Nauseating: Bankrupt Solyndra Caught Destroying Brand New Unused Parts Worth Millions of Dollars, Still Owes Half a Billion Dollars to American Taxpayers (video)
Posted By Vicki McClure Davidson on January 30, 2012
Pres. Barack Obama visiting the now-bankrupt Solyndra solar panel company in California on September 1 - (L) Ben Bierman, Solyndra’s executive VP of operations & engineering, and (R) company founder Chris Gronet
Bankrupt Solyndra, the Obama-embraced solar panel company, caught destroying valuable new parts — reportedly worth millions of dollars — is beyond nauseating.
It’s clearly indicative of the progressive/liberal mindset of those who feel entitled to handsome government handouts, or to super-special government loans, but who have poor business models and have no desire or intention of ever paying back millions of dollars owed to America’s taxpayers.
Just destroy whatever you don’t want, regardless of its value, regardless of your unpaid debt. No wonder Solyndra went belly up even after getting a sweet multi-mullion-dollar government loan from Obama’s stimulus fund — “waste not, want not” is painfully absent from Solyndra’s mission statement or its “code of ethics” (hey, they ain’t our parts anymore, so screw it).
And now, the company’s bankrupt… fancy that.
The Bush administration had already turned Solyndra down for a loan, but Obama’s team rushed through the paperwork and OK’d the shady deal very soon after the Golfer in Chief was inaugurated. After the first $535 million loan was made to Solyndra, Team Obama was ready to approve ANOTHER loan worth $469 million.
From Conservative Byte, Bankrupt Solyndra Caught Destroying Brand New Parts Worth Millions of Dollars:
After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.
At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week. They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters.
From The Blaze, SHOCK: SOLYNDRA CAUGHT DESTROYING MILLIONS OF DOLLARS WORTH OF PARTS:
Solyndra is officially the scandal that keeps on giving.
After receiving a generous federal loan guarantee and then filing for bankruptcy, the Fremont solar company still owes American taxpayers half a billion dollars.
As if that wasn’t bad enough, it would appear the Solyndra scandal has taken a turn for the worse.
A San Francisco-based CBS affiliate has just released shocking video of Solyndra employees destroying millions of dollars worth of parts.
“At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week,” CBS San Francisco reports. “They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters.”
From CBS San Francisco, Bankrupt Solyndra Caught Destroying Brand New Parts:
Forklifts brought one pallet after another piled high with the carefully packaged glass. Slowly but surely it all ended up shattered.
And it’s not a few loads. Hundreds of thousands of tubes on shrink-wrapped pallets will meet a similar demise.
Solyndra paid at least $2 million for the specialized glass. A CBS 5 crew found one piece lying in the parking lot. Solyndra still owes the German company that made the tubes close to another $8 million.
So why is a bankrupt company that owes a fortune to creditors, including American taxpayers, throwing away millions of dollars worth of assets?
Solyndra is not commenting. But court documents reveal the company received permission from the bankruptcy trustee to abandon the high grade glass, the court agreeing that it was of “inconsequential value” because the cost of storing them exceeds their value.
An employee for Heritage Global Partners, the company in charge of selling Solyndra’s assets, told CBS 5 they conducted an exhaustive search for buyers but no one wanted them.
But how exhaustive was that search? The tubes were never included on the list of Solyndra assets put up for sale at two auctions last year.
If they were, David Lucky told CBS 5 he would have bought them. “We certainly would have bid on them, yes,” Lucky said.
Lucky owns several large warehouses near Las Vegas. He buys and then resells manufacturing equipment and components all the time.
“Our company has bought a lot of stuff over the years. Truck loads and warehouses full of inventory that companies were just ready to send to the dump, because they don’t want to take the time to find markets for it,” he said.
When Solyndra shut down last year, he bought hundreds of fully assembled solar panels at the auctions and is reselling them on eBay. “They’re going for a third their original price. They are a great deal,” Lucky said.
He said if given a chance he would have snapped up the tubes too. “One day some manufacturing company would eventually need those,” Lucky said.
Solar scientist Greg Smestad agreed they have value. “As a scientist I said ‘Wow, this needs to be studied,’” he said. Smestad has consulted for the Department of Energy.
Is anyone keeping an eye on the newly discovered “other Solyndras” out there? At last count, there are at least 11 financially precarious companies that Team Obama decided to grant risky loans to.
Obviously, very few are minding the Team Obama candy store.
Last week, Ener1, Evergreen Energy, and Amonix, Inc. — all green-energy recipients of generous loans from the federal government — either filed for bankruptcy or laid off hundreds of workers. Many companies that received money from Obama, like Siga Technologies that received a half-billion-dollar crony drug deal involving a no-bid contract, are about to be investigated, or should be. Guaranteed, there are many more Obama-crony-tinged companies that have received millions, but are still teetering on the edge of the financial cliff, about to plunge to their demise.
Thank you, Mr. President.
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