch/i.html?_from=R40&_trksid=p5197.m570.l1313&_nkw=solyndra&_sacat=See-All-Categories
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
