Another Popular Name Emerges In The Solyndra Scandal

Tyler Durden's picture

This scandal is rapidly becoming the gift that keeps on giving...

Solyndra Offered $535 Million Loan Guarantee by the U.S. Department of Energy

 

Fremont, CA, March 20, 2009 – Solyndra, Inc. announced today that it is the first company to receive an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005.  Solyndra, a Fremont, California-based manufacturer of innovative cylindrical photovoltaic systems, will use the proceeds of a $535 million loan from the U.S. Treasury’s Federal Financing Bank to expand its solar panel manufacturing capacity in California.

 

“The leadership and actions of President Barack Obama, Energy Secretary Steven Chu and the U.S. Congress were instrumental in concluding this offer for a loan guarantee,” said Solyndra CEO and founder, Dr. Chris Gronet.   “The DOE Loan Guarantee Program funding will enable Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates.  This expansion is really about creating new jobs while meaningfully impacting global warming.”

Designed specifically for commercial, industrial and institutional rooftops, Solyndra’s proprietary photovoltaic (PV) systems generate significantly more solar electricity per rooftop at a lower installed cost than conventional flat panel PV technologies. Further, Solyndra’s PV systems are fast and economical to install due to the simple horizontal mounting and unique air-flow properties of the solar panels. Solyndra’s panels are fully certified for U.S. and international use and have been commercially shipping since July 2008.

 

The guaranteed loan, expected to provide debt financing for approximately 73% of the project costs, will allow Solyndra to initiate construction of a second solar panel fabrication facility (Fab 2) in California. On completion, Fab 2 is expected to have an annual manufacturing capacity of 500 megawatts per year.  Solyndra and DOE will finalize the transaction upon completion of definitive documentation and satisfaction of certain conditions precedent.  Over the life of the project, Solyndra estimates that Fab 2 will produce solar panels sufficient to generate up to 15 gigawatts of clean, renewable electricity–enough to avoid 300 million metric tons of carbon dioxide emissions.  Further, Solyndra estimates that the construction of this complex will employ approximately 3,000 people, the operation of the facility will create over 1,000 jobs, and hundreds of additional jobs will be created for the installation of Solyndra PV systems, in the U.S.

 

“DOE, in consultation with independent consultants, performed a thorough investigation and analysis of our project’s financial, technical and legal strengths,” said Dr. Kelly Truman, Solyndra’s Vice President of Marketing, Sales and Business Development.  “We are proud to be the first company to pass this comprehensive review, and we would like to acknowledge the exceptional efforts of the staff of the DOE Loan Guarantee Program Office.” 

 

Goldman, Sachs & Co. acted as exclusive financial advisor to Solyndra in connection with this loan guarantee application.

Anywhere you look... Goldman has already been there.

 


 

And in tangential news, attached is the just filed engagement letter with which a bankrupt Solyndra will retain Imperial Capital at the cost of $150,000 per month (this is cash that is immediately leaving the estate, thus minimizing recoveries to US taxpayers), a $1 million confirmation fee, a $1 million sale fee (the two are not exclusive), a 1%/3%/5% financing fee (i.e., Imperial arranges follow through financing, although good luck with that), and so on. In other news, should this bankruptcy stretch for more than the usual 1 year period from filing to emergence, US taxpayers will be on the hook for another roughly $3 million, in order to hire a banker whose ultimate value added will be an "orderly" liquidation of the company. What is amusing is that $150k/month was the going rate when bankruptcy firms still had business, and it was a competitive field, unlike now, when even a $10 million debt side assignment gets pitchbooks from Greenhill, Lazard, Rothshild and Blackstone. Perhaps the judge on the case will be so kind to show some fiduciary responsibility when it comes to disbursing taxpayer capital to retain a useless advisor.... even more so that Imperial somehow believes that it should not even be subject to an expense "(including, without limitation, reasonable attorneys’ fees, travel, lodging and meal expenses, messenger services, duplicating services and other customary expenditures)" cap: gotta love using those G-VI jets on the taxpayer's dime.

 

h/t Jeff



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OldPhart's picture

Looking at Chas I think it/he ate her.

nmewn's picture

Chaz Bono has always seemed a little...confused...as to what happened in the Chastity suicide case.

Personally, I think Chaz did it and hid the body ;-)

PulauHantu29's picture

Anthony Wiener, now unemployed, said he would take the case ...if he doesn't have to be fully dressed.

Frosty Gary's picture

Making fun of this pop culture dogshit is about as banal as the shit itself.

WestVillageIdiot's picture

And look at that, they have all of their lights on right now.  Every night they are the only building that is fully lit up.  Gekko might have said, "money never sleeps" but we really know he meant "evil never sleeps".  Goldman is proof of that.  Why don't we just have our paychecks deposited directly into their fucking accounts?  Would somebody have some god damn decency and shut that fucking fraud factory down? 

nope-1004's picture

You'll have to get rid of the Dems and Repub parties first.  The bankers own the political landscape.

I just pray for some divine intervention into this Fraud of A Union.  Seems that's the only power that will be able to overcome this satanic ponzi.

But first, we should sacrifice Geithner to the great whites off the coast of Australia.  I'd pay to see that buffet.

