• Please be sure to read the rules and adhere to them. Some banned members have complained that they are not spammers. But they spammed us. Some even tried to redirect our members to other forums. Duh. Be smart. Read the rules and adhere to them and we will all get along just fine. Cheers. :beer: Link to the rules: https://www.forumsforums.com/threads/forum-rules-info.2974/

Obama donors/insiders cash in on SOLYNDRA days before bankruptcy

Melensdad

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
Oh go figure. The folks who donated massive amounts of cash to Obama, then got special "protection" from the Dept of Energy, and the better part of a BILLION taxpayer dollars actually scammed the company and all of us!

Its pretty clear, the well connected backers of the company raided the company after getting a bail-out and special investor protection, by buying inventory for PENNIES ON THE DOLLAR from themselves so they could re-sell it after the company collapsed. Thank goodness these are buddies of Obama or they'd be prosecuted for fraud. But since they are Obama-bots its no doubt that they will sell off their ill gotten inventory at a huge profit and then donate some of it right back to re-elect their king of corruption.
Fast running out of money, solar-panel maker Solyndra LLC last summer sold off nearly $60 million worth of inventory for less than $20 million in cash to a newly formed corporate entity closely tied to the company’s biggest investors, records show.

Backed by $535 million in federal loan guarantees but burning through the little cash it had left, Solyndra made its first sale in late July to a corporate entity that had been formed just a day earlier. Three more transactions followed over the next few weeks with the same buyer, Solyndra Solar II.

By the time the last sale took place on Aug. 29 — two days before the company announced plans to file for bankruptcy — Solyndra had sold off a total of $58.1 million worth of inventory for $17.5 million, according to documents Solyndra attorneys filed last month in U.S. Bankruptcy Court in Delaware.

The sales began at a time when Solyndra officials were trying hard to assure lawmakers and the public of the company’s prospects amid increasing questions about the company’s financial health. Inside the company, the sales transactions show, officials were moving fast to raise cash and buy Solyndra more time.

Todd Zywicki, bankruptcy professor at the George Mason University School of Law, said it’s not unusual for troubled companies to sell off assets to improve liquidity. But he said the inventory sales figure cited by Solyndra — $58.1 million in inventory for $17.5 million in cash — seems unusual.



Click to expand...
 
Melensdad said:
Its probably not criminal . . . but its damn close to the fine line between legal and illegal.
Click to expand...
It is not criminal. It is not illegal. It is immoral. One dirty hand washing another, which is standard practice for the Washington Elite.
 
You must log in or register to reply here.
Top