That raises an interesting question: Was Obama’s decision to fund Solyndra – the very first company to receive a loan guarantee from the Department of Energy since the 1980s – based on Obama’s desire to promote solar energy or was it to bail out existing venture capitalists? As the Center for Public Integrity reported back in May when Solyndra first started having serious financial problems, one of Solyndra’s private investors is Oklahoma oil baron George Kaiser, who was a big political fundraiser for Obama’s 2008 presidential campaign. It turns out that the Obama administration rushed through the loan guarantee for Solyndra without going through the normal review process. The House Energy and Commerce Committee is investigating the Solyndra loan. Obviously, if the loan turns out to based on political corruption, that would be bad and perhaps an impeachable offense.{Presidents can be impeached for "high crimes and misdemeanors"}.
mustbnutz: That raises an interesting question: Was Obama’s decision to fund Solyndra – the very first company to receive a loan guarantee from the Department of Energy since the 1980s – based on Obama’s desire to promote solar energy or was it to bail out existing venture capitalists? As the Center for Public Integrity reported back in May when Solyndra first started having serious financial problems, one of Solyndra’s private investors is Oklahoma oil baron George Kaiser, who was a big political fundraiser for Obama’s 2008 presidential campaign. It turns out that the Obama administration rushed through the loan guarantee for Solyndra without going through the normal review process. The House Energy and Commerce Committee is investigating the Solyndra loan. Obviously, if the loan turns out to based on political corruption, that would be bad and perhaps an impeachable offense.{Presidents can be impeached for "high crimes and misdemeanors"}.
One of the uglier details of the Solyndra scandal is that when the Department of Energy helped Solyndra restructure its loan in early 2011, it agreed that $75 million in new funds from private investors became senior debt that ensured it would be paid back ahead of $385 million in federal loans (taxpayer money). During the hearing on Wednesday that looked into what happened in the run up to Solyndra’s bankruptcy, Republicans raised the suggestion that putting private investors funds before government money in such a way is breaking the law.
During the hearing, Rep. Fred Upton (R-Mich.) called the subordination of the government funds to private investors an “apparent violation of the law,” and Rep. Joe Barton (R-Texas) called the subordination potentially “a direct violation of federal law.”
Republicans pointed to a paragraph in the Energy Policy Act of 2005 that says obligations, or loan guarantees, shall not be subordinated to other financing, and asked Executive Director of the Loan Program Jonathan Silver why he didn’t think that restructuring the loan to subordinate funds was against the law.
Silver responded that the restructuring went through the council of the Department of Energy, the Office of Management and Budget, and the loan guarantee. Essentially, all the lawyers had reviewed it, said Silver. A Republican representative responded to Silver:
You didn’t have a very good lawyer, and I think you got bad advice. Rep. Steve Scalise (R-La.) asked Silver if he personally made the decision to subordinate tax funds to private investors, and if not could he give the Committee names of the people who decided this. Scalise asked if anyone in the White House or the Secretary of the DOE would be on that list. Silver responded that he would work with Scalise to give them what they need.
mustbnutz: That raises an interesting question: Was Obama’s decision to fund Solyndra – the very first company to receive a loan guarantee from the Department of Energy since the 1980s – based on Obama’s desire to promote solar energy or was it to bail out existing venture capitalists?
Solar power is a scam. Not cost effective. No way any solar power company is going to succeed except by government subsidies. We are being taxed to fun such boondoggles.
