Solyndra Auction Fails to Attract any Bidders
by Publius
(Reuters) – Solyndra LLC failed to attract any bids on Tuesday from buyers who could have restarted production, brought back some laid off staff and kept the bankrupt solar panel maker operating, according to a company adviser.
Solyndra, which owes more than $500 million to the U.S. government, has said a turnkey buyer is the best hope for getting the most money for the government and other creditors. However, no turnkey bids were submitted by a Tuesday deadline, said company adviser Eric Carlson of Imperial Capital LLC.
Court documents suggest that auctioneers who have already been retained will soon begin a piecemeal sale of the remaining production equipment and real estate.
Solyndra collapsed into bankruptcy in September, unable to compete with plummeting prices for solar panels. The company has been an ongoing political headache for President Barack Obama, who visited the company in 2010 to bolster his standing as a creator of renewable energy jobs.
Republican lawmakers are investigating possible favoritism in approving the government’s $535 million loan to the company, which counted among its investors George Kaiser, an Obama fundraiser.
Read more at Reuters.
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45 Comments
Where's all the rich liberals at…?
This is a golden opportunity to invest in the insanity of the progressive future!
Of course there were no turnkey bids: the brand destroys any value that might be associated with the hard assets and IP (if any good IP exists, I don't know).
"Solyndra LLC failed to attract any bids on Tuesday from buyers who could have restarted production"
No way! A company that couldn't survive even with huge government subsidies couldn't find a businessman to buy it?
What a shock.
Ya think maybe buying a business in tax h*ll California may have been the reason there were no bids? I would like to bid $100 dollars on the condition Comrade Foodstamp will loan me $535 mil.
Will the last business to leave or go BK in California please turn off the solar and windmill powered lights?
Send a bill to the idiot who gave out the 'keyman' bonuses in the $millions to somehow 'help' this sale. According to a US congressman 3 nights ago at a town hall, there are many, many more Solyndra's about to become public both now, and especially after the election is over. They are holding out as long as possible in order to get him re-elected to keep the gravy train going. Watch your wallet.
Who would want that "zit" on their back?
It would be like buying a restaurant building that has multiple failures time after time. The stigma carries on……
Nobody wants to waste their money in this economy.
To bad the LSM doesn't do there job and report all of the other BS going on with Barry and his scum bag friends.
My Energy Dept. loan guarentee was late in arriving so I was unable to bid……. ; -)
Where is Obama with his millions??!! He gave them all that money, HE should buy it back!
Now I see what happened to my DOE loan app. You commenters were all in line 1st. Damn, mine was for a cool billion too. Bonuses all around. Guess I will just have to produce something real today.
That's because solar sucks and everyone knows it (yes, even the liberals).
In other news, websites pissed off about government censorship go dark in protest of government censorship and control. They self censor on the one hand, but they are showing everyone just how easily their screens will go dark once government gains control over the internet.
With Republicans in the Majority in the House, there should be literally ZERO chance of anything like this coming anywhere close to passing. That these bills are, that websites are making this move, shows just how feckless and in the tank for progressive Constitution Killing policies the Establishment GOP really is.
Deny the Progressive Party your vote, folks, yes that means the Democrat and the Republican wings of it. Stand up for your Individual Liberty, stand up and fight for your freedom. Refuse to support the tyrannical government usurpation of, well, EVERYTHING!
YOU said you weren't a gun person and that gun grabbing didn't bother you because it doesn't affect you directly. We warned you, we tried to get you to stand up, but you didn't. Now, just as we warned, they have come for something that does directly affect you.
We Told You So.
Had enough yet?
Other than brain-dead liberals and Obama (redundant I know) who would want to buy a company whose business model and products cannot and will never be viable or competitive. It's only taxpayer money that gets wasted on a failure like this – and that only to pad the pockets of Obama donors.
Has anyone called T Boone Pickens yet?????
Solyndra, theVolt, and Obamanomics…the Administrarion's legacy of failure…
Just a few cogs in Obama's wheel of misfortune…
By IP I take it you are referring to Intellectual Property
I wonder, did they think to file a patent on the Sun?
Where is Algore when you need him?
Perhaps Solyndra can put solar panels on the White House. Oh wait they are bankrupt.
No bids for a company that made something that noone wanted enough to pay for it? That's capitalism, baby!
Any REAL business person wouldn't invest in a POS business that couldn't survive with an extra half billion dollars given to them. Only the government is that stupid!
