Dems Defending Solyndra While Solyndra Gives Workers the Cold Shoulder

February 6, 2012

Democrats Defend Failed Solyndra Gamble While Former Solyndra Employees File Suit and Another ‘Solyndra’ Emerges

Employees of now-bankrupt stimulus poster child Solyndra are charging in an explosive new lawsuit against the company that Solyndra gave its workers the cold shoulder and is now running its bankruptcy proceedings for the benefit of one of its major investors, Argonaut Ventures LLC, funded in part by Obama bundler George Kaiser.
Meanwhile, another sibling of Solyndra similarly well-connected to Democrat donors is facing financial troubles after receiving the red carpet treatment from the Obama administration.
Sadly, this record of failure hasn’t stopped Democrats from doubling down in defense of their support for Solyndra.

Employees of now-bankrupt stimulus poster child Solyndra are charging in an explosive new lawsuit against the company that Solyndra gave its workers the cold shoulder and is now running its bankruptcy proceedings for the benefit of one of its major investors, Argonaut Ventures LLC, funded in part by Obama bundler George Kaiser:

“EX-SOLYNDRA WORKERS BLAST COMPANY, LENDER”: (Jacqueline Palank, “Ex-Solyndra Workers Blast Company, Lender,” The Wall Street Journal, 2/2/2012)

EMPLOYEES SUING SOLNDRA FOR BREAKING LAW WITH ABRUPT FIRINGS AND “RUNNING ITS BANKRUPTCY FOR THE BENEFIT” OF ARGONAUT VENTURES LLC: “The employees suing the failed solar-panel maker for not giving them enough notice before its abrupt shutdown last summer are now accusing Solyndra of running its bankruptcy for the benefit of secured lender Argonaut Ventures I LLC.” (Jacqueline Palank, “Ex-Solyndra Workers Blast Company, Lender,” The Wall Street Journal, 2/2/2012)

SOLYNDRA’S BANKRUPTCY PROCEEDINGS SHOW SPECIAL TREATMENT FOR INVESTMENT FIRM TIED TO OBAMA DONORS:

OBAMA ADMINISTRATION RESTRUCTURED SOLYNDRA LOAN TO PUT ARGONAUT AT TOP OF LIST OF LENDERS, TAXPAYER LAST: “Under terms of the February loan restructuring, two private investors — Argonaut Ventures I LLC and Madrone Partners LP — stand to be repaid before the U.S. government if the solar company is liquidated. The two firms gave the company a total of $69 million in emergency loans. The loans are the only portion of their investments that have repayment priority above the U.S. government.” (Matthew Daly, “Obama Admin Reworked Solyndra Loan to Favor Donor,” Associated Press, 9/16/2011)

OBAMA BUNDLER GEORGE KAISER IS ARGONAUT’S MAIN BACKER: “Kaiser was a major Obama fundraiser in 2008, and Argonaut is an investment fund operated on behalf of the George Kaiser Family Foundation.” (Jim Puzzanghera, “Solyndra Investors are Sought for Questioning in House Inquiry,” Los Angeles Times, 9/20/2011)

FLASHBACK: TOP OBAMA BUNDLER GEORGE KAISER “WEIGHED ASKING WHITE HOUSE TO SAVE SOLYNDRA” AS IT WAS FAILING: (Matthew Mosk, “Emails: Obama Donor Weighed Asking White House to Save Solyndra,” ABC News, 11/9/2011)

SOLYNDRA PUTS CASH IN THE TRASH:

EMPLOYEES ALSO INCENSED BY DECISION TO THROW MILLIONS OF DOLLARS OF ASSETS IN DUMPSTERS: “Also irking the creditors is the dumping of the glass tubes used in Solyndra’s solar panels, which Bankruptcy Beat previously blogged about.” (Jacqueline Palank, “Ex-Solyndra Workers Blast Company, Lender,” The Wall Street Journal, 2/2/2012)

SOLYNDRA CAUGHT RED-HANDED “DESTROYING MILLIONS OF DOLLARS WORTH OF PARTS” DESPITE OWING TAXPAYERS NEARLY HALF A BILLION DOLLARS: (“Bankrupt Solyndra Caught Destroying New Parts,” CBS San Francisco, 1/19/2012)

WHY DOES A COMPANY THAT OWES TAXPAYERS MILLIONS THROW MILLIONS IN ASSETS IN THE TRASH?: “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.

