ColonelAngus
Diamond Member
- Feb 25, 2015
- 52,025
- 51,911
- 3,615
...but Trump is the bad guy....I know, I know.
What a fucking joke.....Obama pissed away half a billion on this FAILED business.
The company manufactured its products in its second fabrication plant, Fab 2, a new $733 million state-of-the-art robotic facility in Fremont, California, which opened in September 2010. Fab 2 was built with the support of a $535 million federal loan guarantee along with at least $198 million from private investors. According to an initial public offering by the company, the combined annual production capacity of the plants was projected to be 610 megawatts by 2013. After expanding production in 2008,[9] the company announced on 3 November 2010 that it was mothballing its older plant, Fab 1, and postponing expansion of recently opened Fab 2, giving it an annual production capacity of about 300 megawatts. Market conditions were cited, with conventional solar modules manufactured in China by low-cost producers such as Suntech and Yingli offering stiff competition.[26]
On March 20, 2009, Solyndra estimated that:[27]
Between 2009 and mid-2011 the price of polysilicon, the key ingredient for most competing technologies, dropped by about 89%[1]. This precipitous drop in the cost of raw materials for Solyndra's competitors rendered CIGS technology incapable of competing. On August 31, 2011, Solyndra announced it was filing for Chapter 11 bankruptcy protection, laying off 1,100 employees, and shutting down all operations and manufacturing.[28]
In September, 2011, the company ceased all business activity, filed for bankruptcy under Chapter 11, Title 11 of the United States Bankruptcy Code, and laid off all employees.[2][3][4] The company was also sued by employees who were abruptly laid off.[29] Solyndra was raided by the FBI investigating the company.[30] Federal agents visited the homes of Brian Harrison, the company's CEO, and Chris Gronet, the company's founder, to examine computer files and documents.[31] Also, in September 2011, the US Department of the Treasury launched an investigation.[32] Bloomberg reported in 2011 that Solyndra's $733 million plant had whistling robots and spa showers, along with many other signs of extravagant spending.[33]
Also in 2011, a US Department of the Treasury official confirmed that the criminal probe of Solyndra is focused on whether the company and its officers misrepresented the firm’s finances to the government in seeking the loan or engaged in accounting fraud.[34] Newly revealed emails showed that the Obama administration had concerns about the legality of the Department of Energy's loan restructuring plan and warned OMB director Jeffrey D. Zients that the plan should be cleared with the Department of Justice first, which the Department of Energy had not done. The emails also revealed that as early as August 2009, an aide to then-White House Chief of Staff Rahm Emanuel had asked a Department of Energy official if he could discuss any concerns among the investment community about Solyndra but that the official dismissed the idea that Solyndra had financial problems.[35] The bankruptcy court approved the hiring of the chief restructuring officer Todd Neilson.[36] Rocket Renewables (rocketrenewables.com) incorporated in Delaware[37] with Gronet as the President and CEO.[38] On May 20, 2013, Rocket Renewables filed for a corporation license in California.[39]
In 2012, a very small fraction of the glass tubes, which Solyndra had produced, became part of an art installation at the University of California Botanical Garden.[40] Also in 2012, the US Department of Justice objected to the bankruptcy plan amidst allegations that "the plan's primary purpose is tax avoidance through the preservation of hundreds of millions of dollars of net operating losses (NOL) after reorganization".[41][42] Also, the successor company is named 360 Degree Solar Holdings, Inc., which would have control over "approximately US$ 350 million in tax attributes", such as NOL carryovers.[41] The case In re Solyndra LLC et al., No. 11-12799 (Bankr. D. Del.), Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware ruled "that the evidence does not support a finding that the principal purpose of the plan was tax avoidance."[4] "Solyndra's owners, Argonaut Ventures I LLC and Madrone Partners LP" will "realize the tax benefits of between $ 875 million and $ 975 million of net operating losses, while more senior creditors, including the Department of Energy, which provided a $ 535 million loan guarantee to Solyndra, will receive nearly nothing."[4]
In 2011 and 2012, during Obama's re-election campaign, the political advocacy group Americans for Prosperity spent $8.4 million in swing states on television advertisements denouncing the loan guarantee.[2] The Wall Street Journal described the advertising campaign as "perhaps the biggest attack on Mr. Obama so far."[43][44]
In 2013, Elevated Design LLC filed as a Domestic in California. Gronet became an officer of Elevated Design LLC. This filing was canceled sometime later.[45] The Contra Costa Times reported that Gronet was unlikely to face criminal charges in connection with Solyndra.[46] In August 2015, the Inspector General of the U.S. Energy Department put most of the blame for the incident on Solyndra.[47][48] On 21 March 2016 Gronet incorporated 4th-Phase, Inc. Dba 4th-Phase Washington, Inc. in Delaware.[49]
What a fucking joke.....Obama pissed away half a billion on this FAILED business.
