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Solyndra Caught Destroying Millions in Assets

3:16 PM, Jan 21, 2012 • By MARK HEMINGWAY
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Solyndra, the bankrupt solar panel firm at the center of the Obama administration's green energy loan program scandal, still owes U.S. taxpayers hundreds of millions of dollars. So why is it destroying millions of dollars in saleable assets? CBS San Francisco reports:

At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week. They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters. ...

Solyndra is not commenting. But court documents reveal the company received permission from the bankruptcy trustee to abandon the high grade glass, the court agreeing that it was of “inconsequential value” because the cost of storing them exceeds their value.

An employee for Heritage Global Partners, the company in charge of selling Solyndra’s assets, told CBS 5 they conducted an exhaustive search for buyers but no one wanted them.

But how exhaustive was that search? The tubes were never included on the list of Solyndra assets put up for sale at two auctions last year.

If they were, David Lucky told CBS 5 he would have bought them. “We certainly would have bid on them, yes,” Lucky said.

Lucky owns several large warehouses near Las Vegas. He buys and then resells manufacturing equipment and components all the time.

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