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Thread: Solyndra to Declare Bankruptcy

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    Solyndra to Declare Bankruptcy

    Yet another alternative energy company shuts its doors.

    Solyndra announces it plans to file Chapter 11 bankruptcy, is suspending operations and seeks a reorganization.
    S
    olyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus. "I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.

    Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. "
    The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.


    Solyndra to Declare Bankruptcy | NBC Bay Area

    Oops!
    Last edited by LesGovt; 09-03-11 at 01:46 PM.

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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by LesGovt View Post
    Yet another alternative energy company shuts its doors.
    Oops!
    Seems like this one was not the first. Is this the beginning of a trend or just a bump in the road?

    A Massachusetts corporation, Evergreen Solar, announced it would file bankruptcy in August. Another August bankruptcy announcement came from solar company SpectraWatt which shut down last year.

    http://news.yahoo.com/solar-company-...223500220.html

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    re: Solyndra to Declare Bankruptcy

    duplicate thread.

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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by LesGovt View Post
    Yet another alternative energy company shuts its doors.

    Solyndra announces it plans to file Chapter 11 bankruptcy, is suspending operations and seeks a reorganization.
    S
    olyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus. "I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.

    Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. "
    The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.


    Solyndra to Declare Bankruptcy | NBC Bay Area

    Oops!
    Is this the fault of the Obama Administration or is it the fault of Congress which is divided between the Democrat-led Senate and the GOP-led House?
    Also, we need to legalize recreational drugs and prostitution.

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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by LesGovt View Post
    Seems like this one was not the first. Is this the beginning of a trend or just a bump in the road?
    Green energy is a newish industry. We'll presumably see 100s or 1,000s of green energy businesses go under as it sorts itself out. Nothing unusual about that. That's how biotech is, that's how software is, that's how all big booms work. That's how innovation works. For example, did you know that early on there were over 500 automobile manufacturers in the US? Something like 495 of them went out of business in the first couple decades.

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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by samsmart View Post
    Is this the fault of the Obama Administration or is it the fault of Congress which is divided between the Democrat-led Senate and the GOP-led House?
    I doubt that the bankruptcy was the fault of the Obama Administration or Congress. It may be the case that solar energy is not ready for public consumption at this time.

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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by LesGovt View Post
    I doubt that the bankruptcy was the fault of the Obama Administration or Congress. It may be the case that solar energy is not ready for public consumption at this time.
    Were Obama to come to my company and tout it publicly, I'd start immediately looking for a new job. Seems like everywhere he tours, a year later the place closes up its doors.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by teamosil View Post
    Green energy is a newish industry. We'll presumably see 100s or 1,000s of green energy businesses go under as it sorts itself out. Nothing unusual about that. That's how biotech is, that's how software is, that's how all big booms work. That's how innovation works. For example, did you know that early on there were over 500 automobile manufacturers in the US? Something like 495 of them went out of business in the first couple decades.
    You could very well be correct and that is why I asked the question as I did. But that makes me wonder whether it is wise to give these risky businesses guaranteed loans of over half a billion dollars.

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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by LesGovt View Post
    You could very well be correct and that is why I asked the question as I did. But that makes me wonder whether it is wise to give these risky businesses guaranteed loans of over half a billion dollars.
    Demand for alternatives is there, but supply is not high and prices are often non-affordable. It's because the industry is new, and without major government backing it won't take off. If the U.S. doesn't figure this out, it will lose an opportunity at a burgeoning new market. Europe and even Asia are starting to take advantage of this.

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    re: Solyndra to Declare Bankruptcy

    Quote Originally Posted by samsmart View Post
    Is this the fault of the Obama Administration or is it the fault of Congress which is divided between the Democrat-led Senate and the GOP-led House?
    No doubt about it, it's the fault of the GOP-led House.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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