B4 (Official Form 4) (12/07) United States Bankruptcy Court District of Delaware In re 360 Degree Solar Holdings, Inc. Case No. 11- (J Debtor Chapter 11 CONSOLIDATED LIST OF CREDITORS HOLDING 35 LARGEST UNSECURED CLAIMS Following is the consolidated list of the Debtor’s creditors holding the 35 largest unsecured claims.’ The list is prepared in accordance with Fed. R. Bankr. P. 1007(d) for filing in these chapter 11 cases. The list does not include (1) persons who come within the definition of "insider" set forth in 11 U.S.C. § 101, or (2) secured creditors unless the value of the collateral is such that the unsecured deficiency places the creditor among the holders of the 35 largest unsecured claims. (1) (2) (3) (4) (5) Name of creditor and Name, telephone number Nature of claim Indicate if claim Amount of claim complete mailing address and complete mailing (trade debt, bank is contingent, [if secured also including zip code address, including zip loan, government unliquidated, state value of code, of employee, agent, or contract, etc.) disputed or security] department of creditor subject to setoff familiar with claim who may be contacted SCHOTF NORTH SCHOTT NORTH Trade $ 7,688,805.56 AMERICA, INC AMERICA, INC 555 Taxter Road 555 Taxter Road Elmsford, NY 10523 Elmsford, NY 10523 Attn: Cynthia Willkehr Tel: 914-831-2268 MGS MFG. GROUP MGS MFG. GROUP Trade $ 7,512,849.72 W188 N 11707 Maple W188 N 11707 Maple Road Road Germantown, WI 53022 Germantown, WI 53022 Attn: John Berg or Adam Simons Tel: 262-255-5790 Howard Hughes Medical Howard Hughes Medical Lender under $ 4,824,525.75 Institute Institute the Tranche E 4000 Jones Bridge Road, 4000 Jones Bridge Road, Credit Facility Chevy Chase, MD 20815 Chevy Chase, MD 20815 Attn: Greg De Ninno Tel: 302-215-8752 The information contained herein is as of June 30, 2011. DOCS_SF:78008.2 80368-00001 (4) (5) Indicate if claim Amount of claim is contingent, [f secured also unliquidated, state value of disputed or security] subject to setoff $ 4,384,505.55 $ 4,172,742.20 $ 3,705,147.24 3,540,488.50 3,288,379.16 $ 2,722,592.52 (3) Nature of claim (trade debt, bank loan, government contract, etc.) Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility (1) Name of creditor and complete mailing address including zip code Beltest Shipping Company Ltd P0 Box, 51161, GR-145, 10 Kifissia, Greece Masdar Clean Tech Fund, LP2 Eleven Madison Avenue, 16th Floor New York, NY 10010 OZ Offshore Capital Lenders, LLC 9 West, 57th Street, 39th Floor New York, NY 10019 US Venture Partners X, LP 2735 Sand Hill Road Menlo Park, CA 94025 Virgin Green Fund I, LP 27 South Park Street, Suit 200 San Francisco, CA 94107 AMP Private Equity Fund IA Level 24, AMP Sydney, Cove Building, 33 Alfred Street, Sydney NSW, 2000 Sydney, NSW Australia (2) Name, telephone number and complete mailing address, including zip code, of employee, agent, or department of creditor familiar with claim who may be contacted Beltest Shipping Company Ltd P0 Box, 51161, GR-145, 10 Kifissia, Greece Attn: Darko Madey Tel: 30-210-6255280 Masdar Clean Tech Fund, LP Eleven Madison Avenue, 16th Floor New York, NY 10010 Attn: do Credit Suisse, Jason Karlinsky Tel: 971-653-3333 OZ Offshore Capital Lenders, LLC 9 West, 57th Street, 39th Floor New York, NY 10019 Attn: Rick Lyon Tel: 212-790-0041 US Venture Partners X, LP 2735 Sand Hill Road Menlo Park, CA 94025 Attn: Chief Financial Officer Tel: 650-854-9080 Virgin Green Fund I, LP 27 South Park Street, Suit 200 San Francisco, CA 94107 Attn: Anup Jacob Tel: 415-230-3500
