A GREAT IDEA THAT DOESN'T
what they said
(Reuters) - Solyndra LLC, the
bankrupt solar panel maker that owes $500 million to the U.S. government, plans
to auction off its machinery in January if it does not get bids for the entire
business by an extended deadline.
Solyndra said last week that an
initial deadline passed without any satisfactory bids to buy the entire company
and restart production, damping hopes that some of its 1,000 idled workers might
The company's advisers have
focused on selling the business as a whole as the best way to generate money to
Solyndra filed for bankruptcy in
September as panel prices have plummeted due to a glut of supply. The company
had a $535 million loan that was guaranteed by the Department of Energy.
The company's failure has been an
embarrassment for the White House after President Barack Obama visited the
company last year. His administration has promoted clean energy as one way to
Solyndra will file a motion as
soon as Tuesday evening for permission to sell its equipment at an auction in
mid-January, Debra Grassgreen, the company's attorney, told a bankruptcy court
If a buyer for the entire
business emerges, then the machinery auction would be unnecessary, Grassgreen
Solyndra's advisers still hold
out hope they may strike a deal to sell the business as a going concern. Todd
Neilson, Solyndra's chief restructuring officer, said after the hearing that
Solyndra did receive bids for the business, but said he would not describe them
as serious bids.
Solyndra's headquarters were
raided by the Federal Bureau of Investigation shortly after it filed for
bankruptcy, and Congress is investigating if political connections played a role
in approving the loan guarantee.
Neilson said he sensed that
potential bidders were being driven away by politics as well as the depressed
market for solar businesses.
The case is In re Solyndra LLC,
U.S. Bankruptcy Court, District of Delaware, No. 11-12799
HERE'S WHAT HAPPENS WITH ALMOST
ALL GREEN ENERGY;
It doesn't work! Why? The
established energy companies have been in the business for 100 plus years. They
have perfected their methodologies and reduced their costs to practical
minimums. They exist in the economic world providing their services and products
to the consumer at the lowest possible cost.
The so-called green or renewable
energy companies are starting off with no track record. They have no established
base line to build on. Until a few years ago, windmills were used to grind grain
not turn generators.
A 100 foot high wind
generator with twenty foot blades costs over a million dollars. It requires
constant maintenance and would be bankrupt in a month if the only payment they
received was the same as the price established electric companies sell their
power for. They are all subsidized just as Solyndra was.
What's a subsidy? Its our money,
taxpayers hard earned cash! Its handed over to political allies of Hussein obama
with virtually no strings except those necessary to create a plausible cover
In the case of Solyndra, Obama's
appointee, Director Chu, a committed liberal socialist ideologue, fell on his
sword and tried (unsuccessfully) to minimize White House involvement.
All those involved knew
positively, regardless of their public lies, that Solyndra was a loser. Yet,
still they passed over to them $535 million of our money.
Everyone knew that the chinks
were building solar panels and that their product would be half the cost of any
built in California. Solyndra could have used the funds cleverly and rented
hundreds of feet of empty warehouse space but they just had to build a
multi-million dollar new factory - stupid, until you realize that the contractor
likely 'kicked-back' to the management team.
Someday, solar and wind might be
competitive but, not with the present technology. If it ever is to compete in
the market place it can't be with the tax payers money. It will have to stand on
its own feet like all energy companies. If hydro, gas, coal and oil are better ,
meaning cheaper- then so be it.
Robert Kennedy , another obama
supporter, got over a billion of our dolars for his failed green energy project
We ( the American tax payers)
should not be subsidizing failed, inefficient technology like solar cells. As
with the beyond stupid ethanol fetish of the 2000s which did nothing but drive
up the cost of gas and food, solar energy has been spearheaded by a
stupid,likely fake, black leader who surrounded himself with nutty true
believers rather than objective scientists.
A fraction of the billions wasted
on inefficient technology could instead have been spent on basic research that
might actually get us sustainable renewable technology.
The wildly pro-obama progressive,
Robert Kennedy, Jr. lost $1.4 billion of our money in a bailout for his
company, BrightSource, through a loan guarantee issued by a former
employee-turned Department of Energy official.
How did a company with $17
million in total revenue get $1.4 billion from the government? Easy, they kissed
black ass and claimed they would create 1,400 jobs if everything went really,
really well - like if a miracle occurred.
In the end, it is as I have said
in the past, the chinks will drive Hummers and we'll be riding bikes.