Romney's Solyndra Moment

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    Jun 02, 2012 6:12 PM GMT
    With all the hysteria about the Solyndra bankruptcy, one would be forgiven for not realizing that the program was begun under the Bush administration, and that the Republican Congress through green energy under the bus which let China own the market.

    But the most interesting piece to be revealed is Mitt Romney authorized a $1.5 million to a Massachusetts-based company, Konarka Technologies, which is remarkably similar to Solyndra down to filing for bankruptcy yesterday.

    Could it be that China's unfair advantage in solar tech, helped along by Republicans, is making green energy a non-starter in the US?

    Boston HeraldA Bay State solar panel developer that landed a state loan from Mitt Romney when he was Massachusetts governor has gone belly up — a day after the GOP presidential hopeful ripped President Obama’s green-energy investments.

    Lowell-based Konarka Technologies announced late yesterday that it filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate.

    “Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

    The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.

    And on Thursday the GOP candidate was stumping outside the shuttered Solyndra solar-panel factory in California, blasting the Obama administration’s $535 million loan as a symbol of “crony capitalism.”


    “If Romney gets a little bit of heat because he participated in some of these policies at a point in time, it’s all fair in the world of politics,” said state Sen. Marc Pacheco (D-Taunton). “He’s criticizing on one hand, he’s got to take criticism on the other.”

    A Romney spokesman could not be immediately reached for comment.

    In its 11-year history, Konarka collected a total of $20 million in government research grants, along with $170 million in private capital. The company makes thin, flexible solar panels that its customers build into other products such as deck umbrellas, backpacks and portable chargers.

    Konarka has fallen into the same bankruptcy shadow cast by Bay State clean-energy crashes Evergreen Solar and Beacon Power, both backed by controversial taxpayer subsidies.

    Berke indicated in Konarka’s announcement that he hasn’t given up hope that a “rescue financing or acquisition” would materialize during the bankruptcy proceedings. He noted “worldwide interest in the company, including from the Chinese government” — whose subsidies for its solar industry prompted the Obama administration earlier this month to impose punishing tariffs.

    Berke, who was not available for comment, founded Konarka in 2001 with Nobel Prize-winning chemist Alan Heeger and a team of scientists at UMass-Lowell.

    Konarka has only $113,541 in cash remaining, according to a financial statement filed in bankruptcy court. That’s after paying out about $715,000 in severance to employees.

    The company’s assets, which would help resolve some creditor claims, include hundreds of patents and patent applications along with a manufacturing plant in New Bedford.


    http://www.bostonherald.com/jobfind/news/technology/view/20220602mitts_big_green_flop_lowell_solar_panel_co_he_backed_goes_under/srvc=home&position=also
  • Posted by a hidden member.
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    Jun 02, 2012 8:49 PM GMT
    Republicans time and time again have not only touted that America is "Open for business!", but also that the "storekeepers are for hire" and that the "store is up for grabs".

    Just say NO to the deterioration of America. Vote the Republicans out of office!
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    Jun 03, 2012 6:31 PM GMT
    Christian73 saidWith all the hysteria about the Solyndra bankruptcy, one would be forgiven for not realizing that the program was begun under the Bush administration, and that the Republican Congress through green energy under the bus which let China own the market.

    But the most interesting piece to be revealed is Mitt Romney authorized a $1.5 million to a Massachusetts-based company, Konarka Technologies, which is remarkably similar to Solyndra down to filing for bankruptcy yesterday.

    Could it be that China's unfair advantage in solar tech, helped along by Republicans, is making green energy a non-starter in the US?

    Boston HeraldA Bay State solar panel developer that landed a state loan from Mitt Romney when he was Massachusetts governor has gone belly up — a day after the GOP presidential hopeful ripped President Obama’s green-energy investments.

    Lowell-based Konarka Technologies announced late yesterday that it filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate.

    “Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

    The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.

    And on Thursday the GOP candidate was stumping outside the shuttered Solyndra solar-panel factory in California, blasting the Obama administration’s $535 million loan as a symbol of “crony capitalism.”


