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Bankruptcy court update: Taxpayers to recover a grand total of $0 from Solyndra

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By Doug Powers  •  October 17, 2012 03:21 PM

**Written by Doug Powers

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Don’t worry, I’m sure taxpayers will make out just as well on A123 Systems.

From Bloomberg News:

Solyndra LLC, the solar-panel maker that received a $535 million U.S. Energy Department loan guarantee before going bankrupt, won’t be able to provide lenders ranking ahead of the government with a full recovery, the company’s financial adviser Eric Carlson said today.

The failed solar-panel maker generated about $117 million from assets sales, including the proposed sale of its manufacturing facility to a unit of Dublin-based Seagate Technology Plc (STX) for $90.3 million, subject to competing offers at a Nov. 14 auction, Carlson testified under questioning from Solyndra lawyer Maxim Litvak.

The company incurred about $46 million in costs to achieve those sales, giving it about $71 million in net distributable assets. Lenders who rank ahead of the government, Argonaut Ventures I LLC and Madrone Partners LP, are owed about $77 million, about $6 million short of a full recovery, said Carlson of Imperial Capital. The company has maximized the value of its assets and the costs were necessary to do so, he said.

The company is in U.S. Bankruptcy Court in Wilmington, Delaware, today seeking approval of its plan to exit bankruptcy protection.

These stimulus-aided “green jobs” money holes all seem to file bankruptcy in Wilmington, Delaware. A123 did as well. Maybe it’s close to where the Stimulus Sheriff lives so he can more closely monitor our tax dollars being flushed wisely.

Solyndra managed to hang on just long enough to re-arrange things so investers (some who just happened to be White House visitors) got to jump ahead of taxpayers in the line to recover some money in the inevitable event of a bankruptcy.

But Solyndra attorneys are providing taxpayers with a glimmer of hope. There is a second failsafe built into the DOJ’s “green jobs” plan: If it doesn’t work, sue the competition:

It has now come out that Solyndra has filed a lawsuit against three US based, Chinese solar companies, claiming that their illegal pricing strategies were the reason why Solyndra could not meet the contracts that it had announced in 2008.

The lawsuit is against Suntech, Trina Solar Ltd, and Yingli Green Energy Holding Co., and is asking for a sum of $1.5 billion in compensation.

Solyndra claim that the Chinese trio coordinated their pricing strategies to drop them 75% in four years. They used predatory pricing and price fixing to drive out the competition in the US.

A response from a company Solyndra is suing:

Robert Petrina, Managing Director, Yingli Green Energy Americas, said that “we just received notice of this complaint, but from our initial review, these are unwarranted and misguided claims from a company that has a clear history of failed technology and achievements.”

Ouch. But I can put down that “failed technology” attack in two words: “Whistling robots.” By all accounts those things were awesome.

(h/t Zero Hedge)

**Written by Doug Powers

Twitter @ThePowersThatBe

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