Another 'nother one bites the dust

[jimpeel]

One more down the drain and taking our tax money with it. Abound Solar is defunct after filing a Chapter 7 bankruptcy here in Colorado.

SOURCE

Written on July 9, 2012 at 8:57 am by FPP
More Green Energy Companies Go Bust After Obama Stimulus

Filed under Bailouts, Big Government, Energy {7 comments}

​

The Obama administration’s problems continue to mount because of its massive financial support of the so-called green industry. Perhaps the most well-known example of such boondoggles is the solar panel firm Solyndra, which went bankrupt last fall after a federal loan guarantee of $535 million. And there have been a string of other such clean energy company bankruptcies since then, at a huge waste of taxpayer money.
This week, yet another clean energy company heavily underwritten by federal loans, Abound Solar in Colorado, declared bankruptcy, leaving the taxpayers on the hook for $70 million.
According to Northern Colorado Business Report,

Abound Solar is estimating its liabilities amount to $100 million to $500 million, making its financial collapse one of Colorado’s largest corporate bankruptcies in recent memory.
Abound last week announced it planned to seek bankruptcy but left unclear whether it would try to reorganize under Chapter 11 or file for Chapter 7. This week, in U.S. Bankruptcy Court for the District of Delaware, it clarified its intent.
It filed Chapter 7, meaning the company intends to halt its operations and dissolve.
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[Gonz]

He's upped the ante.

An Ohio diner owner served breakfast to [URL='http://www.nydailynews.com/topics/Barack+Obama']President Obama Friday morning — and then dropped dead hours later.[/url]

 

[2minkey]

seems like a poor investment.

how much have we spent in iraq to subsidize oil?

 

[Winky]

No Minx don't blame Saddam or Bush
it is all the fault of that evil south dakota oil boom

 

[Winky]

 

[2minkey]

kinda sounds like your list of excuses.

 

[Winky]

 

[2minkey]

hmmm. reagan was a commie before he bought another pre-packed ideology. what a pussy.

 

[catocom]

no Reagan was an 'actor', and played the left like a fiddle, got elected,
and started to fix things.

 

[2minkey]

your cheerleader loyalty will not let you believe anything other than that, so, whatever.

rumor has it my granny - briefly a starlet and B movie actress - played his fiddle.

 

[Gonz]

hmmm. reagan was a commie before he bought another pre-packed ideology. what a pussy.

So, now you're referring to Democrats as commie? He had a pretty good speech at the Goldwater convention

 

[2minkey]

a new deal democrat. 'round here that certainly does mean "commie."

when goldwater was prominent he had already switched, after getting caught up in the commie-bashing fashion trend of the era.

 

[catocom]

your cheerleader loyalty will not let you believe anything other than that, so, whatever.

Oh? ,...
and who do you presume I'm loyal to?

 

[2minkey]

sweet mother inertia.

 

[catocom]

if that were true, i'd still be as the docs said.....'completely' bedridden.

 

[Winky]

Lately I've become quite enamored with the Left's
re-writing of history, it as though Hitler won the war
and everything that has happened since has changed.
Many years from now they will look back on the failed
American experiment and say: Yes little jonny people
just aren't capable of living in freedom, they must be
ruled by a command and control government.
Rather than teach lil jonny: we have no government, armed with power, capable of contending with human passions, unbridled by morality and religion. Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

and explain that is how the commies won the day.

Ya'll have fun in that socialist Utopian paradise

 

[2minkey]

you would be happier if hitler had won the war.

 

[Winky]

that makes perfect sense NOT

dude ya really should get those meds upped
they just aren't working anymore

 

[2minkey]

this coming from king confabulation is most humorous.

 

[jimpeel]

SOURCE

OVERNIGHT ENERGY: Abound Solar collapse draws GOP attention
By Ben Geman and Zack Colman - 07/17/12 07:11 PM ET
State of Play: House Republicans will attack the Energy Department’s embattled loan guarantee program on two fronts Wednesday.

A House committee will delve into the recent collapse of Abound Solar, an advanced panel manufacturer that received $70 million in Energy Department-backed loans.


An Oversight and Government Reform Committee panel is slated to question the bankrupt firm’s CEO, and will also hear from both the current and former heads of DOE’s embattled loan program.

All of their testimony is here.
Republicans have made the loan program's struggles a centerpiece of election-year political attacks against White House, alleging that the administration was reckless — or worse — with taxpayer dollars.

Meanwhile, the House Energy and Commerce Committee will begin its markup of the GOP’s “No More Solyndras” bill Wednesday, named after the California solar panel company that went belly-up last year after receiving a $535 million loan guarantee in 2009.

The plan would sunset the loan guarantee program, and create new restrictions on existing application and loans. The Energy Department has attacked the bill.

The Energy and Power subcommittee will only offer opening statements Wednesday. The real action will arrive Thursday.

The Energy Department has defended the loan guarantee program for advanced energy technologies, saying the overall portfolio is performing well despite the woes that have befallen some companies.

CEO says competition from China was tough ...

Back to the Abound hearing for a moment: Craig Witsoe, who served as CEO of Abound, will tell lawmakers that “aggressive price-cutting from Chinese competitors using older crystalline-silicon technology” did the company in.

“With over $30 billion in reported government subsidies, Chinese panel makers were able to sell below cost and put Abound out of business before we were big enough to pose a real competitive threat to China’s rapidly growing market share,” his prepared testimony states.

The company drew $70 million on a $400 million Department of Energy loan guarantee before DOE halted the money as the company struggled.