Free Markets, Free People

Solyndra applied for a 2nd loan

The Daily Caller is reporting that Solyndra, famed for going belly up and putting the taxpayers on the hook for half a billion dollars, applied for an additional DOE loan for $469 million.

Failed solar panel maker Solyndra’s Securities and Exchange Commission filings show that seven months after the Obama administration’s Department of Energy approved a $535 million federal loan guarantee, Solyndra applied for a second one valued at $469 million.

“On September 11, 2009, we applied for a second loan guarantee from the DOE, in the amount of approximately $469 million, to partially fund Phase II,” Solyndra wrote in a report it filed with the SEC on December 18, 2009. “If we are unable to obtain the DOE guaranteed loan in whole or in part, we intend to fund any financing shortfall with some combination of the proceeds of this offering, cash flows from operations, debt financing and additional equity financing.”

This application went in right after it received the original $535 million from the DOE. So, the question is, what happened to that application? Well, so far, it seems that no one can say.

It’s unclear if the now-bankrupt and scandal-embroiled green energy company actually received a second loan. Department of Energy officials did not immediately respond to The Daily Caller’s request for comment, and the company’s SEC filing left the question open.

So, did Solyndra get that second loan or not? Are we on the hook for more than a billion dollars? It seems like if the answer was "no", the DOE or Obama Administration would be fairly keen on letting us know that.

I’m really curious about this now.

(H/T: Ace)

Dale Franks
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14 Responses to Solyndra applied for a 2nd loan

  • Yeah, and a little extra info about how conveniently the loan makes sure certain private investors get their stake back before Uncle and the Tax Paying kiddies do.
    Loan restructuring

  • The Department of Energy is now looking like a prime place to cut .. not just the fat, but the meat and bone as well.

    “The Citbank incident, and others like it, reflected a more pernicious and personal dilemma emerging from inside the administration: that the young president’s authority was being systematically undermined or hedged by his seasoned advisers,” Suskind writes.

    I expect the White House to go with the excuse that “managers went rogue” when “Fast and Furious” goes really bad, but I digress.
    The bigger picture is that Obama’s executive skills are so poor that members of his own Administration ignore him, or conveniently don’t hear him, when they think he is going off the “deep end.”  Meanwhile large portions of our government, read Dept of Energy et al, are being run purely by the bureaucracy, except when they do get a call from the White House.
    The moral to the story is that the smartest guys in the room can’t always manage anything past the end of their noses.

    • when i read that, for like 10 seconds i thought…damn, obama wanted to close citibank, right on…and then i figured out that it was a ploy for him to have an excuse.

      • Obama is quoted as saying he was elected in part because “he had connected our current predicaments with the broader arc of American history,” but that such a “narrative thread” had been lost.

        “narrative thread” ? Good god man, I thought that Presidents were there to the country’s chief executive, not worry about a “narrative thread.”  A “narrative thread” won’t put food on the table of the unemployed.

        • But is ESSENTIAL to Collectivist thought.  A magic story is where they live, it is their substitute for reality, for morality, and for results.
          This is not a new observation, and Ed Driscoll has cataloged a lot of very good writing on this truism.

    • “that the young president’s authority was being systematically undermined or hedged by his seasoned advisers,”
      It is essential that whatever happens, it’s NOT his fault.  However we have to get there, that’s the necessary conclusion.

      • i think i am okay with that…its designed to save their face, and to not blame the first black president…fine. now we just remove him from office, not because he was a bad guy, but because he just didn’t have quite enough executive experience…nothing wrong with that, its really our fault…etc.
        ‘its not you, its me.’

        • Unfortunately, it’s there to claim that now Obama does have executive experience. Why train up somebody new when the incumbent has experience with foreign and domestic policy, and and ‘vision for the future’? No one the GOP nominates wiill have all 3 (executive experience, domestic issues and foreign policy), so the only reason to vote against is that yuo’re a racist that hates the middle and lower class.

        • I don’t feel he was particularly a bad guy, although, generally, I don’t think too much of liars, or damned liars, and he’s one of the two, you can decide for yourself which flavor you like.    I refuse to forgive that, it’s not just arrogance, even an arrogant man knows when he’s just being arrogant, and when he’s out and out lying.

    • “Young president”

      Young president?  YOUNG president?  WTF???  Is this supposed to evoke images of fairy tales wherein the young, innocent, naive, but well-intentioned and noble king is mislead by his wicked old chancellor?

      We didn’t elect Bad Luck Barry because he was “young”: we elected him because he was SUPPOSED to be some sort of post-partisan, post-racial, messianic genius.  And now we’re to believe that he’s been undone because of his YOUTH????

      Jebus, I’ve seen lame excuses in my day… This is like Jean-Francois Kerry excusing his Vietnam Vet bashing* on the grounds that he was “just a kid”… in his late twenties.


      (*) Which I find odd given rumors that he served in Vietnam.

  • Those damn environmentalists are trying to kill us all.
    If it’s not mercury in CFC light bults, cancerous gas additive MTBE thru the ground water, or now .. LED light suppressing the production of melatonin which adjusts our biological clock and is known for its anti-oxidant and anti-cancerous properties.
    Next, we will find out that “heavy metals” from solar panels is leaching into the ground water.

  • O/T, but…
    What we do know is that on Saturday, September 17, the Otero Country Tree Party put the Forest Service on notice. They did not ask permission; they realigned the government and took back their right to manage the lands owned by the state and county.  The 1976 Federal Land Policy and Management Act requires that the lands be managed in coordination with the state and local governments and New Mexico state law gives local sovereignty over public lands.
    Tree Party…  Excellent
    The local Congressman and Sheriff were in the lead, with the Congressman cutting down the first tree after the Feds threaten arrests.

  • DoE loan program published recipients: