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Taxpayers must pay the freight for over-budget train projects
Topic - Open Range Communications
Open Range Communications is a telecommunication company providing wireless broadband solutions. The company develops and markets WiMAX (Worldwide Interoperability for Microwave Access) network products. It also offers wireless voice and data transmission solutions. The company was incorporated in 2004. Headquartered in Greenwood Village, Colorado, the Company announced on January 9, 2009 an investment of $100 million from One Equity Partners (OEP), the private equity arm of JPMorgan Chase & Co. In March, 2008, the United States Department of Agriculture's Rural Development Utilities Program (RDUP) approved a $267 million Broadband Access Loan for Open Range, with the prerequisite that private financing also be secured. The OEP investment satisfied the RDUP's loan terms, making the funds available to Open Range. - Source: Wikipedia
Creditors of the bankrupt wireless company Open Range Communications, which closed in October owing more than $70 million in unpaid federal loans, say the Justice Department is refusing to turn over records as part of a court-ordered investigation, including details from a meeting between two top Obama administration officials and the White House.
Wireless provider Open Range Communications recently filed for bankruptcy owing U.S. taxpayers more than $70 million from a loan awarded in the waning days of the George W. Bush administration, but now creditors are faulting the Obama administration's handling of the loan.
Senate disclosures show that former Rep. Charles W. Stenholm lobbied as recently as this summer for Open Range Communications, the now-bankrupt wireless company that owes U.S. taxpayers more than $70 million.
On the same week a congressional panel launched a probe into bankrupt wireless provider Open Range Communications — which has laid off most of its workforce and owes taxpayers more than $70 million — the company decided it needs more Washington lobbyists.
House Democrats are calling for the expansion of a congressional investigation into bankrupt solar-panel maker Solyndra LLC, targeting a wireless business that recently went broke and was awarded more than $250 million in loan guarantees in the waning months of the Bush administration.