    “If Romney gets a little bit of heat because he participated in some of these policies at a point in time, it’s all fair in the world of politics,” said state Sen. Marc Pacheco (D-Taunton). “He’s criticizing on one hand, he’s got to take criticism on the other.”

    A Romney spokesman could not be immediately reached for comment.

    In its 11-year history, Konarka collected a total of $20 million in government research grants, along with $170 million in private capital. The company makes thin, flexible solar panels that its customers build into other products such as deck umbrellas, backpacks and portable chargers.

    Konarka has fallen into the same bankruptcy shadow cast by Bay State clean-energy crashes Evergreen Solar and Beacon Power, both backed by controversial taxpayer subsidies.

    Berke indicated in Konarka’s announcement that he hasn’t given up hope that a “rescue financing or acquisition” would materialize during the bankruptcy proceedings. He noted “worldwide interest in the company, including from the Chinese government” — whose subsidies for its solar industry prompted the Obama administration earlier this month to impose punishing tariffs.

    Berke, who was not available for comment, founded Konarka in 2001 with Nobel Prize-winning chemist Alan Heeger and a team of scientists at UMass-Lowell.

    Konarka has only $113,541 in cash remaining, according to a financial statement filed in bankruptcy court. That’s after paying out about $715,000 in severance to employees.

    The company’s assets, which would help resolve some creditor claims, include hundreds of patents and patent applications along with a manufacturing plant in New Bedford.


    http://www.bostonherald.com/jobfind/news/technology/view/20220602mitts_big_green_flop_lowell_solar_panel_co_he_backed_goes_under/srvc=home&position=also


    Again, you show either how uninformed, lazy or just how much of a partisan hack you are that you just take any story without looking into the facts and run with it.


    1. In the state of Massachusetts there exists a board which operates independently of the Governor on approving such loans.

    2. The loan to Konarka, mentioned here, was approved by that board before Romney took offices as Governor.

    Before you all get giddy and jump on this story you might want to do a little homework into the facts.
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    Jun 03, 2012 9:44 PM GMT
    shybuffguy said
    Christian73 saidWith all the hysteria about the Solyndra bankruptcy, one would be forgiven for not realizing that the program was begun under the Bush administration, and that the Republican Congress through green energy under the bus which let China own the market.

    But the most interesting piece to be revealed is Mitt Romney authorized a $1.5 million to a Massachusetts-based company, Konarka Technologies, which is remarkably similar to Solyndra down to filing for bankruptcy yesterday.

    Could it be that China's unfair advantage in solar tech, helped along by Republicans, is making green energy a non-starter in the US?

    Boston HeraldA Bay State solar panel developer that landed a state loan from Mitt Romney when he was Massachusetts governor has gone belly up — a day after the GOP presidential hopeful ripped President Obama’s green-energy investments.

    Lowell-based Konarka Technologies announced late yesterday that it filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate.

    “Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

    The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.

    And on Thursday the GOP candidate was stumping outside the shuttered Solyndra solar-panel factory in California, blasting the Obama administration’s $535 million loan as a symbol of “crony capitalism.”


    “If Romney gets a little bit of heat because he participated in some of these policies at a point in time, it’s all fair in the world of politics,” said state Sen. Marc Pacheco (D-Taunton). “He’s criticizing on one hand, he’s got to take criticism on the other.”

    A Romney spokesman could not be immediately reached for comment.

    In its 11-year history, Konarka collected a total of $20 million in government research grants, along with $170 million in private capital. The company makes thin, flexible solar panels that its customers build into other products such as deck umbrellas, backpacks and portable chargers.

    Konarka has fallen into the same bankruptcy shadow cast by Bay State clean-energy crashes Evergreen Solar and Beacon Power, both backed by controversial taxpayer subsidies.

    Berke indicated in Konarka’s announcement that he hasn’t given up hope that a “rescue financing or acquisition” would materialize during the bankruptcy proceedings. He noted “worldwide interest in the company, including from the Chinese government” — whose subsidies for its solar industry prompted the Obama administration earlier this month to impose punishing tariffs.

    Berke, who was not available for comment, founded Konarka in 2001 with Nobel Prize-winning chemist Alan Heeger and a team of scientists at UMass-Lowell.

