Solyndra Democrat Party: Solyndra Bankruptcy Creditor is California Democrat Party

Solyndra LLC was the makers of solar panels, who received $535 Million in government loans, is now in bankruptcy, with their loan to American taxpayers unpaid, has listed among it’s many many creditors the Democrat Party of California. No one seems to know why Solyndra owes money to the Democrat Party.

As a refresher, Solyndra first asked for a loan during the Bush administration in 2006. Just before the end of the Bush term, the loan was turned down. Enter Obama who put the company on a fast track for government assistance. The company manufactured solar panels at a cost of $6 each, sold them for $3 each with their Chinese competitors selling their comparable product for $1.50 each. The strategy is known as Democrat Economics.

Washington Times:

The California Democratic Party’s communications director, Tenoch Flores, said the organization was not owed “any funds in any form” by the California-based company. He said he was unclear why the partywould be listed as a creditor in Solyndra’s bankruptcy filing.

According to campaign-finance records, Solyndra donated $7,500 to the California Democratic Party in October 2010. It’s legal in California for corporations to make donations. But that doesn’t explain why the company would identify the Democratic Party as a creditor in its bankruptcy filing a year later.

A Solyndra spokesman did not respond to messages seeking more details about the filing…

Just two years ago, the company received federal loan guarantees of more than $500 million, money it burned through but hasn’t repaid. Because of a subsequent loan restructuring, taxpayers won’t be repaid before the private investors who poured $75 million into the company earlier this year as it tried to stay afloat.

The Washington Times reported last week that law firms that took credit for helping to push through the federal loan package were paid millions of dollars reported through the federal Recovery Act.

The same month Solyndra donated to the California Democrats, the company also contributed $1,000 each to three California state Assembly candidates, according to data from the National Institute on Money in State Politics.

The state Democratic organization was identified in a document called a “creditor matrix.” It’s a standard filing in bankruptcy cases, where the debtor provides an alphabetical list of the names and addresses of all creditors. In the Solyndra case, the list runs more than 100 pages.

In an affidavit along with the court filing, the company’s chief executive,W.G. Stover Jr., swore under penalty of perjury that that creditor list was true and accurate to the best of his knowledge and that the information came from a review of the company’s books and records.

Thanks to SodaHead for the graphic

Posted by Maggie @ Maggie’s Notebook

  • And now we have a new revelation of more of the same with Colorado-based Abound Solar. We find a “rich billionaire” by the name of Pat Stryker who has dumped a ton of money into the company and being” Worth $1.3 billion, the Fort Collins resident could single-handedly fund Abound Solar and still be well above the poverty line.

    While some of her fortune has gone to Abound Solar, she also has chosen to donate more than $2.2 million (probably a low figure) to Democrats and their causes over the last several election cycles. Beneficiaries include Barack Obama, one-term Congresswoman and Fort Collins resident Betsy Markey, and Interior Secretary Ken Salazar when he successfully ran for U.S. Senate in Colorado.
    But it gets better. Congresswoman Betsy Markey received donations from Stryker in 08 as well and unseated the Republican Marilyn Musgrave in the 4th Congressional district. Abound Solar, Pat Stryker, and Colorado State University are all in the 4th CD. Between 2008 and 2010 election cycles, CSU employees also donated nearly $27,000 to Markey’s campaigns.

    When the Waxman-Markey (named for Congressmen Henry Waxman and Ed Markey) cap and trade bill, which included a national renewable energy standard, came up for a vote, Congresswoman Markey danced around the issue for weeks because it wasn’t a popular bill in the 4th CD. Ultimately she voted “yes.”

    Markey cited “green jobs” as one of her reasons for the vote. What she didn’t cite was her relationship to Pat Stryker and Abound Solar or the $2,000 campaign contribution she received from Henry Waxman the night before the vote.

    Shortly after the vote, Abound Solar was part of a group that helped pay for TV ads thanking Markey for saying yes to Waxman’s bill.

    With the help of CoDA and Pat Stryker, Democrat Denver District Attorney Bill Ritter won the 2006 Governor’s race. His one term legacy is the state’s New Energy Economy, 57 pieces of legislation to move the state from reliance on less costly on fossil fuels to renewables. Ritter is a true believer, an eco-evangelical, who signed laws mandating 30 percent renewable energy standards and fuel switching.

    In April 2009, Governor Ritter hand-delivered two letters to Energy Secretary Steven Chu who was touring NREL. One letter urged the Department of Energy to grant a $300 million taxpayer-guaranteed loan to Abound Solar:

    “This request for $300 million would allow [Abound Solar] to triple production capacity within 12 months, develop a second manufacturing facility within 18 months and hire an additional 1,000 employees. Only problem it is not happening in 18 months or who knows how long, maybe 2014 is more like it.

    When Ritter left office in January 2011, he became the Director of the Center for the New Energy Economy at CSU and one of the highest paid administrators on campus, thanks to Stryker.

    Obama received nearly $12K from Stryker and Joseph Zimlich, who is a director at Abound Solar. More money was funneled through Democrat Campaign Money Watch and Democrat White House Victory Fund.

    To recap, Abound Solar receives support from Pat Stryker and Colorado State University both of which fund and promote Congresswoman Betsy Markey. She in turn votes yes on Cap and Trade and urges the federal government to approve the Abound loan.

    Abound Solar then contributes to TV ads thanking Markey for her yes vote on Cap and Trade.

    Governor Bill Ritter hand delivers letters to Energy Secretary Steven Chu urging the DOE to grant the loan guarantee. When he decides not to run for a second term, he is offered a job at CSU, which is funded in part by Pat Stryker.

    President Barack Obama benefitted from Pat Stryker’s political donations. In July 2010, he announces a $400 million loan guarantee to Abound.

    Now ain’t that a surprise? More Pay to Play scheme from Obama and his cronies.

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