AMP Private Equity Fund IA Level 24, AMP Sydney, Cove Building, 33 Alfred Street, Sydney NSW, 2000 Sydney, NSW Australia (2) Name, telephone number and complete mailing address, including zip code, of employee, agent, or department of creditor familiar with claim who may be contacted Beltest Shipping Company Ltd P0 Box, 51161, GR-145, 10 Kifissia, Greece Attn: Darko Madey Tel: 30-210-6255280 Masdar Clean Tech Fund, LP Eleven Madison Avenue, 16th Floor New York, NY 10010 Attn: do Credit Suisse, Jason Karlinsky Tel: 971-653-3333 OZ Offshore Capital Lenders, LLC 9 West, 57th Street, 39th Floor New York, NY 10019 Attn: Rick Lyon Tel: 212-790-0041 US Venture Partners X, LP 2735 Sand Hill Road Menlo Park, CA 94025 Attn: Chief Financial Officer Tel: 650-854-9080 Virgin Green Fund I, LP 27 South Park Street, Suit 200 San Francisco, CA 94107 Attn: Anup Jacob Tel: 415-230-3500
B4 (Official Form 4) (12/07) United States Bankruptcy Court District of Delaware In re 360 Degree Solar Holdings, Inc. Case No. 11- (J Debtor Chapter 11 CONSOLIDATED LIST OF CREDITORS HOLDING 35 LARGEST UNSECURED CLAIMS Following is the consolidated list of the Debtor’s creditors holding the 35 largest unsecured claims.’ The list is prepared in accordance with Fed. R. Bankr. P. 1007(d) for filing in these chapter 11 cases. The list does not include (1) persons who come within the definition of "insider" set forth in 11 U.S.C. § 101, or (2) secured creditors unless the value of the collateral is such that the unsecured deficiency places the creditor among the holders of the 35 largest unsecured claims. (1) (2) (3) (4) (5) Name of creditor and Name, telephone number Nature of claim Indicate if claim Amount of claim complete mailing address and complete mailing (trade debt, bank is contingent, [if secured also including zip code address, including zip loan, government unliquidated, state value of code, of employee, agent, or contract, etc.) disputed or security] department of creditor subject to setoff familiar with claim who may be contacted SCHOTF NORTH SCHOTT NORTH Trade $ 7,688,805.56 AMERICA, INC AMERICA, INC 555 Taxter Road 555 Taxter Road Elmsford, NY 10523 Elmsford, NY 10523 Attn: Cynthia Willkehr Tel: 914-831-2268 MGS MFG. GROUP MGS MFG. GROUP Trade $ 7,512,849.72 W188 N 11707 Maple W188 N 11707 Maple Road Road Germantown, WI 53022 Germantown, WI 53022 Attn: John Berg or Adam Simons Tel: 262-255-5790 Howard Hughes Medical Howard Hughes Medical Lender under $ 4,824,525.75 Institute Institute the Tranche E 4000 Jones Bridge Road, 4000 Jones Bridge Road, Credit Facility Chevy Chase, MD 20815 Chevy Chase, MD 20815 Attn: Greg De Ninno Tel: 302-215-8752 The information contained herein is as of June 30, 2011. DOCS_SF:78008.2 80368-00001 (4) (5) Indicate if claim Amount of claim is contingent, [f secured also unliquidated, state value of disputed or security] subject to setoff $ 4,384,505.55 $ 4,172,742.20 $ 3,705,147.24 3,540,488.50 3,288,379.16 $ 2,722,592.52 (3) Nature of claim (trade debt, bank loan, government contract, etc.) Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility Lender under the Tranche E Credit Facility (1) Name of creditor and complete mailing address including zip code Beltest Shipping Company Ltd P0 Box, 51161, GR-145, 10 Kifissia, Greece Masdar Clean Tech Fund, LP2 Eleven Madison Avenue, 16th Floor New York, NY 10010 OZ Offshore Capital Lenders, LLC 9 West, 57th Street, 39th Floor New York, NY 10019
US Venture Partners X, LP.................... 2735 Sand Hill Road Menlo Park, CA 94025 Virgin Green Fund I, LP 27 South Park Street, Suit 200 San Francisco, CA 94107 AMP Private Equity Fund IA Level 24, AMP Sydney, Cove Building, 33 Alfred Street, Sydney NSW, 2000 Sydney, NSW Australia (2) Name, telephone number and complete mailing address, including zip code, of employee, agent, or department of creditor familiar with claim who may be contacted Beltest Shipping Company Ltd P0 Box, 51161, GR-145, 10 Kifissia, Greece Attn: Darko Madey Tel: 30-210-6255280 Masdar Clean Tech Fund, LP Eleven Madison Avenue, 16th Floor New York, NY 10010 Attn: do Credit Suisse, Jason Karlinsky Tel: 971-653-3333 OZ Offshore Capital Lenders, LLC 9 West, 57th Street, 39th Floor New York, NY 10019 Attn: Rick Lyon Tel: 212-790-0041 US Venture Partners X, LP 2735 Sand Hill Road Menlo Park, CA 94025 Attn: Chief Financial Officer Tel: 650-854-9080 