Skip to comments.Solar-panel company on verge of end
Posted on 06/30/2013 10:10:42 AM PDT by Deadeye Division
Jim Appold talks about Willard & Kelsey Solar Group as if the company is bustling with activity.
The phrase we are consistently rolls off the 74-year-old company presidents tongue. When it was formed in 2007, Willard & Kelseys founders wanted to revolutionize the solar-panel industry. They projected profits of almost $70 million for the first year of production.
Last week, that vision seemed like a far-fetched dream: No one tended to the machinery that hissed, beeped, and hummed from all corners of the companys more than 200,000 square-foot building in Perrysburg.
(Excerpt) Read more at ourtownperrysburg.com ...
And Obama is counting on companies like this to grow the American economy.
It’s much easier to run a company in such a way as to have a 90% ROI than a 100.1% ROI. If subsidies mean that companies in a field only need a real ROI of 90% to yield a profit for the owners, many people will be able to enter the field and turn a profit for themselves without having to produce anything of value.
After Solyndra, all of these entirely predictable failures seem like just so many flesh wounds, don’t they?
And this is the way, isn’t it? Start with the most outrageous fraud you can and once the impact of that has blown over, all the slightly lesser frauds you can come up with afterwards seem like Khloe Kardashian’s third helping of carrot cake at the dessert bar.
MFGlobal > PFG. If anyone thinks Corzine will spend 30 seconds in prison for stealing $1.6 billion they are flaming delusional. His pardon ticket is already printed and carefully held in a safe under the control of either Val Jarrett or 0bama himself. And why would such a ticket be revealed today, when it can used for the next 2.5 years to extract whatever might be extracted from it? In classic Marc Rich style Corzine will be pardoned, if he’s found guilty at all, shortly before Jan 19, 2016. It’s simply a matter of drawing out the legal proceedings leading to a trial, if any, to that point.
Entrepeneurs once devised business plans to a provide a product or service at an affordable price to meet a real market demand.
Obama cronies devise business plans to extract the largest possible government subsidies with promises to supply unaffordable, unmarketable products that Obama wants.
“And Obama is counting on companies like this to grow the American economy.”
No he isn’t, his goal is to cripple America while giving our tax dollars to other leftists both here and overseas.
The left’s goal is ZERO growth and it’s many benefits, lower birth rates for one, more people willing to let the government have more power to steal even more money form those who work.
And this is why government bureaucrats and politicians who do not understand business, should stop trying to pick winners and losers. When the government tries to pick winners and losers the biggest loser is the taxpayer.
Obama found a new way to launder the money. Take it with him on trips.
No, companies like these are fronts for money laundering operations, where OUR TAX DOLLARS go to building Potemkin Village factories, DNC contributions are made, the fat cats pocket “their share”, and the companies then go bankrupt, blame it on the Republicans and the Tea Party.
What’s left of the Gambino and Bonnanos families are probably kicking themselves for not thinking of such a racket. All under the governments protection, that’s the ticket!
Seriously, this has RICO written all over it.
Obumbler not only gives less than a $%@& about the U.S economy; he is, in fact, consciously and with malicious forethought, wrecking the economy, the culture, the Nation.
Politicians will never stop picking winners and losers. Because every time they shovel government largesse to some entity or another, a substantial chunk of that largesse magically finds its way into the under-the-counter coffers of that politician; else, why would they do it?/JMO
That also might explain a politician’s arrival in office as a shallow-pocketed slug, and after a term or two in office they leave as millionaires.
Reads a little like the story of 20th Century Motors, minus the rank and file compensation part.
Maybe they should go solar.
no he wasn’t. it was never the plan. it was to waste money on stuff that was never intended to work, to waste money and produce nothing, so thst tht money woudn’t go to productive things andactually make us more energy independent and prosperous. it was payback to supporters and also a kickback mechanism at the same time.
waste money on stuff that will never have a result. keeps money away from actual solutions and beneficial ideas. rewards cronies. cronies reward dems. company goes bankrupt, everything goes away down the memory hole.
but but .. Obama is proposing all kinds of money to keep them going.. if they donate to his ‘cause’.
What’s a few laws between this country’s future and despotism worth these days?
very little , it seems.
No, per Obama, many laws are irrelevant, in fact.
Willard & Kelsey is on the hook to repay more than $12 million in state loans, which it defaulted on last fall, and owes millions more to suppliers. It also faces a slew of lawsuits.
Whether the state can recoup the public money it spent funding this private venture is unclear. Willard & Kelsey doesnt own its $6.4 million building and has leased half its equipment.
In other words: No Assets! They don't own the building or most of the equipment. Taxpayers took it in the backside again because some feel good moronic state employees felt inclined to save the world with a solar company that was not on solid financial ground - ever! The state actually gave them an additional $5 million in 2010 after they had already ceased production of any panels. Over $60 million and it created in the area of 50 jobs for a couple of years.