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.
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.