Bruce Krasting has done some serious digging into the Solyndra bankruptcy and says a Delaware corporation set up weeks before the bankruptcy filing appears to have bought AR and inventory from Solyndra.
A commenter on Zero Hedge opines:
The purpose of these transactions should be pretty clear. A politically well connected investor is draining the company of cash and assets in order to protect them from creditors and claw back their equity. Yes, you the tax payer are getting screwed coming and going.
However, bankruptcy court can claw back most any agreement.
“This scandal is rapidly becoming the gift that keeps on giving…” Solyndra’s exclusive financial advisor in 2009 for the DOE $535 million loan is our favorite vampire squid, Goldman Sachs
Treasury General opens investigation into the Solyndra loan.
White House email in Jan. 2011 says Solyndra bankruptcy will be “bad” and “will likely coincide with the 2012 campaign season heating up.”
Top Obama fundraiser monitored $25 billion in DOE loans for green energy, which certainly seems mighty cosy.
The Chicago Tribune says this looks like the ‘Chicago way’ to them.
Those of us from Chicago know exactly what the Solyndra scandal smells like. And It doesn’t smell fresh and green.
Solyndra says needs more time to find buyers. $527 million in federal loans and no one even wants what remains?
Solyndra failed because of its cost structure not because of China competition. And if Fitch rated them as speculative why did the Feds give ultra-low interest rates?