Virgin Green Fund I, LP 27 South Park Street, Suit 200 San Francisco, CA 94107 Attn: Anup Jacob Tel: 415-230-3500 AMP Private Equity Fund 1A Level 24, AMP Sydney, Cove Building, 33 Alfred Street, Sydney NSW, 2000 Sydney, NSW Australia Attn: Tel: 1800-658-404 2 This creditor is also a Lender under the Term Loan Agreement (Tranche A) dated February 23, 2011. DOCS_SF:78008.2 80368-00001 2 (1) (2) (3) (4) (5) Name of creditor and Name, telephone number Nature of claim Indicate if claim Amount of claim complete mailing address and complete mailing (trade debt, bank is contingent, [if secured also including zip code address, including zip loan, government unliquidated, state value of code, of employee, agent, or contract, etc.) disputed or security] department of creditor subject to setoff familiar with claim who may be contacted CERTIFIED CERTIFIED Trade $ 2,428,363.80 THERMOPLASTICS CO., THERMOPLASTICS CO., INC. INC. 26381 Ferry Court 26381 Ferry Court Santa Clarita, CA 91350 Santa Clarita, CA 91350 Attn: Tel: 661-222-3006 CRAVATH, SWAINE & CRAVATH, SWAINE & Legal Services $ 2,067,996.52 MOORE LLP MOORE LLP Worldwide Plaza, 825 Worldwide Plaza, 825 Eighth Eighth Avenue Avenue New York, NY 10019 New York, NY 10019 Attn: Tel: 212-474-1000 ME2 Manufacturing & ME2 Manufacturing & Trade $ 2,064,801.85 Engineering Engineering 615 Dado St. 615 Dado St. San Jose, CA 95131 San Jose, CA 95131 Attn: Paul Greenfield Tel: 408-382-1900 LINTELLE LINTELLE ENGINEERING, Trade $ 1,928,814.01 ENGINEERING, INC INC 380 EL PUEBLO DRIVE, 380 EL PUEBLO DRIVE, #105 #105 Scotts Valley, CA 95066 Scotts Valley, CA 95066 Attn: Cole Geesaman Tel: 831-439-8400 Ext 266 PG&E PG&E Utilities $ 1,857,571.08 885 EMBARCADERO 885 EMBARCADERO DR. DR. ATf: CASSAUNDRA ATT: CASSAUNDRA GARDNER GARDNER West Sacramento, CA West Sacramento, CA 95605 95605 Attn: Tel: 800-743-5000.................................................
Legend Trading S.A. lassonos 3, 18537 Athens, Greece Attn: Mario Dimitrou Tel: 989-496-7725 VON ARDENNE ANLAGENTECHNIK GMBH Am Hanhweg 16A Dresden, 1328Germany Attn: Tel: 043-275-6966 US Venture Partners IX, LP 2735 Sand Hill Road Menlo Park, CA 94025 Attn: Chief Financial Officer Tel: 30-210-4584950 Plastikon Industries, Inc. 688 Sandoval Way Hayward, CA 94544 Attn: Lani Tel: 510-400-1010 Redpoint Ventures II, LP 3000 Sand Hill Road 2-290, Menlo Park, CA 94025 Attn: Lars Pedersen Tel: 650-926-5664 Lender under 1,317,708.06 the Tranche E Credit Facility Trade Disputed 1,273,635.15 Lender under $ 1,217,918.17 the Tranche E Credit Facility Trade $ 1,191,135.29 Lender under $ 1,071,353.93 the Tranche E Credit Facility DOCS_SF:78008.2 80368-00001 5 (1) (2) (3) (4) (5) Name of creditor and Name, telephone number Nature of claim Indicate if claim Amount of claim complete mailing address and complete mailing (trade debt, bank is contingent, [if secured also including zip code address, including zip loan, government unliquidated, state value of code, of employee, agent, or contract, etc.) disputed or security] department of creditor subject to setoff familiar with claim who may be contacted ATS Automation Tooling ATS Automation Tooling Trade $ 1,042,450.00 System, inc. System, inc. 250 Royal Park Road 250 Royal Park Road Cambridge, Ontario N31-1 Cambridge, Ontario N3H 4R6 4R6 Canada Canada Attn: Tel: 519-653-6500 XYRATECH International XYRATECH International Trade $ 985,500.00 Inc. Inc. 46831 Lakeview Blvd. 46831 Lakeview Blvd. Fremont, CA 94538 Fremont, CA 94538 Attn: Rajeev Bhalla Tel: 408-325-7332 Maple Ave. Maple Ave. Lender under $ 964,906.17 3819 Maple Avenue 3819 Maple Avenue the Tranche E Dallas, TX 75219 Dallas, TX 75219 Credit Facility Attn: Tel: CMEA Ventures VII LP CMEA Ventures VII LP Lender under $ 631,233.94 Attn:: Meryl L. Schreibsten One Embarcadero Center the Tranche E One Embarcadero Center Suite 3250 Credit Facility Suite 3250 San Francisco, CA 94111 San Francisco, CA 94111 Attn:: Meryl L. Schreibsten Tel: CHEUNG WOH CHEUNG WOH Trade $ 606,419.00 INTERNATIONALCOMP INTERNATIONALCOMPA ANY LIMITED CHEUNG NY LIMITED CHEUNG WOH WOH INTERNATIONALCOMP INTERNATIONALCOMPA ANY LIMITED NY LIMITED Prai Penang Malaysia Prai Penang Malaysia 13600 13600 Attn: Tel: 604-507-7830 OZ Domestic Partners II, OZ Domestic Partners II, LP Lender under $ 574,691.39 LP 9 West 57th street the Tranche E Attn: Rick Lyon 39th Floor Credit Facility 9 West 57ul street New York, NY 10019 39th Floor Attn: Rick Lyon New York, NY 10019 Tel:
