Posted on 10/22/2011 5:33:56 PM PDT by opentalk
As part of its bankruptcy proceedings, defunct solar company Solyndra will auction off thousands of items from its California production facility on Nov. 2 and 3. But taxpayers wont see a dime of the proceeds, due to the Energy Departments decision to subordinate taxpayers to Solyndras private financiers in repayment of their investments.
As I explained in a Friday column in the Washington Examiner, DOE has developed an unprecedented interpretation of the law to allow Solyndras private investors to recoup $75 million of their investment before taxpayers are repaid.
Heritage Global Partners, which is conducting the auction, told Scribe that the money raised will not be anywhere near $75 million, meaning the proceeds will go entirely towards repaying Solyndras private investors
(Excerpt) Read more at blog.heritage.org ...
You can bet that the private investors will be at the auction to buy the equipment for pennies on the dollar and ship it to the Solyndra factory that was set up in China. Im sure some other crony will get the billion dollar facility for next to nothing. Google, maybe? Tesla motors?
Tesla is within walking distance of Solyndra so maybe there is something that Tesla could bid on and not have to pay shipping!
If this provision violates the law, it might not be enforcable by Solyndra. The courts may strike this provision down ...
When Obama’s Crime, Inc. nationalized General Motors they saw to it that the private investors were aced out of ownership to the benefit of their corrupt union thug cronies, so it makes perfect sense that the American tax payer gets aced out with Solyndra to the benefit of Obama’s crony “investors”.
Judge denies bid by government for Solyndra trustee
They refuse to provide any information.
btt
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