Another federally backed company goes BANKRUPT!

[newtothegame]

UGHHH...
At least the fed is listed as "senior status".....lol
Give me that much money and I will list you as "senior status" as well :)

Second Energy Department-backed company goes bankrupt


By Ben Geman - 10/31/11 08:04 AM ET

A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse.

Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.

http://thehill.com/blogs/e2-wire/e2-wire/190641-second-energy-dept-backed-company-goes-bankrupt

[DJofSD]

I guess "the business of America is business" is no longer true.

The current administrations lack of ability to perform due deligence is tantamount to betting a false favorite with both hands and then hoping against hope that it will win.

[Tom]

Obama would do better to just throw money out the window of the WH and let the wind carry it away. He couldn't lose it any faster than his moronic and senseless investments.

A doophus who never held a real job or did any real work has no business handling money. This jerk would lose money selling water in the desert.

[LottaKash]

IThe current administrations lack of ability to perform due deligence is tantamount to betting a false favorite with both hands and then hoping against hope that it will win.

I think that you have just summed up the "Lefty-Libber" way of thinking ....

"Hope and Change"....The "change" has come alright, all they have now is trying to rationalize the "hope" part....

Me, I just see it as out and out "Gangsterism"....

Gangsterism at it's "best or worst", depending upon your point of view...Al Capone would be jealous, I think...

best,

[mostpost]

UGHHH...
At least the fed is listed as "senior status".....lol
Give me that much money and I will list you as "senior status" as well :)

Second Energy Department-backed company goes bankrupt


By Ben Geman - 10/31/11 08:04 AM ET

A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse.

Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.

http://thehill.com/blogs/e2-wire/e2-wire/190641-second-energy-dept-backed-company-goes-bankrupt
There are many differences between this and Solyndra.
Beacon is still operating and has provide collateral for the loan.
From your link:
“It is important to note that this plant itself, which is operational and generating revenue, is a valuable collateral asset. In addition, under the terms of our loan guarantee agreement, Stephentown Regulation Services, LLC currently has cash reserves and proceeds from the plant that it was required to hold as collateral on the loan,” LaVera said.


The DOE has first call on repayment if the company does go under.
Again from your link:
The Energy Department also noted that the federal government retains its “senior status” for repayment in the loan agreement with Beacon Power.

So we are not out any money yet and may never be.

[DJofSD]

Senior status like in before the bond holders?

I can not think of a better example of how the federal government should just leave things well enough alone.

[LottaKash]

There are many differences between this and Solyndra.
So we are not out any money yet and may never be.

:D...never be....

[bigmack]

Dept of Energy handing out loans to firms that go out of business less than a year later? Sounds like somebody is REALLY bad at looking at financials.

Thing is, it's not the economy or industry. It's bad business models. Look at Solyndra. They were trying to sell panels for HALF of what they cost to build. And they couldn't even sell those.

In their want to hurry-up with this 'Green jobs initiative' DoE, BO & Co., made some serious boo-boo's.

Mosty would say the same thing if he had an ounce of honesty in him.

[mostpost]

Dept of Energy handing out loans to firms that go out of business less than a year later? Sounds like somebody is REALLY bad at looking at financials.

Thing is, it's not the economy or industry. It's bad business models. Look at Solyndra. They were trying to sell panels for HALF of what they cost to build. And they couldn't even sell those.

In their want to hurry-up with this 'Green jobs initiative' DoE, BO & Co., made some serious boo-boo's.

Mosty would say the same thing if he had an ounce of honesty in him.
I never commented on the Solyndra thread. On this one I said that the government had guarantees that made it more likely that it would not lose money.

I won't argue against the fact that the vetting process needs work. On the other hand, how many loan guarantees has DOE approved that are working
out just fine.

[mostpost]

Senior status like in before the bond holders?

I can not think of a better example of how the federal government should just leave things well enough alone.

When private investors have priority as in the case of Solyndra, you complain that taxpayers are losing money. When the DOE has priority you complain that private investors are losing money. The truth is you just want to complain about Obama and you are not going to let fairness or the facts get in the way of that.

[Tom]

If it is not the vast majority they have no business making ANY loans.

[mostpost]

Obama would do better to just throw money out the window of the WH and let the wind carry it away. He couldn't lose it any faster than his moronic and senseless investments.

A doophus who never held a real job or did any real work has no business handling money. This jerk would lose money selling water in the desert.

I think you don't realize that Obama does not sit in the Oval Office and peruse the balance sheets of these companies. Nor does he approve or disapprove the decisions made at the Department of Energy.
There are experts there who decide who gets loans and who doesn't. You can argue that their decisions have not been real good and you can argue that they should be replaced, but decisions on an individual loan are not made by Obama personally.

[DJofSD]

When private investors have priority as in the case of Solyndra, you complain that taxpayers are losing money. When the DOE has priority you complain that private investors are losing money. The truth is you just want to complain about Obama and you are not going to let fairness or the facts get in the way of that.
Get the government out of it altogether then there is not any confusion as to who gets what when. Apply contract law. Period.

[bigmack]

I never commented on the Solyndra thread.
I know. It's been over 2 months and not one mention of Solyndra from your brain trust of Maddow, Schultz, Sharpton, Matthews, Bashir & Larry.

Journalism at its most laughable.

[boxcar]

I think you don't realize that Obama does not sit in the Oval Office and peruse the balance sheets of these companies. Nor does he approve or disapprove the decisions made at the Department of Energy.
There are experts there who decide who gets loans and who doesn't. You can argue that their decisions have not been real good and you can argue that they should be replaced, but decisions on an individual loan are not made by Obama personally.

How come, then, Solyandra all but lived in the WH before getting the loan approval? You are so naive.

This is why the government needs to get out of the private sector loan business. These "loans" are nothing more than political money laundering operations that ensure the administration gets its war chest kickback.

Boxcar

[lsbets]

I think you don't realize that Obama does not sit in the Oval Office and peruse the balance sheets of these companies. Nor does he approve or disapprove the decisions made at the Department of Energy.
There are experts there who decide who gets loans and who doesn't. You can argue that their decisions have not been real good and you can argue that they should be replaced, but decisions on an individual loan are not made by Obama personally.

The buck stops -

somewhere else!

[JustRalph]

It's not about balance sheets or the future of energy etc

It's about paying back his cronies. Search the benefactors of this loan and somewhere you will find a link to Obama bundlers or someone connected to Obama in some way