16 Sep

Solyndra: $469 million more than we already know about? Plus, an added surprise?

                                       

The folks at LA Observed have slogged through the Solyndra SEC filing and have found what may be a stunning discovery, adding insult to injury.

For more background on Solyndra, read Curt’s post here and Dr. John’s post here.

Turns out that Solyndra, the now-bankrupt solar panel manufacturer so highly touted by the Obama administration applied for a second loan which would be guaranteed by the US Department of Energy.

This second loan was to be in the amount of $469 million dollars (for Phase II Part 1):

On September 11, 2009, we submitted Part 1 of an application for an approximately $469 million guaranteed loan to be utilized to finance the construction of Phase II. As with the financing facility for Phase I, the loan would be made by the Federal Financing Bank and guaranteed by the DOE. On November 4, 2009, we were notified by the DOE that our Part 1 application was complete and that Phase II was determined to be a Section 1703 eligible project and to have the credit subsidy cost for the project paid out of funds allocated under Section 1705. We submitted Part 2 of our loan guarantee application on November 17, 2009.

While writing this post, and reading through the filing, I discovered something else. Notice the line in bold above.

A loan application was also made for Phase II, Part 2. We don’t, as of yet have a monetary value for Part 2.

The earlier $535 million loan (for Phase I) was separate and distinct from the second one:

Phase I Financing

We were the first company to secure a guaranteed loan facility under Title XVII. On September 3, 2009, we and one of our subsidiaries, Solyndra Fab 2 LLC, entered into financing agreements with the Federal Financing Bank, a government corporation under the general supervision of the Secretary of the Treasury, and the DOE that provide for a $535 million loan to Solyndra Fab 2 LLC, which we refer to as the Fab 2 Borrower, that is guaranteed by the DOE. The estimated aggregate project costs of Phase I are approximately $733 million…

It’s unclear from the filing if the second loan was ever actually received by Solyndra and, so far, the administration has not made any effort to address that issue one way or the other:

Solyndra applied for that extra $469 million the same year it received the $535 million of ultimately wasted taxpayer money which is the subject of a current congressional investigation. According to the company’s SEC filings, that $535 million was only intended to cover Phase I of the construction of its “Fab 2″ solar panel manufacturing facility.

It’s unclear if the now-bankrupt and scandal-embroiled green energy company actually received a second loan. Department of Energy officials did not immediately respond to The Daily Caller’s request for comment, and the company’s SEC filing left the question open.

As Ace points out, the administration is really in a classic catch 22 situation here. If they rush out paper work which shows that the second request was denied then they cast their earlier $535 million “Yea” in an even worse light.

If confirming evidence emerges that the additional $469 million was actually issued then that will serve as pure, high octane gasoline on a fire that is already burning pretty well.

Combine the $469 million with the earlier $535 million loan guarantee and the US taxpayer, you and I, are now on the hook for over $1 billion.

Add on the unknown dollar figure of loans for Phase II, Part 2 (if any) and who knows what the final cost to the taxpayer is going to be.

This entry was posted in Culture of Corruption, Deception and Lies, Economy, Energy, Scandals. Bookmark the permalink. Friday, September 16th, 2011 at 3:40 pm
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19 Responses to Solyndra: $469 million more than we already know about? Plus, an added surprise?

  1. Nan G says: 1

    Yuliya Chernova, Wall Street Journal, wrote today about Solyndra. Apparently everyone could see all the problems, everyone but the White House.
    But here’s what I think is the money quote:

    There was another motivator — Solyndra’s management and investors had an eye on an initial public offering.

    “There was a perceived halo around the loan,” said an investor with knowledge of the company. “If we get the loan, then we can definitely go public and cash out.

    http://online.wsj.com/article/SB10001424053111904491704576572872256772948.html

    The investors were planning on quitting.
    You know, taking the money and running.
    No wonder they didn’t bother with improving quality control!

    Former employee, Mohammed Walahi, lashed out at Solyndra, saying they manufactured solar panels that often contained imperfections that had to be thrown away…..

    “At least $100,000 a day was thrown away,” Walahi said. “If they are wasting $100,000 a day, how much is that a month or a year? Of course that’s going to lead to bankruptcy.” http://www.mercurynews.com/ci_18851389?source=most_viewed

    This was a scam from day one.
    Obama has got to know it.
    These were his own supporters, bundlers.

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  2. oil guy from Alberta says: 2

    I’m just shaking my head. About 5 years ago, we drilled a hole for natural gas. It was private money from the Hunt Bros. out of Texas. Total cost for the find was 11 million. Estimated value of the find was over 100 million $. Take that discovery, with no pipeline, to the bank. That’s how you make money. Every day, Alberta is getting richer, even with all the feel good social garbage.
    Texas is creating jobs. Why? They are developing resources but, have to fight the federalis every step of the way. Your precedent Ozero is killing your economy.
    Can you imagine what would happen if that stimulus was used for developing natural gas, coal,oil, nuclear, geothermal and tidal? You would cut your unemployment rate in half in a few years. Thousands of 100k jobs would be created and nothing would have to be saved! LOL

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  3. malize says: 3

    So what did Solyndra do with all that money?

