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Solyndra Wins Court Approval to Sell Manufacturing Plant

Bloomberg -- Solyndra LLC, the solar-panel maker that received a $535 million U.S. Energy Department loan guarantee before going bankrupt, won court approval to hold an auction for its Fremont, California, manufacturing plant.

U.S. Bankruptcy Judge Mary Walrath granted the company approval of procedures that will govern the auction at a hearing today in Wilmington, Delaware.

Solyndra has an initial offer from a unit of Dublin-based Seagate Technology Plc (STX) to buy the property for $90.3 million, setting the floor for other potential buyers to beat at the auction, according to court documents.

The solar-panel maker tentatively scheduled a Nov. 15 hearing to seek court approval to sell the plant, built partly using the government funds.

Solyndra has been liquidating its assets since Feb

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Submitted Sep 27, 2012 By: bar1035

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sparky808 Champion Author Honolulu Posts:2,998 Points:597,735 Joined:Sep 2011	Message Posted: Sep 29, 2012 4:52:03 PM Ignore sparky808 Report Abuse Nobama should make up the difference.
E-Squirrel Champion Author Orange County Posts:3,012 Points:819,060 Joined:Feb 2005	Message Posted: Sep 28, 2012 8:30:29 PM Ignore E-Squirrel Report Abuse alex395 wonders: "Assume the government is going to get most of the funds??" Its impossible to say without knowing more about who and what they owe. Note that unpaid employees and creditors will be in line ahead of the Department of Energy.
alex395 Champion Author Louisville Posts:2,045 Points:276,435 Joined:Jan 2007	Message Posted: Sep 28, 2012 4:48:54 PM Ignore alex395 Report Abuse Two issues: 1. The company’s collapse prompted congressional scrutiny of President Barack Obama, who praised Solyndra during a May 2010 tour of its facilities. It was the first company to receive a loan guarantee under Obama’s stimulus program. -Can't hide this one Obama. 2. The solar-panel maker tentatively scheduled a Nov. 15 hearing to seek court approval to sell the plant, built partly using the government funds. -Assume the government is going to get most of the funds??
sparky808 Champion Author Honolulu Posts:2,998 Points:597,735 Joined:Sep 2011	Message Posted: Sep 28, 2012 1:24:22 PM Ignore sparky808 Report Abuse Nobama are you reading this?
kishoreCA Champion Author Ventura Posts:3,112 Points:391,920 Joined:Mar 2012	Message Posted: Sep 28, 2012 9:48:03 AM Ignore kishoreCA Report Abuse so they literally fooled the government and fleeing with governments 536 million?
Canucktree Champion Author Alberta Posts:4,891 Points:1,019,650 Joined:Dec 2008	Message Posted: Sep 28, 2012 8:02:52 AM Ignore Canucktree Report Abuse 51 Votes.
jcdakota Champion Author Baltimore Posts:1,347 Points:361,345 Joined:Nov 2010	Message Posted: Sep 28, 2012 5:11:33 AM Ignore jcdakota Report Abuse Should have set the price to insure the loan repayment to the government!
comprof Champion Author Houston Posts:6,854 Points:1,355,775 Joined:Jul 2009	Message Posted: Sep 28, 2012 1:42:58 AM Ignore comprof Report Abuse Just a continuation of another government scam.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:555,480 Joined:Mar 2006	Message Posted: Sep 28, 2012 12:23:05 AM Ignore Dodge_Me Report Abuse Not defending Obama but technology win some , you lose some
pbear316 Champion Author Akron Posts:2,025 Points:676,165 Joined:Apr 2011	Message Posted: Sep 28, 2012 12:21:11 AM Ignore pbear316 Report Abuse Same old same old
rahcat Champion Author Grand Rapids Posts:2,463 Points:661,975 Joined:Jan 2010	Message Posted: Sep 28, 2012 12:21:05 AM Ignore rahcat Report Abuse Boy........looks like Aviator Rob has alot to say tonite.
obimerrill Champion Author Cincinnati Posts:1,435 Points:288,740 Joined:Jul 2012	Message Posted: Sep 28, 2012 12:13:19 AM Ignore obimerrill Report Abuse Another Obama boondoggle
OHMS Champion Author Orange County Posts:13,712 Points:1,690,905 Joined:May 2005	Message Posted: Sep 28, 2012 12:10:07 AM Ignore OHMS Report Abuse LG Chem plant workers on furloughs -- Plant meant to manufacture electric car batteries
bvrbill Champion Author Eugene Posts:3,210 Points:517,735 Joined:Jul 2011	Message Posted: Sep 28, 2012 12:09:03 AM Ignore bvrbill Report Abuse Someone is getting rich on taxpayer money.