mustbnutz: Legend Trading S.A. lassonos 3, 18537 Athens, Greece Attn: Mario Dimitrou Tel: 989-496-7725 VON ARDENNE ANLAGENTECHNIK GMBH Am Hanhweg 16A Dresden, 1328Germany Attn: Tel: 043-275-6966 US Venture Partners IX, LP 2735 Sand Hill Road Menlo Park, CA 94025 Attn: Chief Financial Officer Tel: 30-210-4584950 Plastikon Industries, Inc. 688 Sandoval Way Hayward, CA 94544 Attn: Lani Tel: 510-400-1010 Redpoint Ventures II, LP 3000 Sand Hill Road 2-290, Menlo Park, CA 94025 Attn: Lars Pedersen Tel: 650-926-5664 Lender under 1,317,708.06 the Tranche E Credit Facility Trade Disputed 1,273,635.15 Lender under $ 1,217,918.17 the Tranche E Credit Facility Trade $ 1,191,135.29 Lender under $ 1,071,353.93 the Tranche E Credit Facility DOCS_SF:78008.2 80368-00001 5 (1) (2) (3) (4) (5) Name of creditor and Name, telephone number Nature of claim Indicate if claim Amount of claim complete mailing address and complete mailing (trade debt, bank is contingent, [if secured also including zip code address, including zip loan, government unliquidated, state value of code, of employee, agent, or contract, etc.) disputed or security] department of creditor subject to setoff familiar with claim who may be contacted ATS Automation Tooling ATS Automation Tooling Trade $ 1,042,450.00 System, inc. System, inc. 250 Royal Park Road 250 Royal Park Road Cambridge, Ontario N31-1 Cambridge, Ontario N3H 4R6 4R6 Canada Canada Attn: Tel: 519-653-6500 XYRATECH International XYRATECH International Trade $ 985,500.00 Inc. Inc. 46831 Lakeview Blvd. 46831 Lakeview Blvd. Fremont, CA 94538 Fremont, CA 94538 Attn: Rajeev Bhalla Tel: 408-325-7332 Maple Ave. Maple Ave. Lender under $ 964,906.17 3819 Maple Avenue 3819 Maple Avenue the Tranche E Dallas, TX 75219 Dallas, TX 75219 Credit Facility Attn: Tel: CMEA Ventures VII LP CMEA Ventures VII LP Lender under $ 631,233.94 Attn:: Meryl L. Schreibsten One Embarcadero Center the Tranche E One Embarcadero Center Suite 3250 Credit Facility Suite 3250 San Francisco, CA 94111 San Francisco, CA 94111 Attn:: Meryl L. Schreibsten Tel: CHEUNG WOH CHEUNG WOH Trade $ 606,419.00 INTERNATIONALCOMP INTERNATIONALCOMPA ANY LIMITED CHEUNG NY LIMITED CHEUNG WOH WOH INTERNATIONALCOMP INTERNATIONALCOMPA ANY LIMITED NY LIMITED Prai Penang Malaysia Prai Penang Malaysia 13600 13600 Attn: Tel: 604-507-7830 OZ Domestic Partners II, OZ Domestic Partners II, LP Lender under $ 574,691.39 LP 9 West 57th street the Tranche E Attn: Rick Lyon 39th Floor Credit Facility 9 West 57ul street New York, NY 10019 39th Floor Attn: Rick Lyon New York, NY 10019 Tel:
RayfromUSA: Solar power is a scam. Not cost effective. No way any solar power company is going to succeed except by government subsidies. We are being taxed to fun such boondoggles.
like china is,pay offs are a long way off,hes trying to get off oil.
reb56: like china is,pay offs are a long way off,hes trying to get off oil.
Newest update......The justice department has just asked the bankruptcy court judge to name a trustee to take over the company, since the executives of the company elected to take the fifth. Currently the company is controlled by DIP{debtor in possesion.}
mustbnutz: Newest update......The justice department has just asked the bankruptcy court judge to name a trustee to take over the company, since the executives of the company elected to take the fifth. Currently the company is controlled by DIP{debtor in possesion.}
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