Solyndra, the bankrupt solar company that received a $535 million loan guarantee from the Obama administration, is set to sell off some of its remaining assets at auction in a little over a week. If you happen to be in the market for a “12-inch Variable Speed Drill with Laser” or a “2 Ton Folding Hydraulic Shop Crane,” you’re in luck. If, on the other hand, you are simply an American taxpayer hoping for some kind of return on the administration’s ill-advised “investment” in Solyndra, prepare to be disappointed.
As I’ve reported previously, perhaps the most controversial aspect of the Solyndra loan scandal is the Department of Energy’s unprecedented decision to restructure the company’s loan agreement in way that granted priority to private investors over taxpayers with respect to the first $75 million recovered from Solyndra liquidation.
Well, Lachlan Markay of the Hertiage Foundation reports that Heritage Global Partners (no relation), the firm overseeing the Solyndra auction, has told him that the money they expect to raise “will not be anywhere near” $75 million. In effect, that means taxpayers will not see a single dime of their money back from this sale. Not to worry, though, because private investors like Argonaut Ventures, the investment arm of the Kaiser Family Foundation operated by Oklahoma billionaire and major Obama fundraiser George Kaiser, ought to do just fine.
Note: Post has been revised.