    ReplyReply
  4. Skookum says: 4

    This is corruption on a scale beyond comprehension; yet, most Americans cannot grasp the facts. This guy belongs in prison, not in the White House. The propagaganda bureaus are not going to inform the peole; it is up to us to get the word out. We cannot allow this country to be run like the Chicago Mob is in charge, even if it is.

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  5. oil guy from Alberta says: 5

    Malize is wondering where the money went? Don’t forget the kickbacks to the Dear Leader. He needs a bil for reelection.
    Skookum looks like he missed his spelling. Drinking we much. I’m kidding buddy. I got a couple army buds that read your posts and absolutely love them. You’re collecting a following.

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  6. dee says: 6

    Oil guy, he isn’t only killing our economy, he’s killing our world, he’s killing our country.

    ReplyReply
  7. Skookum says: 7

    Pool Guy, posting on my phone while stuck in traffic. No computer, too many horses and too much traffic. Glad to hear about the new readers. Tell them to jump in now and then. I wrote Oil but the phone likes pool guy. Kinda funny, I have a good pool guy now. He only misses work when he is in jail. He cleans the pool with a look of determination, that look of a Mexican with a leaf blower.

    ReplyReply
  8. oil guy from Alberta says: 8

    Excellent Skooks, that’s slap knee hilariuos.

    ReplyReply
  9. malize says: 9

    That’s what I’m thinking oilguy…they don’t just need to be outraged over the money, someone should find out where it actually ended up. I’m sure we’ll find the usual suspects at the bottom of the feeder.

    ReplyReply
  10. oil guy from Alberta says: 10

    I disappeared from this site for a month. Had to salvage my office in Minot, ND. There was enough water from the flood, I was thinking the Marines were going to land. Southern Saskatchewan was an ocean and the water had to go somewhere. Its not rice but, you should see the crops coming up. Another month to ripen the crops and voila, a farmer’s bonanza.

    N Dakota is defiant. This mini Texas is going completely red with 2 senators and a house critter. Little Michele, gaffes and all, rules the roost. Small town America is making a comeback.

    We need that XL pipeline. Jezus, sounds like i’m from N Dakota.

    ReplyReply
  11. Disenchanted says: 11

    Even worse is millions of this so called stimulus money went to foreign countries and US companies that outsource most of their work to other countries Disgusting. When is someone going to get enough cajones to stop this madness? Barry must be laughing at the people of the US as I type. It was obvious during the folding of the flag during the 9/11 ceremony and their coments, which they thought no one caught shows their hatred of this country. They are all about payback, plain and simple. This man blatantly abuses his power and no one in the senate or house will stand up. They are accomplices.

    ReplyReply
  12. another vet says: 12

    I’m reporting everyone on this thread to attackwatch.com for opposing Cronygate. Since the economy is in shambles and appears to be getting worse, perhaps there will be money to be made by turning into a snitch for the regime, I mean the administration.

    ReplyReply
  13. Disenchanted says: 13

    I just read an article that research indicates that monies for the stimulus that stayed in the US went to blue states. Tell me that isn’t so. Geesch it doesn’t and shouldn’t surprise anyone. As I mentioned before. It is all about pay back. In my lifetime I don’t think we have had such a blatant in your face crook in the WH

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  14. malize says: 14

    At least when Ceasar was destroying the republic he did it with his own money…profits from his “illegal” war in Gaul, but just the same his own funds to buy the Plebs love with a false flag populism. What we witness now is not a single man, but a vociferous cabal of like minded aristocrats…not all Democrat. Remember that at one time the people of Russia had been free men before becoming the serfs of the Czars.

    ReplyReply
  15. Hankster says: 15

    Liberal Fiscal polices = BANKRUPTCY! Nuff Said!

    ReplyReply
  16. Rides A Pale Horse says: 16

    More appropriate pic for this post, I think……….

    http://i979.photobucket.com/albums/ae277/RAPH6969/ITT.jpg

    ReplyReply
  17. Nan G says: 17

    The Chicago Trib is reporting an amazing thing!

    Steve Spinner, who helped monitor the Energy Department’s issuance of $25 billion in government loan guarantees to renewable energy projects, was one of Obama’s top fundraisers in 2008 and is raising money for the president’s 2012 reelection campaign.

    Spinner did not have any role in the selection of applicants for the loan program and, in fact, was recused from the decision to grant a $535-million loan guarantee to Solyndra Inc. because his wife’s law firm represented the company, administration officials said Friday.

    http://www.chicagotribune.com/news/nationworld/la-na-solyndra-donor-20110917,0,1142974.story

    Solyndra’s selection was set in motion 6 days after Obama took office – and after the Bush administration had rejected the company as a viable candidate.

    Whoever here well remembers Watergate and the Nixon scandal, realizes this Solyndra mess is FAR WORSE.

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  18. NC Ken says: 18

    You guys should make a fresh run at solar panels while there is still time left in this presidential term, and the Obama is still giving away the big bucks … turning off this Marxist tax-dollar faucet is hard to do, kinda like trying to stop an aircraft carrier, I guess …

    ReplyReply
  19. Nan G says: 19

    Somebody dug up a Rotary Club speech by Solyndra 39% share owner George Kaiser saying he was going after as much ObamaMoney for green stuff as he could.
    See it here:
    http://www.verumserum.com/?p=29428
    Or here:
    http://www.youtube.com/watch?v=19tD9xDoNmE&feature=player_embedded#!

    ReplyReply

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