Taxpayers to recover only $24 million from Solyndra
In a little-noticed move, Solyndra LLC officially released it bankruptcy plan this week. The official word from it is that taxpayers will recover only $24 million of the about $527 million that the failed solar panel company drew from its $535 million federal loan guarantee, according to a report from Dow Jones newswire:
Documents filed Friday evening in a Delaware bankruptcy court say private equity firms, including one whose chief has ties to the Obama administration, will get back at least half of the $70 million they put into Solyndra early last year as the company battled for survival.
US taxpayers, on the other hand, won’t be so lucky:
Court papers estimate that one piece of the U.S. loan, nearly $143 million, could go unpaid, or it could receive as much as a 17% recovery. A second piece, $385 million, is in for a recovery of “$0 plus, depending on outcome of liquidation efforts,” court papers say.
Watch: Rubio's son nearly sleds over AP photographer
The senator's kids took a break from the campaign trail Wednesday to go sledding in Iowa.
12/30/15 6:49 PM
The main private equity firm here is Argonaut Ventures. This company was put ahead of US taxpayers in recovering funds in the event of a bankruptcy in direct violation of standard Energy Department policy, a fact that administration officials subsequently scrambled to justify.
Argonaut is the investment arm of the George Kaiser Family Foundation. Despite being called a foundation, GKFF is not a nonprofit in the conventional understanding of the term, but an exotic variation that allows the wealthy to park their assets tax-free. The foundation’s namesake is a major fundraiser of President Obama’s. He was often a guest in the White House and even discussed Solyndra with officials there.
But, hey, the administration insists that everything there was “merit-based” so I guess its ok then.
Donald Trump claims he silenced Hillary Clinton's sexism attacks
"I think last night I gave her a big headache," Trump said.