Lizzylou Champion Author Stockton Posts:8,818 Points:2,357,285 Joined:Oct 2005	Message Posted: Sep 28, 2012 12:00:12 AM Ignore Lizzylou Report Abuse Will the government get the profits of the sale???
sydb7 Champion Author Atlanta Posts:3,557 Points:1,919,005 Joined:Mar 2003	Message Posted: Sep 27, 2012 11:58:27 PM Ignore sydb7 Report Abuse oh no!
EnergyEngineer Rookie Author Oklahoma Posts:90 Points:19,355 Joined:Sep 2012	Message Posted: Sep 27, 2012 11:55:19 PM Ignore EnergyEngineer Report Abuse They should pay the loaned money back that was given to them.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:555,480 Joined:Mar 2006	Message Posted: Sep 27, 2012 11:55:05 PM Ignore Dodge_Me Report Abuse who gets the money from the sale, hope the taxpayers
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Sep 27, 2012 11:54:23 PM Ignore Jeeputtputt Report Abuse just more tax money thrown away by our administration..
Blue48 Champion Author Illinois Posts:7,305 Points:1,637,945 Joined:Feb 2007	Message Posted: Sep 27, 2012 11:53:20 PM Ignore Blue48 Report Abuse A SAD STORY!
Gas4Gore Champion Author Detroit Posts:2,415 Points:422,880 Joined:Jan 2010	Message Posted: Sep 27, 2012 11:51:15 PM Ignore Gas4Gore Report Abuse Where are the occupyers on this one.
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Sep 27, 2012 11:49:57 PM Ignore Aviator_Rob Report Abuse @WIWalt says, "I want my money back NOW" Okay, just tell us how much money YOU put in exactly.
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Sep 27, 2012 11:47:41 PM Ignore Aviator_Rob Report Abuse Really, @hank1326, the most inept administration in modern history??? Because Bush & Co. were such stunning geniuses???
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Sep 27, 2012 11:45:59 PM Ignore Aviator_Rob Report Abuse Thank you, @RehobethBound, for a clear and concise explanation of what ACTUALLY happened, as opposed to the rhetoric coming nonstop from the Right.
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Sep 27, 2012 11:43:11 PM Ignore Aviator_Rob Report Abuse And while we're still griping about Solyndra and pointing fingers, China just pent another $30 billion in outright GRANTS to their solar manufacturers. China wants to corner the market for solar technology and we're basically handing it to them because we refuse to fund any research and development. Time to put up or shut up. Fist pumping and chanting "U.S.A.! U.S.A.!" and "We're #1! We're #1", isn't gonna cut the mustard anymore.
Shakleelady31 All-Star Author Fort Wayne Posts:571 Points:400,850 Joined:Jan 2012	Message Posted: Sep 27, 2012 11:41:53 PM Ignore Shakleelady31 Report Abuse Okay.
VetteFan Champion Author Indiana Posts:9,734 Points:2,027,505 Joined:Aug 2005	Message Posted: Sep 27, 2012 11:39:59 PM Ignore VetteFan Report Abuse That's life. It's not the first time the Government backed the wrong horse and it won't be the last.
dudleydolittle Champion Author Cleveland Posts:4,425 Points:591,070 Joined:Sep 2011	Message Posted: Sep 27, 2012 11:39:37 PM Ignore dudleydolittle Report Abuse U.S. Bankruptcy Judge Mary Walrath granted the company approval of procedures that will govern the auction at a hearing today in Wilmington, Delaware. This jerk should be put out of office.
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Sep 27, 2012 11:39:20 PM Ignore Aviator_Rob Report Abuse Mind telling us WHICH manufacturer, @suzmar?
suzmar Champion Author Texas Posts:2,212 Points:871,865 Joined:Jun 2006	Message Posted: Sep 27, 2012 11:38:41 PM Ignore suzmar Report Abuse Today the government approved another Solyndra type loan for a solar manufacturer - another Obama donor.
ican2step Champion Author Pittsburgh Posts:1,676 Points:426,425 Joined:Feb 2012	Message Posted: Sep 27, 2012 11:37:57 PM Ignore ican2step Report Abuse They just won't learn
gasgo123 Veteran Author South Carolina Posts:278 Points:1,769,720 Joined:May 2005	Message Posted: Sep 27, 2012 11:34:48 PM Ignore gasgo123 Report Abuse More government waste.
dylan126 Champion Author Cleveland Posts:4,425 Points:594,895 Joined:Sep 2011	Message Posted: Sep 27, 2012 11:32:00 PM Ignore dylan126 Report Abuse They should be forced to give it to the government it has already been paid for.
planoiceman Champion Author Dallas Posts:3,278 Points:477,070 Joined:May 2011	Message Posted: Sep 27, 2012 11:31:03 PM Ignore planoiceman Report Abuse not a great return on our tax dollars
