Friday, 16 September 2011

Solyndra second loan guarantee

The blog LA Observed read the SEC filing and reports Solyndra applied for a second loan of $469 million in September 2009 on top of the $535 million one that has just gone done the toilet.
The Daily Caller takes the next step:
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.
Am I reading this right?  Solyndra may have actually received a second truckload of taxpayer cash?
The loan was issued and is being covered up.  
The loan was not issued because DOE said it was unsound and this information is being covered up.  
Or the White House doesn't understand what is going on.

Will update as information becomes available.
Earlier report.
Added: When the Bush regime turned down the first application, PriceWaterhouseCooper wrote:
“The company has suffered recurring losses from operations, negative cash flows since inception, and has a net stockholders’ deficit,”
The Solyndra shareholders took out more from the company than they put in. That's what the PricewaterhouseCoopers quote means to me: "has a net stockholders’ deficit". This is like a pulsing red light in a dark room. If the owners have no skin in the game, nobody in their right mind will want to add some of their own.

Your tax dollars at work.

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