The company manufactured its products in its second fabrication plant, Fab 2, a new $733 million state-of-the-art robotic facility in Fremont, California, which opened in September 2010. Fab 2 was built with the support of a $535 million federal loan guarantee along with at least $198 million from private investors. According to an initial public offering by the company, the combined annual production capacity of the plants was projected to be 610 megawatts by 2013. After expanding production in 2008,[9] the company announced on 3 November 2010 that it was mothballing its older plant, Fab 1, and postponing expansion of recently opened Fab 2, giving it an annual production capacity of about 300 megawatts. Market conditions were cited, with conventional solar modules manufactured in China by low-cost producers such as Suntech and Yingli offering stiff competition.[26]
On March 20, 2009, Solyndra estimated that:[27]
- The construction of this complex would employ approximately 3,000 people.
- The operation of the facility would create over 1,000 jobs in the United States.
- The installation of these panels would create hundreds of additional jobs in the United States.
- The commercialization of this technology was expected to be then duplicated in multiple other manufacturing facilities.
Between 2009 and mid-2011 the price of polysilicon, the key ingredient for most competing technologies, dropped by about 89%[1]. This precipitous drop in the cost of raw materials for Solyndra's competitors rendered CIGS technology incapable of competing. On August 31, 2011, Solyndra announced it was filing for Chapter 11 bankruptcy protection, laying off 1,100 employees, and shutting down all operations and manufacturing.[28]
In September, 2011, the company ceased all business activity, filed for bankruptcy under Chapter 11, Title 11 of the United States Bankruptcy Code, and laid off all employees.[2][3][4] The company was also sued by employees who were abruptly laid off.[29] Solyndra was raided by the FBI investigating the company.[30] Federal agents visited the homes of Brian Harrison, the company's CEO, and Chris Gronet, the company's founder, to examine computer files and documents.[31] Also, in September 2011, the US Department of the Treasury launched an investigation.[32] Bloomberg reported in 2011 that Solyndra's $733 million plant had whistling robots and spa showers, along with many other signs of extravagant spending.[33]
Also in 2011, a US Department of the Treasury official confirmed that the criminal probe of Solyndra is focused on whether the company and its officers misrepresented the firm’s finances to the government in seeking the loan or engaged in accounting fraud.[34] Newly revealed emails showed that the Obama administration had concerns about the legality of the Department of Energy's loan restructuring plan and warned OMB director Jeffrey D. Zients that the plan should be cleared with the Department of Justice first, which the Department of Energy had not done. The emails also revealed that as early as August 2009, an aide to then-White House Chief of Staff Rahm Emanuel had asked a Department of Energy official if he could discuss any concerns among the investment community about Solyndra but that the official dismissed the idea that Solyndra had financial problems.[35] The bankruptcy court approved the hiring of the chief restructuring officer Todd Neilson.[36] Rocket Renewables (rocketrenewables.com) incorporated in Delaware[37] with Gronet as the President and CEO.[38] On May 20, 2013, Rocket Renewables filed for a corporation license in California.[39]
In 2012, a very small fraction of the glass tubes, which Solyndra had produced, became part of an art installation at the University of California Botanical Garden.[40] Also in 2012, the US Department of Justice objected to the bankruptcy plan amidst allegations that "the plan's primary purpose is tax avoidance through the preservation of hundreds of millions of dollars of net operating losses (NOL) after reorganization".[41][42] Also, the successor company is named 360 Degree Solar Holdings, Inc., which would have control over "approximately US$ 350 million in tax attributes", such as NOL carryovers.[41] The case In re Solyndra LLC et al., No. 11-12799 (Bankr. D. Del.), Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware ruled "that the evidence does not support a finding that the principal purpose of the plan was tax avoidance."[4] "Solyndra's owners, Argonaut Ventures I LLC and Madrone Partners LP" will "realize the tax benefits of between $ 875 million and $ 975 million of net operating losses, while more senior creditors, including the Department of Energy, which provided a $ 535 million loan guarantee to Solyndra, will receive nearly nothing."[4]
In 2011 and 2012, during Obama's re-election campaign, the political advocacy group Americans for Prosperity spent $8.4 million in swing states on television advertisements denouncing the loan guarantee.[2] The Wall Street Journal described the advertising campaign as "perhaps the biggest attack on Mr. Obama so far."[43][44]
In 2013, Elevated Design LLC filed as a Domestic in California. Gronet became an officer of Elevated Design LLC. This filing was canceled sometime later.[45] The Contra Costa Times reported that Gronet was unlikely to face criminal charges in connection with Solyndra.[46] In August 2015, the Inspector General of the U.S. Energy Department put most of the blame for the incident on Solyndra.[47][48] On 21 March 2016 Gronet incorporated 4th-Phase, Inc. Dba 4th-Phase Washington, Inc. in Delaware.[49]