vibdata Champion Author Massachusetts Posts:4,085 Points:848,325 Joined:Nov 2005	Message Posted: Sep 27, 2012 11:29:04 PM Ignore vibdata Report Abuse Now you're going to let these creeps get even more money for nothing.
DEG Champion Author Las Vegas Posts:17,620 Points:3,494,705 Joined:Jul 2003	Message Posted: Sep 27, 2012 11:28:34 PM Ignore DEG Report Abuse Hopefully any money raised will be returned to the taxpayers (but under Obama that is unlikely).
kulwicki7 All-Star Author Virginia Posts:638 Points:268,845 Joined:Sep 2005	Message Posted: Sep 27, 2012 11:25:35 PM Ignore kulwicki7 Report Abuse ok
wayoung56 Champion Author Alabama Posts:2,800 Points:818,335 Joined:Oct 2006	Message Posted: Sep 27, 2012 11:24:28 PM Ignore wayoung56 Report Abuse Going "green" has hit us un the pockets once again...
camel1 Champion Author Minnesota Posts:8,265 Points:2,265,640 Joined:Jul 2006	Message Posted: Sep 27, 2012 11:20:38 PM Ignore camel1 Report Abuse what a fire-sale deal
RehobethBound Rookie Author Lancaster Posts:1 Points:170 Joined:Sep 2012	Message Posted: Sep 27, 2012 11:13:36 PM Ignore RehobethBound Report Abuse Really people! It was a loan guarantee. Any money from disposal of assets goes to creditors; the government is on the hook for the balance remaining. Had they been successful, there would have been a negligible cost to taxpayers, not $540M. China dumped solar cells on the market. Prices fell from about $900/panel at the time our govt backed Solyndra to about $300 at the time of bankruptcy. Obama instituted tariffs since China denied dumping. Tariffs began in Sept 2012. Had the tariffs began sooner, or China did not dump solar cells around the world, Solyndra may have just as likely turned into a success. Timing did not work out for them in the marketplace. It was not a poor idea or attempt. They built a hi-tech, automated factory with low labor costs. But they did not have capital to sell at a loss and had no way to predict that the market conditions would change by tariffs. We in the US would all be better off if Solyndra had succeeded. IMO it was a good decision by both Bush and Obama to get Solyndra started. And since Bush started and Obama finished the deal with Solyndra, bashing Obama for it says something about the person doing the bashing.
gd83goldwinger Champion Author South Bend Posts:1,428 Points:504,230 Joined:May 2011	Message Posted: Sep 27, 2012 11:12:56 PM Ignore gd83goldwinger Report Abuse And who's going to get the money.
carpenter4u Champion Author Virginia Posts:2,436 Points:615,645 Joined:Jul 2011	Message Posted: Sep 27, 2012 11:12:23 PM Ignore carpenter4u Report Abuse And we will get none of it. It will go to pay other creditors first. Read about it
knot2swift Champion Author Calgary Posts:4,384 Points:697,000 Joined:Nov 2009	Message Posted: Sep 27, 2012 11:07:48 PM Ignore knot2swift Report Abuse Good deal! An Obama operation that cost $535 million for just $90.3 million. That's like 85% off. Better than "Fire Sale" prices or "Boxing Day" specials. Surely "Midnight Madness" after Chapter 11 bankruptcy hearings. I want some high grade panels at a dollar a watt. That's my bid!
MG_Sputnik Champion Author Philadelphia Posts:7,305 Points:1,959,655 Joined:Apr 2006	Message Posted: Sep 27, 2012 11:07:39 PM Ignore MG_Sputnik Report Abuse Who's paying for the auction?
trytogetby All-Star Author Cincinnati Posts:864 Points:214,000 Joined:Apr 2012	Message Posted: Sep 27, 2012 11:07:17 PM Ignore trytogetby Report Abuse Speechless [Edited by: trytogetby at 9/27/2012 11:08:19 PM EST]
njerald Champion Author Seattle Posts:7,819 Points:1,622,100 Joined:Oct 2007	Message Posted: Sep 27, 2012 11:06:27 PM Ignore njerald Report Abuse Liberals - pissing awat tax $$$$$$$$$$$
yorkygurl2008 Veteran Author Indiana Posts:257 Points:51,785 Joined:Sep 2012	Message Posted: Sep 27, 2012 11:06:13 PM Ignore yorkygurl2008 Report Abuse Who really knows
hank1326 Champion Author Los Angeles Posts:8,909 Points:1,732,835 Joined:Jun 2008	Message Posted: Sep 27, 2012 11:03:29 PM Ignore hank1326 Report Abuse Perhaps the most inept administration in modern history. Time for real changes in November.
BuckyTJones Champion Author Salt Lake City Posts:4,932 Points:967,950 Joined:Mar 2010	Message Posted: Sep 27, 2012 11:03:24 PM Ignore BuckyTJones Report Abuse What a crock !
ExplorerWA Champion Author Washington Posts:4,078 Points:796,275 Joined:Feb 2011	Message Posted: Sep 27, 2012 11:00:29 PM Ignore ExplorerWA Report Abuse Taxpayers won't see one dime of this money.