“So why is a bankrupt company that owes a fortune to creditors, including American taxpayers, throwing away millions of dollars worth of assets?” (“Bankrupt Solyndra Caught Destroying New Parts,” CBS San Francisco, 1/19/2012)

Meanwhile, another sibling of Solyndra similarly well-connected to Democrat donors is facing financial troubles after receiving the red carpet treatment from the Obama administration:

“MORE SOLYNDRA-STYLE FAILURE: OBAMA-TIED AMONIX INC LAYS OFF MOST OF COMPANY”:(Neil Munro, “More Solyndra-Style Failure: Obama-Tied Amonix Inc Lays Off Most of Company,” The Daily Caller, 1/30/2012)

COMPANY LED BY OBAMA DONORS LAYING OFF 200 WORKERS DESPITE SPECIAL GREEN TAX CREDITS: “Some of President Barack Obama’s top donors and fundraising bundlers are partners in Amonix Inc., the latest Solyndra-like corporate crash. The company has announced a layoff of 200 workers — two-thirds of its workforce — despite a federal green-technology tax credit of $5.9 million in 2010.”

“The investors include John Doerr’s venture capital firm Kleiner Perkins Caufield & Byers, Daniel Weiss’ Angeleno Group LLC and Steve Westly’s eponymous Westly Group, according to Amonix’s website.” (Neil Munro, “More Solyndra-Style Failure: Obama-Tied Amonix Inc Lays Off Most of Company,” The Daily Caller, 1/30/2012)

AMONIX PARTNERS INVESTED IN DEMOCRATS TO THE TUNE OF SEVERAL HUNDREDS OF THOUSANDS OF DOLLARS: “These three investors have also invested heavily in Obama and other Democrats — and the president’s aides are now trying to minimize the political damage.

“According to a database maintained by the Center for Responsive Politics, Doerr has donated $171,900 since 2008. Weiss has donated $26,480 and Westly has donated $181,250. Nearly all of those contributions went to Democrats.

“Together, the three have also bundled at least $700,000 for Obama.” (Neil Munro, “More Solyndra-Style Failure: Obama-Tied Amonix Inc Lays Off Most of Company,” The Daily Caller, 1/30/2012)

OOPS: OBAMA PUBLICLY PRAISED AMONIX AS AN EXAMPLE OF HIS GREEN STIMULUS EXTRAVAGANZA IN 2010: “Obama publicly lauded Amonix in 2010 as an example of a company deserving federal support and private-sector investment.” (Neil Munro, “More Solyndra-Style Failure: Obama-Tied Amonix Inc Lays Off Most of Company,” The Daily Caller, 1/30/2012)

Sadly, this record of failure hasn’t stopped Democrats from doubling down in defense of their support for Solyndra:

OBAMA USED STATE OF THE UNION TO EMBRACE HIS RECORD OF FAILURE ON “GREEN” PROGRAMS LIKE SOLYNDRA: “Our experience with shale gas, our experience with natural gas, shows us that the payoffs on these public investments don’t always come right away. Some technologies don’t pan out; some companies fail. But I will not walk away from the promise of clean energy. I will not walk away from workers like Bryan. I will not cede the wind or solar or battery industry to China or Germany because we refuse to make the same commitment here. We’ve subsidized oil companies for a century. That’s long enough. It’s time to end the taxpayer giveaways to an industry that rarely has been more profitable and double down on a clean energyindustry that never has been more promising. Pass clean-energy tax credits.” (“Transcript: Obama Delivers State of the Union Speech,” CNN, 1/24/2012)

“DOUBLE[S] DOWN ON GREEN ENERGY TONIGHT DESPITE SOLYNDRA”: “Despite the huge black eye the administration got on a half-billion-dollar taxpayer loss on the bankrupt Fremont solar manufacturer Solyndra, now a household word defined as ‘failed industrial policy,’ Obama will be promising more investments in green energy as part of his ‘built to last’ theme of home-grown manufacturing jobs.” (Carolyn Lochhead, “Obama to Double Down on Green Energy Tonight Despite Solyndra,” The San Francisco Chronicle, 1/24/2012)

OBAMA CAMPAIGN INTENT TO RUN ON FAILURE, CELEBRATING NOW-BANKRUPT SOLYNDRA IN THEIR FIRST 2012 AD: “Don’t think Chicago is deeply concerned about the brand damage that the Solyndra semi-scandal can wreak? Of all President Obama’s vulnerabilities (Isn’t this race supposed to be about the economy?), Team Obama chose to attack Solyndra right out of the gate, placing Obama, literally, in a sea of solar panels, amid quotes proclaiming him to be cleaner than clean — wallowing in the future.” (Glenn Thrush, “Decoding Obama’s First Ad: S-O-L-Y-N-D-R-A,” Politico, 1/19/2012)