The Blaze: Another Gov’t-Backed Clean Energy Co. Touted by Obama Admin Goes Bankrupt

[Patricia M. McBride]

What do they say about insanity being someone doing the same thing over and over and expecting different results each time.  This is a huge waste of taxpayer dollars every time the federal government guarantees loans to these folks (and now our state also has a bill on the governor's desk that will allow our state representatives to attack these folks to our state for "free" money).  This needs to stop, and these folks have to be successful the old fashioned way by utilizing the free market system and competing for business based on the quality of their product and the price!

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4/2/2012

Becket Adams

A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware.

“Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project [emphasis added].”

Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.

“We have been working with Solar Trust of America for a couple of years in getting this project going,” David Lane, Blythe’s city manager, said in an interview with Reuters. ”Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world’s largest solar power plant, someone somewhere will buy it and build it.”

The company said it “ran short of liquidity” after Solar Millennium AG, which holds a 70 percent stake, sought court protection in December, according to Reuters.

Read more here:  http://www.theblaze.com/stories/another-govt-backed-clean-energy-co...

[Patricia M. McBride]

I think so too John.  I think it's the old you scratch my back and I scratch yours............maybe after this election or maybe if he loses, he stands to become very well taken care of or something!

[Patricia M. McBride]

John, it certainly won't happen as long as this administration is pulling the strings, but I suspect, the fraud is massive.