I'm afraid there is too much prior art for that. They might be able to patent the interface between the sun and your wallet, though.
Wait. What am I saying…they already did that!
Why on earth (or the moon, for that matter), would anyone need Algore?!
Entertainment.
Pinyata…….
Boone Pickens would.
First they make a product that challenges the laws of thermodynamics.
Second they got questionable loans from the government(which instigated an investigation, who knows what else is hidden in the closet).
Third the plant is located in a hostile business environment.
Nobody in their right would want such an entity, they should just let us come in and pick up what we want. After all we paid for it. The real story here is the guys who are going to make money on the liquidation of the assets.
How come Al Gore has not shown up to "Bail" out a Solar energy company… He has a net worth of over 100 million and he and his GW buddies can't put a little money where their mouth is? well well well no surprise. SO goes the last tinny tinny bit of credibility there ever was for the Global warming crowd…they only spend other peoples money on such things.
HYPOCRITE means wearer of the mask and Gore does that to a tea.
How come Obama doesn't buy it wioth some of his "stash" money?
Oh, wait, why would he bother, he knows it's a money pit because he helped set it up as one!
i am guessing nobody is a dumb as the us department of energy?
Ah yes. Good point. That would be entertaining, now that you mention it.
I can think of a number of reasons no competent business person would want to buy this turkey. What do you want to bet The One is totally ignorant of all of them?
He is still searching for Manbearpig
To that patent, interesting, isn't it, that some local and state governments around the country have claimed ownership over the rainfall, which is indeed a direct result of the sun itself…….
Who really has rights to the sun? Who claimed them?
Lets find out if Hollywood's GREEN believers are willing to dole out their own hard earned…(er)… money and bail Solyndra out themselves…. It won't happen. The enlighten one's BELIEVE their own lies, and they BELIEVE that just because they want something they will get it. California….. Wacked out nut jobs and over inflated brain tissue mass…. there is no reason that the taxpayer should be paying for all this fodder. Did Solyndra ever REALLY even have an end product?
The owner of Solyndra is a multi-bilionaire in Oklahoma…. best buds with the Dems and President Obama. He should pay back every single wasted dime from his own stash!
I understand that there are more than 11 additional Solyndra type debacles going on as we speak.
Romney is getting roasted for his Bain Capital record. Bain failed to turn around a number of companies. From my experience with Venture Capital (VC) start-ups, Bain was extraordinarily successful. I was a corporate officer (briefly) at an Internet strat up that burned though $30 million dollars in an effort to create a new kind of Web business. We were part of a batch of new companies that our VC was trying to launch. As I remember there were about a dozen of them.
We went bankrupt but we had lasted longer than any of the others. All the new companies in our batch failed. That is a fairly common story. VC start ups are a hit driven business like Hollywood movies. Most movies are unprofitable but the studio survives because of the ocassional hit.
When Venture Capitalists invest their own money they are wrong about 90% of the time. When govrenment invests the taxpayers money they are wrong 100% of the time. Starting a new business is like Ninja Warrior – most end up in the muddy water.
I reckon it must be the Mayan Sun God.
Isn't this what we wanted to become of GM?
IMPEACH bo
They screwed us in every way possible on this company (apparently many more of them not 'outed', yet). I guess it's kind of like adding 'incest, to insult to injury'. Don't ya think?
Who would want it? Remember "NO MATTER HOW YOU WRAP IT, A TURD IS STILL A TURD"! Oh what the hell, it only cost us $500 MILLION! Right, IGNORANT SHEEP that voted for the anointed one?
Manbearpig has been sighted recently at several massage parlors in the Pacific NW. Authorities have asked that all women of middle age lock their doors for fear of Manbearpig molestation.
Hey, Barry-Bop….
You are a millionaire.
Why don't you buy this gem of a company…
And get some real world experience before you run for POTUS.
HOT POTATOE…HOT POTATOE…HOT POTATOE…OF THE FALSE POTENTATE…THE LIAR N' CHIEF…AKA THE CHAMELEON N' CHIEF…AKA THE FLIMFLAM OBAMAMAN…AKA THE PUPPET OF THE BILDERBERG…OBAMA THE BUSH!
THIS IS HIS BABY…'HE' OWNS IT!
Explain to me how the "brand" destroys the value of any hard assets?
How much do you think it costs to change a sign and some stationary?
Please try harder next time.
There were no bids were because there is no value.
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