You Tax Dollars Literally Being Thrown in the Trash.

Josh_R

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#1
Bankrupt Solyndra Caught Destroying Brand New Parts
January 19, 2012 11:50 PM

FREMONT (CBS 5) — After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.

At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week. They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters.

Forklifts brought one pallet after another piled high with the carefully packaged glass. Slowly but surely it all ended up shattered.


And it’s not a few loads. Hundreds of thousands of tubes on shrink-wrapped pallets will meet a similar demise.

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?

Solyndra is not commenting. But court documents reveal the company received permission from the bankruptcy trustee to abandon the high grade glass, the court agreeing that it was of “inconsequential value” because the cost of storing them exceeds their value.

An employee for Heritage Global Partners, the company in charge of selling Solyndra’s assets, told CBS 5 they conducted an exhaustive search for buyers but no one wanted them.

But how exhaustive was that search? The tubes were never included on the list of Solyndra assets put up for sale at two auctions last year.

If they were, David Lucky told CBS 5 he would have bought them. “We certainly would have bid on them, yes,” Lucky said.

Lucky owns several large warehouses near Las Vegas. He buys and then resells manufacturing equipment and components all the time.

“Our company has bought a lot of stuff over the years. Truck loads and warehouses full of inventory that companies were just ready to send to the dump, because they don’t want to take the time to find markets for it,” he said.

When Solyndra shut down last year, he bought hundreds of fully assembled solar panels at the auctions and is reselling them on eBay. “They’re going for a third their original price. They are a great deal,” Lucky said.

He said if given a chance he would have snapped up the tubes too. “One day some manufacturing company would eventually need those,” Lucky said.

Solar scientist Greg Smestad agreed they have value. “As a scientist I said ‘Wow, this needs to be studied,’” he said. Smestad has consulted for the Department of Energy.

He recently bought a Solyndra solar panel to study its technology, which is completely different from traditional panels. “It can accept both the direct sun and also track motion, because it’s a cylinder,” he explained. “The technology is very promising.”

Smestad wrote a letter to the auctioneers, asking if they could donate to Santa Clara University any of the leftover tubes after the Solyndra auctions are completed. “Let one student use this as an inspiration for their career and that will be worth something,” he said. But the auctioneers wrote back saying they couldn’t do that.

“That really makes me sad,” said Smestad. “Those tubes represent intellectual investment. These could have had a better value to do public good. I think they owed the U.S. taxpayer that.”

Solyndra was hoping to have sold the entire company by Thursday, but they called off the sale because nobody bid for it.

CBS 5 asked more than once for Solyndra, the auction company and the bankruptcy trustee to talk on camera. But they all refused.

CBS 5 also called the German company that made the glass tubes to see if they would have wanted the tubes back. After all, they are still owed almost $8 million dollars. A spokesman said he had no idea they were being destroyed.
http://sanfrancisco.cbslocal.com/2012/01/19/bankrupt-solyndra-caught-destroying-brand-new-parts/
Video at the link
 

Norm Stansfield

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Mar 17, 2009
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#2
“That really makes me sad,” said Smestad. “Those tubes represent intellectual investment. These could have had a better value to do public good. I think they owed the U.S. taxpayer that.”
I love how they owed US taxpayers to give them to this guy. Because he will use them for the public good. I bet his whole existence is government funded, just like Solyndra's was.
 

MayrMeninoCrash

Liberal Psycopath
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#4
Shouldn't the anger be at the bankruptcy court judge for ordering the items be destroyed? Or should I just skip the arguments and post the Miley Cyrus pic.
 

Josh_R

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#5
Shouldn't the anger be at the bankruptcy court judge for ordering the items be destroyed? Or should I just skip the arguments and post the Miley Cyrus pic.
It should be at all involved: the government for giving away $1/2 billion, the company for NOT including the millions of dollars of glass tubes in the auctions that were held to sell off assets, and the judge for not ordering them to try to sell them to SOMEONE.
Why don't you just save your time and say that no part of the Solyndra scandal interests you because it's "not that much money", or because it was Obama, or because sometimes investments fail, etc?
 

