High Tech Crime Scene? FBI Agents Searching Bankrupt Solar Technology Firm Solyndra – SiliconValley.com

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Not so fast Solyndra. It seems the the feds have pulled the once high-flying alternative energy company to the curb an

A Solyndra cylindrical solar panel

A Solyndra cylindrical solar panel.

they’re searching the car, so to speak. The company abruptly closed last week, laying of 1,000 employees without severance. Two days later the company filed Chapter 11 bankruptcy (In re Solyndra LLC 11-12799, U.S. Bankruptcy Court, District of Delaware, Wilmington), telling the court it had two potential buyers on the line, according to Bloomberg News.

“Two days after the now-defunct, high-profile solar company filed for bankruptcy protection, federal agents swarmed around Solyndra’s campus in Fremont to execute a search warrant and interview laid-off employees. The U.S. Energy Department is concerned that the potential buyer may buy and move the equipment and technology out of the country, Justice Department attorney Matthew Troy said in court Wednesday (09/07/11).

via FBI agents executing search warrant at Solyndra – SiliconValley.com.

Solyndra spokesman Dave Miller told Bay Area News Group reporters that the raid could be connected to $535 million in loan guarantees Solyndra received from the Department of Energy. Uh-huh, ya think?.

President Obama toured the company in May 2010, touting its role in the development of American-developed clean technology and as job-creator.

Not so fast Solyndra. It seems the the feds have pulled the once high-flying alternative energy company to the curb an they’re searching the car, so to speak. The company abruptly closed last week, laying of 1,000 employees without severance. Two days later the company filed Chapter 11 bankruptcy, telling the court it had two potential buyers on the line, according to Bloomberg News.

Rep. Pete Stark, D-Fremont, last Friday called for Solyndra’s chief executive officer to provide compensation and benefits to all 1,100 employees his firm laid off Aug. 31. Stark alleged the firm’s actions may violate provisions of the Worker Adjustment and Retraining Notification Act

http://www.siliconvalley.com/news/ci_18851160

In the SiliconValley.com post there’s a hint of what really may have been going on at Solyndra:

A laid-off employees, Mohammed Walahi of Fremont, Calif., told SiliconVAlley.com: “There wasn’t good management in the company,” he said. “We bought four buildings and how much did we spend, $50 million? We only needed one or two buildings.”

Was Solyndra a big swindle? Is the raid retribution for embarrassing the President? Or did Solyndra come up with some really great technologies that the U.S. just can’t let fall into the hands of  of a foreign power?

From Bloomberg: “The biggest unsecured claims are held by two trade creditors, Schott North America Inc., owed $7.7 million, and MGS Mfg. Group, owed $7.5 million. Unsecured lenders include the Howard Hughes Medical Institute, owed $4.8 million, OZ Offshore Capital Lenders LLC, with a $3.7 million loan, and US Venture Partners X LP, owed $3.5 million.”

“Republican lawmakers in the U.S. House of Representatives have criticized the loan guarantee, questioning whether Solyndra deserved the help. Earlier this year, the investigations subcommittee of the House Energy and Commerce Committee began probing the guarantee. ”

Stay tuned, sports fans

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