Lawyers in Solyndra case rack up billings
While the outcome of the investigation remains unclear, Solyndra’s independent chief restructuring officer issued a lengthy report late last month that found no wrongdoing by the company.
In addition, the restructuring officer, R. Todd Neilson, said the company’s bonus payouts, which received criticism after the bankruptcy, were “within materially acceptable limits.” He blamed the company’s demise not on mismanagement, but rather on falling solar prices and a global recession, among other factors.
Mr. Neilson also said the Energy Department and Solyndra’s investors knew what they were getting into when they poured hundreds of millions of dollars into the company.
“Solyndra’s investors and lenders were well advised of these risks facing the company,” he wrote in a report filed in U.S. Bankruptcy Court in Delaware.
Mr. Neilson said the company’s construction costs were correctly recorded and “no material funds were diverted from their original use.”
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