 

krispkritter's picture

Why don't sharks eat Bankers?  Professional courtesy...

James's picture

Great Whites don't eat pieces of shit.

It's hard on their digestive tract

zerozulu's picture

French revolution II, bitches..

unum mountaineer's picture

and the day that happens they will make threats that shutting them down will totally crash the market. Threats, lies, rumors and inuendos are the only weapons left for these crooks..printers, paper and ink are a given of course 

NumNutt's picture

This is like the same crime syndicate family name popping up every time some major theft has occured....actually that is exactly what it is ....

Al Gorerhythm's picture

....actually that is exactly what it is........ 

There ya go. Fixed.

NumNutt's picture

actually saw my error just after posting it and corrected, but thanks for the effort!

Where My Dawg At's picture

Sachs came by my house and took my beer last night.

Goldman came by today and threw the empty bottles in my yard.

JohnG's picture

Beer thieves get killed in these here parts.

krispkritter's picture

We don't kill'em, we feed them to the gators...if you have a metal detector you might find a wristwatch in a pile of gator shit but that's about all...

JohnG's picture

Great idea.  No gators here.  Lot's of trees and barbed wire though.

Whalley World's picture

More like Sachs drank my beer last night, Goldman came by next morning to take the bottles.

FeralSerf's picture

The Vampire Squid strikes again.  What a surprise!  I wonder what their share of the loot was.

scatterbrains's picture

I'm sure they broke a small piece of cheese off for the ones they need dirt on.

Doña K's picture

Yea! Plunder while you can Obamanites. You know this is your last chance.

Never again. Look what happened in Zimbabwe and South Africa.

nestle's picture

Long live Jon Stewart lol

mynhair's picture

Some people hate the country that much.....

Belarus's picture

They are, after all, doing God's work--to which he is omnipresent. How could it be any other way? But Obama looks pretty damn well connected too (number uno contributor to Obama campaign, why Goldman God of course). Could Obama be Jesus?

 

 

TwelfthVulture's picture

Could Obama be Jesus?

 

The founders are spinning in their graves.

nope-1004's picture

Jesus said, "Be careful that you are not deceived. Many will come using my name. They will say, 'I am he!' and 'The time is near.' Don't follow them!

Luke 21:8

Oscama the second coming?  Hardly.  They guy is a plastic puppet.

ZeroAffect's picture

Right. Just keep this prophecy in mind. John 5:43 "I have come in my Father’s name, and you do not receive me. If another comes in his own name, you will receive him."

JohnG's picture

Are you trying to day that we've been fucked?  We sure have "received" it.

ZeroAffect's picture

Right. And, the larger point is that anyone who will rescue us from the coming global anarchy once the system collapses will be seen as 'Messiah', a 'Saviour' to the world. They won't be coming in the name of the Hebrew God, but in their own name. That's the prophecy.

JohnG's picture

I'm personally not superstitious, but this "system" is coming down HARD.

I'll speak to my dogs and see what they have to say about it; my guess is that they'll agree.

 

Religion...is the smile on a dog's face -- Edie Brickell

 

CompassionateFascist's picture

Ah, no....#1 contributer was a "mystery" $200 million from offshore. Soros.

macholatte's picture

GS with their fingers in the cookie jar...... Oh what a surprise!

And did I get it right ....... that was a government guaranteed loan from the government to the private sector? So nobody was ever responsible to pay it back? Any idea where the cash went? Any of it go to any of those $50k per plate dinners?

I wish this was a joke.

buzzsaw99's picture

Chump change compared to what Halliburton has stolen over the past ten years.

Clint Liquor's picture

Nice, spin! Moral equivalency, a time tested method.

buzzsaw99's picture

the bush administration committed crimes against humanity and they go free, they have stolen 100X more money. Now, only now, they try to prosecute Obama for being a piker? This is politics to get a rethug in the white house.

CrazyCooter's picture

Seriously? You are saying Dahmer isn't so bad because Gacy was? Or is it Gacy isn't so bad because Dahmer was.

It amazes me people live in this sort of mental space. Might I suggest morals, ethics, and a backbone? Obama is a POS shill, just like W.

Regards,

Cooter

buzzsaw99's picture

Hey if you stand bush up there on the gallows too I'd be all for it. Everyone here is a tea party faggot who turns a blind eye to everything but lib crimes.

EscapeKey's picture

Really? My impression is that the majority here hates both wings of the Wall St party.

buzzsaw99's picture

yeah, that was uncalled for.

OldPhart's picture

I thought faggots weren't allowed in the TEA Party.

buzzsaw99's picture

they are as long as they keep it in the closet. lolololol

Mr Lennon Hendrix's picture

Naw. it's a good beta test.  Now we know how many libtards and tea baggers are trolling.

Founders Keeper's picture

[Everyone here is a tea party faggot who turns a blind eye to everything but lib crimes.]---buzzsaw99

Everyone?

 

Arkadaba's picture

Disagree. Obama had the chance to rectify certain irregulatities when he got into office and he blew it. And he blew it by campaigning on hope and change and doing nothing when he got to office. 

Esso's picture

O'boingo can't do shit. If he gets uppity, his masters will take away his KFC hotline.