MayrMeninoCrash

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#7
It should be at all involved: the government for giving away $1/2 billion, the company for NOT including the millions of dollars of glass tubes in the auctions that were held to sell off assets, and the judge for not ordering them to try to sell them to SOMEONE.
Why don't you just save your time and say that no part of the Solyndra scandal interests you because it's "not that much money", or because it was Obama, or because sometimes investments fail, etc?
Just waiting to see how far into the discussion we get until one of the usual geniuses blames Obama for the judge making a decision regarding the disposition of these specific items.
 

whiskeyguy

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#8
Well, it doesn't really matter, because the way the loan was structured the taxpayers never would have a shot at those assets anyway. It was very nice of the Obama administration to give bondholders and stockholders first dibs on assets, even though that always goes to lenders.
 

Josh_R

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#9
Well, it doesn't really matter, because the way the loan was structured the taxpayers never would have a shot at those assets anyway. It was very nice of the Obama administration to give bondholders and stockholders first dibs on assets, even though that always goes to lenders.
Yeah but he did the opposite to the GM bondholders...
 

Don the Radio Guy

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#11
Just waiting to see how far into the discussion we get until one of the usual geniuses blames Obama for the judge making a decision regarding the disposition of these specific items.
Way to ignore the obvious point that he's responsible for the shitty company wasting tax dollars in the first place.
 

Josh_R

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#12
Seems like the glass tubes would be a pretty custom design, what could they have been used for?
Building cylindrical solar panels?

Solar scientist Greg Smestad agreed they have value. “As a scientist I said ‘Wow, this needs to be studied,’” he said. Smestad has consulted for the Department of Energy.

He recently bought a Solyndra solar panel to study its technology, which is completely different from traditional panels. “It can accept both the direct sun and also track motion, because it’s a cylinder,” he explained. “The technology is very promising.”

Smestad wrote a letter to the auctioneers, asking if they could donate to Santa Clara University any of the leftover tubes after the Solyndra auctions are completed. “Let one student use this as an inspiration for their career and that will be worth something,” he said. But the auctioneers wrote back saying they couldn’t do that.
 

Creasy Bear

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#13
Seems like the glass tubes would be a pretty custom design, what could they have been used for?
They could be used to prove that they're no better than the cheapass flat solar panels we have now... so quick... destroy the evidence.



Solyndra Snake Oil Salesman: Look at this amazing, revolutionary cylindrical solar panel! I'll sell it to your for a kajillon dollars!

Taxpayer: How it that expensive cylindrical panel better than the cheap flat panels we have now?

Solyndra Snake Oil Salesman: Well.. it's cylindrical, init?
 

MrAbovePar

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#14
Shouldn't the anger be at the bankruptcy court judge for ordering the items be destroyed? Or should I just skip the arguments and post the Miley Cyrus pic.
The bankruptcy judge didn't order them destroyed. He allowed for it because Solyndra misrepresented the case to him.
 

steve500

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#15
They could be used to prove that they're no better than the cheapass flat solar panels we have now... so quick... destroy the evidence.



Solyndra Snake Oil Salesman: Look at this amazing, revolutionary cylindrical solar panel! I'll sell it to your for a kajillon dollars!

Taxpayer: How it that expensive cylindrical panel better than the cheap flat panels we have now?

Solyndra Snake Oil Salesman: Well.. it's cylindrical, init?
Anyone care to clarify exactly which Solyndra donors gave Obama how much? I've seen the accusations, but all I've found were weak links.


The more I researches Solyndra, the more I realized that they actually had something good going on.

Basically, all prior solar panels were made from silicon, which cost a shit ton at the time. Solyndra's solution cost literally 1/10th of that - until silicon prices unexpectedly dropped + the chinamen started cranking out their own panels. Suddenly, Solyndra's solution cost more, and they went bankrupt.

There's no denying that the CEO was an asshat for pocketing the $80 million, but I can't say I wouldn't have done the same thing if my company closed down out of the blue. And it wasn't just "Obama" (actually, Bush was rushing to extend the loan before he left office, but the DOE held things up a bit), even the likes of Warren Buffet were showering them with money.



It amazing that the President who "allowed"* the entire housing market to collapse get a pass but one who was trying to develop clean energy & loses half a billion is the bad guy.

*I really don't think either president had much to do with either.
 

