Solyndra violated terms of loan

As we remove the layers of the onion this scandal continuous to grow and it’s very bad news for the Obama regime.

Wall Street Journal

Solyndra LLC had such steep financial problems in late 2010 that the company violated terms of its loan-guarantee agreement with the Department of Energy and technically defaulted on its $535 million loan, according to people familiar with the matter.

The failed solar-panel maker, which is under numerous criminal and congressional investigations, ran so short of cash in December 2010 that it was unable to satisfy certain terms of its U.S. loan agreement, these people said. The agreement required Solyndra to provide $5 million in equity to a subsidiary building its factory but cash-flow problems prevented those payments.

More here

That’s because the money might have been kicked back to the Obama White House. How else was he able to pay for the luxurious digs at Martha’s Vineyard and all his rounds of golf?


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