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Topic - Solyndra Llc
With its bankruptcy case ended and its failure faded from headlines, solar panel maker Solyndra LLC appears set to receive a big reduction in years worth of overdue property tax bills, potentially setting up tax consultants with a hefty seven-figure payday.
The Justice Department probe into the collapse of solar panel maker Solyndra LLC after the company received a half-billion dollars in federal loan guarantees has prompted requests by government lawyers investigating the company for closing documents and invoices, according to newly filed court records.
Bankrupt solar-panel company Solyndra LLC and the criminal investigation into its downfall have faded from public view, but the law firm representing the company in a grand jury probe quietly has stayed busy, racking up nearly a half-million dollars in legal fees over the past year, records show.
Bankrupt solar panel maker Solyndra LLC defended its reorganization plan Monday against mounting criticism from the federal government, while launching a legal offensive against Chinese solar companies over what it deems unfair trade practices.
The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC's bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes.
When he appeared before a House committee during the summer to explain why his solar company went bankrupt owing taxpayers $70 million, the chief executive for Abound Solar Inc. placed the blame largely on competition from heavily subsidized Chinese competitors.
President Obama's unwavering support for taxpayer-funded "green" energy projects came under fire at Wednesday night's presidential debate, with Republican Mitt Romney on the attack, accusing the incumbent of picking "losers" in the energy sector while turning his back on American fossil fuels such as natural gas and coal.
Nearly a year after members of Congress called for an investigation into the collapse of a Colorado wireless company that went bankrupt after receiving a multimillion-dollar loan package from the George W. Bush administration, a trustee is suing the Obama administration over accusations that officials hastened the wireless firm's collapse.
More than 800 workers who lost their jobs in mass layoffs in the days before Solyndra LLC went bankrupt — just two years after the company won a more than half-billion-dollar federal loan — have reached a settlement as the company's bankruptcy grinds toward a close, according to newly filed court papers.
Former top officials of federally backed Abound Solar told a House subcommittee July 18 that subsidies from China caused the company's collapse, while Republicans pressed a former government loan official about whether he used his personal email account to skirt records laws while discussing clean energy projects.
Former top officials of federally backed Abound Solar told a House subcommittee Wednesday that subsidies from China caused the company's collapse, while Republicans pressed a former government loan official about whether he used his personal email account to skirt records laws while discussing clean energy projects.
A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems, and the company's auditors have questioned whether it can stay in business.
Another government-backed solar energy company has decided to turn out the lights while still owing tens of millions of dollars to U.S. taxpayers.
Not yet two years after the Department of Energy awarded $43 million in loan guarantees for Beacon Power's energy storage plant, government attorneys are calling the bankrupt solar company and its affiliates little more than "empty shells" benefiting lawyers and other bankruptcy professionals.
The Treasury Department's oversight role of a half-billion-dollar federal loan guarantee to Solyndra LLC was not sufficiently defined, the consultation that did occur was "rushed" and no records were kept as to how Treasury's serious concerns with the loan were addressed, a report says.