Posted on 09/16/2011 1:08:47 PM PDT by martosko
Failed solar panel maker Solyndra’s Securities and Exchange Commission filings show that seven months after the Obama administration’s Department of Energy approved a $535 million federal loan guarantee, Solyndra applied for a second one valued at $469 million.
“On September 11, 2009, we applied for a second loan guarantee from the DOE, in the amount of approximately $469 million, to partially fund Phase II,” Solyndra wrote in a report it filed with the SEC on December 18, 2009. “If we are unable to obtain the DOE guaranteed loan in whole or in part, we intend to fund any financing shortfall with some combination of the proceeds of this offering, cash flows from operations, debt financing and additional equity financing.”
Solyndra applied for that extra $469 million the same year it received the $535 million of ultimately wasted taxpayer money which is the subject of a current congressional investigation. According to the company’s SEC filings, that $535 million was only intended to cover Phase I of the construction of its “Fab 2″ solar panel manufacturing facility.
The second application came just one week after Solyndra broke ground on its facilities construction project on Sept. 4, 2009.
(Excerpt) Read more at thedc.com ...
They returned to the scene of the crime
THEY knew a sucker when they saw one!!!
ML/NJ
$535 million plus $469 million is just a shade over a cool Billion. (1.004 billion, to be exact). Maybe after some legal fees, they were just trying to get to the big B.
My mom always said, “if you’re gonna steal something, make it big.”
Or
They could recognize a co-conspirator when they saw one.
There is a much bigger story here that has so far not been printed. Where are the Woodward’s and Bernsteins? This $550 million scam almost became a $1 billion scam. Where was the money supposed to go? Why did the executives negotiate so much at the White House (instead of at the Energy Department, or Treasury offices, or one of the many other agencies involved in energy contracts and loan guarantees). White House clearly directly intervened on behalf of Solyndra. Why?
Where is the money now? There are a lot of solar energy companies in the public markets who could use $50 million, let alone $1 billion. Why Solyndra, why then? Why did the parent company stand to benefit by the bankruptcy of the loan recipient? Where is the Parent company money now?
As we say to our kids, "listen to your Mom."
In most businesses, if you fail, you have to find out what you did wrong before taking on another loan, otherwise youre doomed to repeat the same mistakes. Apparently they havent learned this yet.
Bump
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