Josh_R

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#19
See THP's post. So in a museum or an academic setting to show how NOT to do it? It'll look great next to the Apple Newtons, Crystal Pepsi, and the Betamax.
The one guy said he had already bought some fully assembled models and they were selling well on e-bay because he was able to sell them for what they were worth instead of some astronomical price. Also, the professor guy said that they were better than flat panels because they track the motion of the sun without having to actually move.
 

Party Rooster

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#20
The one guy said he had already bought some fully assembled models and they were selling well on e-bay because he was able to sell them for what they were worth instead of some astronomical price. Also, the professor guy said that they were better than flat panels because they track the motion of the sun without having to actually move.
You're confusing the glass for the completed solar panels (where the glass is part of the component).

When Solyndra shut down last year, he bought hundreds of fully assembled solar panels at the auctions and is reselling them on eBay. “They’re going for a third their original price. They are a great deal,” Lucky said.

He said if given a chance he would have snapped up the tubes too. “One day some manufacturing company would eventually need those,” Lucky said.
Like I said, glass is not malleable and is a lot different than just retooling some metal part and I think it was probably a pretty custom fit. Might have been cheaper to just to scrap it and recycle the glass and be done with it.
 

VMS

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Apr 26, 2006
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#21
1.) I'm ok with destroying the glass. Let's face it: nobody wants it and nobody can use it. In any business situation, you'll end up spending a shitload of money on something that nobody else can ever use for anything. Sucks, but that's the way it is.

2.) The Right is just using this to bring up Solyndra again and keep beating President Obama with it. To keep bringing up the story, over and over again, to keep reminding people that the President might have been involved in a giant fuck-up that cost the US government a shitload of money.

I'm ok with that, too.
:action-sm
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
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#22
The judge didn't order shit destroyed.
court documents reveal the company received permission from the bankruptcy trustee to abandon the high grade glass, the court agreeing that it was of “inconsequential value” because the cost of storing them exceeds their value
Which part don't you agree with, "Judge" or "Order"?
 
Aug 11, 2005
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#23
1.) I'm ok with destroying the glass. Let's face it: nobody wants it and nobody can use it. In any business situation, you'll end up spending a shitload of money on something that nobody else can ever use for anything. Sucks, but that's the way it is.

2.) The Right is just using this to bring up Solyndra again and keep beating President Obama with it. To keep bringing up the story, over and over again, to keep reminding people that the President might have been involved in a giant fuck-up that cost the US government a shitload of money.

I'm ok with that, too.
:action-sm
I'd rather bring up the Larry Sinclair story, HOT
 

MrAbovePar

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#24
Which part don't you agree with, "Judge" or "Order"?
Holy shit. Please tell me this is an act. You really can't be this god-damned fucking retarded. Hit "ctrl" and "f" and look for the word "order". You won't find it you stupid partisan dumbass because the judge did not order shit destroyed. The trustee asked for permission. I don't know what school you flunked out of because you were so busy stroking yourself in gym class that you couldn't be bothered to learn to read but when you ask permission you're not asking for an order. You're asking to be allowed to do something.

When you asked your stepfather for permission to suck his cock and he told you "sure", that doesn't mean he ordered you to suck his cock. And he sure as hell didn't ask for you to swallow his load and lick him clean after but you're such a go-getter you did that all by your own volition.
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
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#25
Holy shit. Please tell me this is an act. You really can't be this god-damned fucking retarded. Hit "ctrl" and "f" and look for the word "order". You won't find it you stupid partisan dumbass because the judge did not order shit destroyed. The trustee asked for permission. I don't know what school you flunked out of because you were so busy stroking yourself in gym class that you couldn't be bothered to learn to read but when you ask permission you're not asking for an order. You're asking to be allowed to do something.

When you asked your stepfather for permission to suck his cock and he told you "sure", that doesn't mean he ordered you to suck his cock. And he sure as hell didn't ask for you to swallow his load and lick him clean after but you're such a go-getter you did that all by your own volition.
When someone petitions the court to do something, who grants or denies that petition, and in what form does his ruling take? Do you think the trustee just stepped up to a "Law-bot 3000" and waited for the yes or no light to illuminate when he made his request? Stop being obtuse, mister wordsmith.

And as for that other gay fantasy you've got in your head, hey, to each his own I guess. Have at it Gipper!