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The cost to taxpayers for the failure of solar panel company Solyndra may be much higher than the $535 million dollar federal loan guarantee the company received. After the company went bankrupt in last August, 2011, the Energy Department, which had given the original loan, okayed an unprecedented deal to attract more private investment to Solyndra. One result of this deal is that it has allowed more than $350 million in tax write-offs to pass to those private creditors, one of which is owned by a major donor to President Obama. The House Oversight Committee now warns the total loss on Solyndra now could be as high as $849 million.
According to its IRS filings, the one remaining major asset that Solyndra has is, ironically, its debt. It has $875-975 million in losses that can be used to write off about $350 million in future tax liabilities. Ordinarily, this would be useless because, of course, Solyndra is bankrupt, but a 2010 deal with the Energy Department allows the debt to pass on to its other creditors. In this case the main ones are Argonaut Ventures I LLC and Madrone Partners LP.
Argonaut is the main investment vehicle for the George Kaiser Family Foundation. Kaiser is a Tulsa oil billionaire and major fundraiser for President Obama. He met privately with White House officials in during which they discussed Solyndra.
Keep reading…
Report: Taxpayer Loss On Solyndra Could Be As High As $849 Million… | Weasel Zippers
According to its IRS filings, the one remaining major asset that Solyndra has is, ironically, its debt. It has $875-975 million in losses that can be used to write off about $350 million in future tax liabilities. Ordinarily, this would be useless because, of course, Solyndra is bankrupt, but a 2010 deal with the Energy Department allows the debt to pass on to its other creditors. In this case the main ones are Argonaut Ventures I LLC and Madrone Partners LP.
Argonaut is the main investment vehicle for the George Kaiser Family Foundation. Kaiser is a Tulsa oil billionaire and major fundraiser for President Obama. He met privately with White House officials in during which they discussed Solyndra.
Keep reading…
Report: Taxpayer Loss On Solyndra Could Be As High As $849 Million… | Weasel Zippers
