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Bankrupt Solyndra seeking to pay bonuses
The Washington Times ^ | January 11, 2012 | Jim McElhatton

Posted on 01/12/2012 9:36:06 AM PST by LucianOfSamasota

Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but that’s the plan of company attorneys intending to dole out up to a half-million dollars to persuade key employees to stay put.

Nearly two dozen Solyndra employees could receive bonuses ranging from $10,000 to $50,000 each under a proposal filed by Solyndra’s attorneys in U.S. Bankruptcy Court in Delaware.

The attorneys say the extra money will add motivation at a time when workers at the solar company have little job security and more responsibilities because so many of their colleagues have been fired.

The names of the bonus-eligible employees are not disclosed in the court filings that outline the bonus proposal. None of the employees is among the so-called corporate “insiders” — top officers or members of the board of directors, records show.

The proposed bonus recipients include nine equipment engineers, six general business and finance employees and up to two information technology workers.

The biggest bonus, for $50,000, would go to a Solyndra employee whose job title is listed as a senior director with a base salary of $206,499 per year. Two senior managers stand to receive bonuses of $30,000 and $32,500.

Bankruptcy attorneys said the so-called “key employee incentive plan” aims to keep important personnel from leaving the company.

Solyndra went broke just two years after winning a more than $500,000,000 federal loan-guarantee package, and one year after President Obama toured its California headquarters and hailed its prospects.

Most of Solyndra’s employees were laid off last year. The company employed about 1,100 people last year. Just 84 remain. Of those who managed to avoid the mass firings, many have been scrambling to find jobs.

(Excerpt) Read more at p.washingtontimes.com ...


TOPICS: Crime/Corruption; Culture/Society; Government; News/Current Events
KEYWORDS: cheat; lie; steal
How do you spend $500,000,000 in a year and have nothing to show for it?

Government sponsored efforts are certainly more efficient destroyers of wealth than any private firm could hope to emulate...

1 posted on 01/12/2012 9:36:17 AM PST by LucianOfSamasota
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To: LucianOfSamasota

Let’s see, a bankrupt company; getting taxpayer dollars - then paying out “key employees” a bonus ....

Where have I heard of that before?


2 posted on 01/12/2012 9:44:44 AM PST by Hodar ( Who needs laws; when this FEELS so right?)
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To: LucianOfSamasota

Flipside is, how key can these numbskulls be if they couldn’t run a company and keep it afloat?


3 posted on 01/12/2012 9:45:10 AM PST by Darksheare (You will never defeat Bok Choy!)
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To: Darksheare

Why pay bonus’s to keep them , when there are no other jobs out there for them to go to anyway?


4 posted on 01/12/2012 9:47:10 AM PST by Venturer
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To: Venturer

Since they couldn’t keep their old company afloat, any other company that possibly existed [in theory] wouldn’t want them either.


5 posted on 01/12/2012 9:50:05 AM PST by Darksheare (You will never defeat Bok Choy!)
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To: Hodar

Now I get. I just have to bankrupt my company and then ask this administration for a bonus. WOW....I never knew it was that easy.


6 posted on 01/12/2012 9:51:45 AM PST by RC2
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To: LucianOfSamasota

Check it out! A “shovel-ready” project!

Obama’s cronies get to “shovel” taxpayers’ money in to their private bank accounts...


7 posted on 01/12/2012 9:51:57 AM PST by WayneS (Comments now include 25% MORE sarcasm for no additional charge...)
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To: Hodar
Once you file for bankruptcy the opportunities to steal become rather circumscribed.

What "paying" these folks does is put them first in line ahead of the investors and the government.

8 posted on 01/12/2012 9:52:31 AM PST by muawiyah
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To: Darksheare

Exactly. I would definitely want to stay away from listing Solyndra on my resume. Unless it was a government job. They certainly seem to embrace failure.


9 posted on 01/12/2012 9:52:52 AM PST by formosa (Formosa)
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To: formosa

Yes, it does seem that government HR personnel look for the most pathetic resume lists they can find.


10 posted on 01/12/2012 9:56:30 AM PST by Darksheare (You will never defeat Bok Choy!)
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To: Hodar
Where have I heard of that before?

Rhymes with Ball Greet.

And it was defended by quite a few FReepers. Can't imagine why. I suppose when the lucre is going to those of whom you approve, it's not so filthy.

11 posted on 01/12/2012 10:13:35 AM PST by Wolfie
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To: Hodar

Wondering how MittRomney would handle it.


12 posted on 01/12/2012 10:20:43 AM PST by annieokie
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To: annieokie

Mitt would think this was honorable and just to reward fraud. I would take these scoundrels and have them dangling from a stout tree.


13 posted on 01/12/2012 11:03:49 AM PST by MasterGunner01 (11)
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To: MasterGunner01

That’s the response I was seeking. Voters will condemn Solyndra and vote for Mitt???, Astonishing, we truly do live in Alice’s wonderland.


14 posted on 01/12/2012 11:15:06 AM PST by annieokie
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To: Hodar

In Obamaland this would be OK, because those bonuses would be ‘spread around’ to buy goods and services. Barry would proudly label it more economic stimulus....

Because, afterall, a $200K a year manager of a failed business propped up by taxpayer confiscation really deserves an extra $50K reward.

Also - Isn’t this company closed? You don’t pay bonuses for employees of a closed business! They need to smoke a lot less crack at the WH.


15 posted on 01/12/2012 11:20:52 AM PST by Made In The USA (This post may be recorded for quality purposes.)
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To: annieokie; MasterGunner01

There are posters here on FR who are defending Mitt and his activities.
Despite Mitt saying that it was the exact same thing as what Obama did with GM.

