Video: Why is Solyndra destroying millions of dollars in parts?
posted at 12:45 pm on January 20, 2012 by Ed Morrissey
Well, why not just toss out millions in assets? Isn’t that what the Obama administration did in subsidizing Solyndra in the first place? The CBS affiliate in San Francisco catches Solyndra in the act of destroying millions of dollars in glass tubes after a court ruled that the company was spending more than they were worth on storage, another theme with a familiar ring in this ongoing tale of crony capitalism and the Obama administration (via William Amos):
After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.
At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week. They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters. …
Solyndra paid at least $2 million for the specialized glass. A CBS 5 crew found one piece lying in the parking lot. Solyndra still owes the German company that made the tubes close to another $8 million.
Solyndra’s liquidators claim that the glass tubes can’t attract a market for discounted sale. It didn’t take KCBS long to find a buyer, though, who is hardly unknown to the liquidators. David Lucky bought some of the completed solar panels in an earlier auction and is now reselling them from his base in Las Vegas. Lucky also tells CBS that the glass tubes didn’t get sold because the liquidator didn’t bother to list them in the auction.
KCBS then contacted the manufacturer of the glass tubes, still owed millions from Solyndra. No one ever told them that the liquidators intended to destroy the merchandise. They could have tried to negotiate a return of the product to reduce the debt load on taxpayers in the collapse. Instead, they’re busy tossing these glass tubes into steel dumpsters in the parking lot — and trying to keep the media from pointing it out.
And that sounds exactly like the Obama administration’s approach to Solyndra, doesn’t it?