    Konarka has only $113,541 in cash remaining, according to a financial statement filed in bankruptcy court. That’s after paying out about $715,000 in severance to employees.

    The company’s assets, which would help resolve some creditor claims, include hundreds of patents and patent applications along with a manufacturing plant in New Bedford.


    http://www.bostonherald.com/jobfind/news/technology/view/20220602mitts_big_green_flop_lowell_solar_panel_co_he_backed_goes_under/srvc=home&position=also


    Again, you show either how uninformed, lazy or just how much of a partisan hack you are that you just take any story without looking into the facts and run with it.


    1. In the state of Massachusetts there exists a board which operates independently of the Governor on approving such loans.

    2. The loan to Konarka, mentioned here, was approved by that board before Romney took offices as Governor.

    Before you all get giddy and jump on this story you might want to do a little homework into the facts.


    Sure there is. Just like Obama didn't personally approve any funding to Solyndra which applied for funding under the Bush administration.

    Stop being such a stupid fucking partisan douche bag and find some actual principles.
  • Posted by a hidden member.
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    Jun 03, 2012 11:40 PM GMT
    Christian73 said
    shybuffguy said
    Christian73 saidWith all the hysteria about the Solyndra bankruptcy, one would be forgiven for not realizing that the program was begun under the Bush administration, and that the Republican Congress through green energy under the bus which let China own the market.

    But the most interesting piece to be revealed is Mitt Romney authorized a $1.5 million to a Massachusetts-based company, Konarka Technologies, which is remarkably similar to Solyndra down to filing for bankruptcy yesterday.

    Could it be that China's unfair advantage in solar tech, helped along by Republicans, is making green energy a non-starter in the US?

    Boston HeraldA Bay State solar panel developer that landed a state loan from Mitt Romney when he was Massachusetts governor has gone belly up — a day after the GOP presidential hopeful ripped President Obama’s green-energy investments.

    Lowell-based Konarka Technologies announced late yesterday that it filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate.

    “Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

    The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.

    And on Thursday the GOP candidate was stumping outside the shuttered Solyndra solar-panel factory in California, blasting the Obama administration’s $535 million loan as a symbol of “crony capitalism.”


    “If Romney gets a little bit of heat because he participated in some of these policies at a point in time, it’s all fair in the world of politics,” said state Sen. Marc Pacheco (D-Taunton). “He’s criticizing on one hand, he’s got to take criticism on the other.”

    A Romney spokesman could not be immediately reached for comment.

    In its 11-year history, Konarka collected a total of $20 million in government research grants, along with $170 million in private capital. The company makes thin, flexible solar panels that its customers build into other products such as deck umbrellas, backpacks and portable chargers.

    Konarka has fallen into the same bankruptcy shadow cast by Bay State clean-energy crashes Evergreen Solar and Beacon Power, both backed by controversial taxpayer subsidies.

    Berke indicated in Konarka’s announcement that he hasn’t given up hope that a “rescue financing or acquisition” would materialize during the bankruptcy proceedings. He noted “worldwide interest in the company, including from the Chinese government” — whose subsidies for its solar industry prompted the Obama administration earlier this month to impose punishing tariffs.

    Berke, who was not available for comment, founded Konarka in 2001 with Nobel Prize-winning chemist Alan Heeger and a team of scientists at UMass-Lowell.

    Konarka has only $113,541 in cash remaining, according to a financial statement filed in bankruptcy court. That’s after paying out about $715,000 in severance to employees.

    The company’s assets, which would help resolve some creditor claims, include hundreds of patents and patent applications along with a manufacturing plant in New Bedford.


    http://www.bostonherald.com/jobfind/news/technology/view/20220602mitts_big_green_flop_lowell_solar_panel_co_he_backed_goes_under/srvc=home&position=also


    Again, you show either how uninformed, lazy or just how much of a partisan hack you are that you just take any story without looking into the facts and run with it.


    1. In the state of Massachusetts there exists a board which operates independently of the Governor on approving such loans.

    2. The loan to Konarka, mentioned here, was approved by that board before Romney took offices as Governor.

    Before you all get giddy and jump on this story you might want to do a little homework into the facts.


