Another Obama-Funded Solar Company Goes Belly Up – Given $13.3 Million in Tax Credits
Posted by Jim Hoft on Tuesday, February 14, 2012, 8:54 PM
Last Year Energy Conversion Devices moved 140 jobs from Michigan to Mexico to save money.
This week the Obama-funded solar company went belly up.
Energy Conversion Devices managed to blow $13.3 million in tax credits before filing for bankruptcy.
Reuters reported:
Lightweight solar product maker Energy Conversion Devices Inc filed for bankruptcy protection on Tuesday, the latest in a string of solar companies that have collapsed in an industry shakeout.
The company, whose filing follows years of losses and months of public discussions with bondholders, said it would sell its United Solar Ovonic unit and other assets in bankruptcy.
Energy Conversion, whose solar laminate products are used for panels on rooftops and buildings, said it would continue to operate during the sale process.
Of course… Democrats praised the company as one of his solar success stories before they tanked.
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Remco Kimber commented:
Can’t understand why this company failed. Here’s a picture of the company’s CEO and CFO, both graduates of Occupy High, and I mean really high,
http://www.thegatewaypundit.com/wp-content/uploads/2011/11/zuccotti-love.jpg
Redwine commented:
The whole “green” industry is a money-laundering scheme with OUR MONEY!!
USMC Thomas commented:
How long would a leader in China last with a record of incompetence like SØBama’s.
screwy squirrel commented:
I wonder how much the owners of this company funneled this money back to obozo and his minions.
screwy squirrel commented:
My first post should have been “I wonder how much of the money that was funneled into this company was funneled back to obozo and his minions”.
Shell commented:
Wait…this was posted in the Detroit News today. I wondered about Solyndra-like subsidies at taxpayer expense and found a WSJ that claimed that the money invested was PRIVATE and not federally funded. Something isn’t straight here! Could we get some clarity? (Needless to say, the Detroit papers aren’t keen on tying this to yet another failure by Granholm to create “green” jobs).
FurryGuy commented:
What a tool you are Gary. What proof do you have, other than the fantasy press pieces released by this administration and eagerly pushed by the propaganda arm of the Democratic Party along with the nonsensical bloviating of bought and paid for economic dunderheads like Paul Krugman, that the massively increased deficit spending has done anything other than push the US closer to a European style economic default?
The Left howled how much Bush was wrecking the country with his run-away budgets, and all Obama has done is vastly inflate the unsustainable debt multi-fold. Nothing the man has done makes a lick of sense unless one takes the view that he is deliberately trying to destroy the US economy.
You failed the simple task of your masters, doofus. Time to get newer talking points to dazzle yourself with your own BS.
FurryGuy commented:
So not only we the US taxpayers on the hook for yet another failure of a green loan, we now are indirectly paying for R&D for a foreign corporation. BASF is buying the ovonic battery subsidiary, Ovonic Battery Company, Inc., that is “the inventor and worldwide licensor of nickel-metal hydride (“NiMH”) rechargeable battery technology and is pursuing advanced battery technologies, including cathode materials for lithium-ion chemistry batteries.”
RickZ commented:
One could think that with all these green energy companies going bankrupt after being given taxpayer loans by the Owebama Administration, there might be a scandal of immense proportions (one of many scandals of immense proportions to which we have been subjected as subjects of The Lyin’ King).
Earthmover commented:
Can anyone think of one thing the democrats have done in the last hundred years
that didn’t have disastrous consequences?
Blacque Jacques Shellacque commented:
Another Obama-Funded Solar Company Goes Belly Up – Given $13.3 Million in Tax Credits
To Obie and his wrecking crew, it’s only taxpayer money…
dunce commented:
Just try to get any of the assets back that they moved out of the country to Mexico, everything will have disappeared without a trace and the management can be reached at an Acapulco luxury hotel.
tommy mc donnell commented:
is anyone looking into where all this money went? you would think all those investigative reporters would be looking into this. you know like hermen cain’s sex life, newt’s sex life, perry walking in the wilderness and there was a rock with you know what on it. they can find out all this private and personal stuff but financial information about public companies is a mystery.
Gary commented:
FurryGuy
Re: Gary
That isn’t me. That’s Molon Labe posting under my name. That’s what the coward does in response to me reminding everybody that he said he would vote for Obama if Romney got the nomination.
So he’s posting fake pro-Obama comments under my name to obfuscate his own actual pro-Obama comments.
If you’ll notice, on all these threads so far where liberal comments were posted under my name, Molon Labe had no posts.
No go back over the last two weeks and see how many threads there are where Molon Labe didn’t post.
Simple matter of deduction.
Funny how a so-called conservative who questions my conservatism is using such a pathetic liberal gimmick in response to having his own lack of conservatism exposed.
But I guess that’s the way it is if the site doesn’t want to implement a username/password system.
In the future, if you see liberal posts under my name, please address your response to Molon Labe, not me.
Thanks.
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