September 27, 2011
Solyndra cleared for October 27 bankruptcy auction
"Solar panel maker Solyndra LLC, which filed for bankruptcy after borrowing $535 million from the U.S. government, on Tuesday was cleared to begin a quick sale process that some creditors criticized as 'rushed.'
U.S. Bankruptcy Judge Mary Walrath in Delaware approved the plan for an October 27 auction of the business, citing the support for the plan by the Department of Energy (DOE). She also directed the company to attend a major trade show next month to find a buyer for the business."
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At the Solyndra hearings today, the implication was that DOE did not perform good due diligence. That was a totally erroneous assumption. This has nothing to do with good or bad due diligence. What this is about is that in a 2008 meeting: Lachlan Seward, Matt Rogers & Steve Spinner pointed to a piece of paper and, essentially, said: "these are our friends, they will get money. These are their competitors and our lobbyists competitors, they will not get money." All so-called due-diligence thereafter was purposely non-existent or steered towards those friends and against those competitors. I was there!
Posted by: D Howser | Oct 14, 2011 10:13:09 AM