If you want to add something to this page or answer a question. Click on Just Vent Ask Question, Comment or Tell Stories link on left panel.
millions more down the drain. More failed “stimulus” policy.
The Solyndra scandal is dominating the headlines right now, and rightfully so. But it’s worth noting that the now-bankrupt solar company wasn’t the only recipient of big stimulus dollars to end up in bankruptcy.
None of these companies had the close political ties to the Obama administration that Solyndra did, apparently, and the dollar amounts involved were a fraction of what was squandered on Solyndra.
But even so, millions more down the drain. More failed “stimulus” policy.
At least four other companies have received stimulus funding only to later file for bankruptcy, and two of those were working on alternative energy.
Evergreen Solar Inc., reportedly received $5.3 million of stimulus cash through a state grant to install 11,000 photovoltaic panels installed at 11 colleges and universities, a recycling facility and an education center in Massachusetts.
The company, once a rock star in the solar industry, filed for bankruptcy protection last month, saying it couldn’t compete with Chinese rivals without reorganizing. The company intends to focus on building up its manufacturing facility in China.
SpectraWatt, based in Hopewell Junction, N.Y., is also a solar cell company that was spun out of Intel in 2008. In June 2009, SpectraWatt received a $500,000 grant from the National Renewable Energy Laboratory as part of the stimulus package. SpectraWatt was one of 13 companies to receive the money to help develop ways to improve solar cells without changing current manufacturing processes.
The company filed for bankruptcy last month, saying it could not compete with its Chinese competitors, which receive “considerable government and financial support.” …
Another winner of stimulus who ultimately lost is Mountain Plaza Inc. Despite declaring bankruptcy in 2003, the company received $424,000 from the Tennessee Department of Transportation as part of a grant aimed at installing “truck stop electrification” systems that allow idling truckers to plug-in during extended stops and turn off their exhaust-belching, environment polluting diesel engines.
Mountain Plaza had filed for bankruptcy protection again in June 2010. TDOT, which received a $2 million stimulus grant from the Environmental Protection Agency for the project, said it didn’t learn about the bankruptcy until October, but it is closely monitoring the project.
Elsewhere, Olsen’s Crop Service and Olsen’s Mills Acquisition Co. also failed despite Olsen’s Mills receiving $10 million to increase employment, add equipment and machinery, refinance existing debts and work capital for operations and acquire land. The payout — part of a $64 million package to nine rural businesses in Wisconsin for economic development loan assistance — was delivered in January 2010, after Olsen’s Mills filed for bankruptcy protection for defaulting on a $60 million bank loan.
Meanwhile, Obama wants another stimulus bill this time with an “infrastructure bank” aimed at doling out these same sort of “investments.”
Hope for change.