But, knock what Mitt did and these posters start screaming at you that YOU are the socialist.
As you mentioned, Alice’s Wonderland.


16 posted on 01/12/2012 12:05:16 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: Darksheare
""There are posters here on FR who are defending Mitt and his activities.Despite Mitt saying that it was the exact same thing as what Obama did with GM.

Exactly right, and proud of it, even RUSH is defending him.

Guess talking out of both sides of the mouth is the new NORM for FR. Their new battlecry is "GO MITT ROMNEY"

ALICE? we are in wonderland!!!!!, and no way out.

17 posted on 01/12/2012 12:14:22 PM PST by annieokie
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To: annieokie

Yeah, it’s “through the looking glass” on steroids and meth.

The difference between what Obama did and what Mitt did is this: There’s still a company called GM.
With Mitt, many companies like KB Toys and Digital Electronics Corp no longer exist.

And true capitalism would have been this: Taking the company, improving it and turning a bigger profit.

Splitting parts off to competitors, looting the company, and killing it off is vulture capitalism.
Which is a small step away from Crony capitalism and may overlap in many ways.


18 posted on 01/12/2012 12:33:51 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: Darksheare
Oh be still my heart, finally someone who gets it.

There is a big difference as you stated. Only those that are playing in these groups are objecting.

"""""And true capitalism would have been this: Taking the company, improving it and turning a bigger profit""""

God Bless you for truth. What kind of person does it take to reap millions, while watching people get laid off and suffer, how in good conscience can that happen? I believe "Vultures" is a proper name. Can't figure how that is defended.

Anyone defending Romeny on this is same/same. jmo.

I don't want to hear them whine when the GOV't/obama does the same thing when they closed dealerships, etc., can't have it both ways.

19 posted on 01/12/2012 12:43:34 PM PST by annieokie
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To: All

What the heck are the 84 folks still employed doing?

Adjusting the office thermostats and shredding documents?


20 posted on 01/12/2012 12:48:54 PM PST by az_gila
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To: annieokie

I get it, it’s just that there are many who do not.
It takes skill, luck, and good business sense to take a company and make it profitable.
It takes a sense of savvy to take an already successful company and make it better.
It takes zero talent to take a company apart and lay people off.

“I don’t want to hear them whine when the GOV’t/obama does the same thing when they closed dealerships, etc., can’t have it both ways.”

Exactly.
People need to be consistent on it, otherwise there is NO difference between them and the Democrats.
And the level of WHINE from those defending Romney is pathetic.
But at least we now know who would jump into a bonfire if the GOP elite put out a poll telling them that a high percentage of fellow travelers would do the same.


21 posted on 01/12/2012 12:49:58 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: az_gila

Shredding, deleting e-mails, wiping hard drives, disabling computers, and sprucing up resumes to look pristine and pretty for the next round of sucker employers.


22 posted on 01/12/2012 12:55:05 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: Darksheare
""""People need to be consistent on it, otherwise there is NO difference between them and the Democrats.""""

And there you have it, that is the bottom line.

That statement is right out of the mouth of Romney,he pretty much said he was no different than Obama. Like we didn't know already? lol

Thanks Darsheare.

23 posted on 01/12/2012 3:22:39 PM PST by annieokie
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To: Darksheare
Not even remotely the same — What Mitt did and Obama did. The difference is between private funds and taxpayer funds.

As I understand it, Bain Capital advances capital and management services to businesses that are in bad financial trouble. Bain Capital takes these risks with private investor funds. If Bain Capital is able to turn these “at risk” businesses around and make them profitable, they get rewarded.

Sometimes the turn around requires that employees of the “at risk” companies to be laid off. Sometimes, no matter what's done, the business cannot be saved. In that case, Bain Capital and its investors incur a loss of the capital and services advanced.

The bottom line is Bain Capital is playing a high risk game because it's seeking to rehabilitate a failing business without any guarantee of success. Bain Capital is the end of the line before an at-risk business goes under. When the business fails, everyone’s out of a job, and everything in the business is sold off.

In Obama’s case, General Motors and Chrysler were deemed “too big to fail”. Conventional bankruptcy laws were circumvented. Shareholders were defrauded of their money, the UAW was rewarded, Republican owned dealerships were closed, the government took defacto control of GM (Chrysler was sold to Fiat), and U.S. taxpayers were put on the hook for billions. These billions advanced to Chrysler and GM have never been repaid. Where Chrysler is financially, I don't know, but GM is STILL losing money.

Mitt's error is to equate what he and Bain Capital did with what Obama did. If Mitt doesn't understand the difference between private and public money, this is pretty fundamental. It IS muddled if he can't see a difference.

24 posted on 01/12/2012 3:24:13 PM PST by MasterGunner01 (11)
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To: MasterGunner01

Mitt claimed it was the same.

What Bain did was take out a 100+ million loan against a company’s 30 million assets, stripped the company and then left it to default on the loan.
In other instances they parted a successful company out piecemeal.
{See what they did to Digital Electronics Corporation.}

That’s not capitalism or even taking on risk, that’s vulturism.
And we’ve had people for the past few days defending Mitt here on FR.

Eitehr way, it’s still scummy.
And Mitt invited the critique.
And.. he had his attack dogs waiting to go after anyone daring to critique his record.


25 posted on 01/12/2012 3:32:09 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: annieokie

You are very welcome.


26 posted on 01/12/2012 3:33:50 PM PST by Darksheare (You will never defeat Bok Choy!)
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