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The formation of Solyndra Solar LLC and Solyndra Solar II LLC was first disclosed in bankruptcy filings last year, but records at the time did not reveal just how much inventory and accounts were being sold off.

In addition to the $58.1 million in inventory sold off to Solyndra Solar II for $17.5 million, the company also sold $59.1 million in accounts receivable to Solyndra Solar LLC for $46.4 million in cash, according to bankruptcy filings.

The bankruptcy filings don’t say how bankruptcy attorneys arrived at the $58.1 million figure for the inventory. A bankruptcy attorney for Solyndra did not respond to email questions Tuesday.

“Certain inventories were sold to Solyndra Solar II on the dates listed for …aggregate cash proceeds of approximately $17.5 million,” the bankruptcy filing states, noting four sales transactions ranging from $5.8 million to $26.5 million for a total of $58.1 million.

The first accounts receivable sale took place on June 3 for $25.7 million. Five other sales followed until the last one for $722,220, which took place on Aug. 4.

Searching for cash

The inventory sale was reported because bankruptcy law mandates disclosure of property “transferred outside the ordinary course of business” going back two years before the date of the bankruptcy filing. The inventory and accounts receivable transactions were the only such sales reported by Solyndra.

Under the inventory deal, Solyndra Solar II would buy Solyndra’s inventory and the solar company, in turn, agreed to market, sell and ship the inventory on behalf of Solyndra Solar LLC, bankruptcy records filed last year show.

“What this appears to be is an effort to bring cash into Solyndra on the eve of bankruptcy by converting accounts and inventory to cash,” said Mr. Zywicki, who reviewed the bankruptcy filing on Tuesday at the request of The Washington Times.

“There’s nothing inherently problematic about that as it is common to want to stockpile cash on the eve of a bankruptcy in order to have a sort of war chest going into the case,” he said.

“It could be a problem, however, if there were particular creditors who were benefited by converting the accounts/inventory to cash for some reason or if those assets were converted to cash for less than reasonably equivalent value.”