    Sure there is. Just like Obama didn't personally approve any funding to Solyndra which applied for funding under the Bush administration.

    Stop being such a stupid fucking partisan douche bag and find some actual principles.


    You have a lot of nerve to call someone a "partisan douche bag" and to tell someone to "find some actual principles", but then I suppose who would know better about partisan douche bags and people without principles more than a "partisan douche bag" like you!
  • Posted by a hidden member.
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    Jun 04, 2012 12:22 AM GMT
    Christian73 said
    shybuffguy said
    Christian73 saidWith all the hysteria about the Solyndra bankruptcy, one would be forgiven for not realizing that the program was begun under the Bush administration, and that the Republican Congress through green energy under the bus which let China own the market.


    http://www.bostonherald.com/jobfind/news/technology/view/20220602mitts_big_green_flop_lowell_solar_panel_co_he_backed_goes_under/srvc=home&position=also


    Again, you show either how uninformed, lazy or just how much of a partisan hack you are that you just take any story without looking into the facts and run with it.


    1. In the state of Massachusetts there exists a board which operates independently of the Governor on approving such loans.

    2. The loan to Konarka, mentioned here, was approved by that board before Romney took offices as Governor.

    Before you all get giddy and jump on this story you might want to do a little homework into the facts.


    Sure there is. Just like Obama didn't personally approve any funding to Solyndra which applied for funding under the Bush administration.

    Well, I think the independent board is called Massachusetts Technology Collaborative Renewable Energy Trust. Oh, and I just happened to find this project overview from them on the Konarka project.

    "Konarka received a $1.5 million subordinated loan with warrants in December 2002. The MTC financing was provided in conjunction with a $13.5 million Series B private venture round, led by Draper Fisher Jurvetson. Proceeds from the MTC loan were used to finance research and development activities, and to fund the development of a pilot production line in the company’s headquarters in Lowell, MA. At the time of the MTC investment, Konarka had 30 employees in Lowell, MA; there are now 35 employees in Lowell and 15 additional employees elsewhere. This project has been assigned and is now being managed by the Clean Energy Center."

    I also just happened across this in the "Financial Milestones" on the Konarka website:
    "December 2002 $1.5 million in venture debt financing from the Massachusetts Renewable Energy Trust "
    .
    Go figure. Kind of difficult for Romney to award the loan in December of 2002 when he didn't take office as Governor of Massachusetts until January of 2003.
    As for the Cunard of the Bush administration and Solyndra, it's already been proven that the Bush administration passed on the Solyndra loan and the Obama administration came in and fast tracked the loan with a considerable amount of push being given by the White House. Did the owners of Konarka give large amounts of money to the Romney campaign as was the case with the President? Did the owners of Konarka have an unusual amount of access to the Governor as was the case with the President?


    http://www.masstech.org/project_detail.cfm?ProjSeq=110

    http://www.konarka.com/index.php/company/our-history/

    Stop being such a stupid fucking partisan douche bag and find some actual principles.

    It would seem to me that the "stupid fucking partisan douche bag" who needs to "find some actual principles" here would be the one who always pulls this warmed over bullshit off of some left-wing Liberal site and runs with it without even checking into the issue to see if there is even any truth to it and then gets pissy and acts like a little name calling girl when he gets embarrassed when someone calls him out on his bullshit! We both know that isn't me.
    So, I guess this is where I can call you a "stupid fucking partisan douche bag" , because you really do look like one. I guess this is where I tell you to "find some actual principles", because again it looks as if it's you who needs to "find some actual principles", but I suppose that would be difficult for you since you seem to thing that lying, throwing tantrums and calling other people names are great virtues.
  • CuriousJockAZ

    Posts: 19338

    Jun 04, 2012 4:48 AM GMT
    shybuffguy said

    So, I guess this is where I can call you a "stupid fucking partisan douche bag" , because you really do look like one. I guess this is where I tell you to "find some actual principles", because again it looks as if it's you who needs to "find some actual principles", but I suppose that would be difficult for you since you seem to thing that lying, throwing tantrums and calling other people names are great virtues.



    +10 and BINGO! icon_lol.gif