Romney Campaign Press Release - Solyndra Sale Leaves Taxpayers Behind Once More

"Solyndra is the ultimate symbol of President Obama's failed attempts to pick winners and losers in the free market. The Obama Administration's decision to put its friends and donors ahead of taxpayers was wrong, and even the sale of Solyndra's palatial headquarters won't make things right. When it comes to Solyndra, President Obama may have 'built that,' but it's taxpayers who are stuck with the bill." – Andrea Saul, Romney Campaign Spokesperson

Solyndra's Vacant Headquarters Is Slated To Be Sold For $90 Million – A Mere Fraction Of What Solyndra Paid For The Building:

Seagate Technologies Has Agreed To Purchase Solyndra's Vacant Headquarters For $90 Million. "Seagate Technology Plc (STX.O), maker of hard drives and storage devices, has agreed to pay $90.3 million for the former manufacturing plant and headquarters building of bankrupt Solyndra LLC, which was financed by a controversial government loan, according to bankruptcy court documents." (Ilaina Jonas, "Seagate Offers $90.3 Million For Solyndra Property," Reuters, 8/23/12)

"Solyndra's Fremont, California, Building Cost More Than $300 Million..." "Solyndra's Fremont, California, building cost more than $300 million and was completed in 2010, according to prior court documents." (Ilaina Jonas, "Seagate Offers $90.3 Million For Solyndra Property," Reuters, 8/23/12)

Construction Of Solyndra's Headquarters Was Aided By A Taxpayer-Backed Loan For Over $500 Million. "Solyndra received $528 million in federal stimulus funds to build the facility, which made tube-shaped solar cells. But the plant closed last August as the company tumbled into bankruptcy, costing more than 1,100 people their jobs. Most of the plant's equipment has already been auctioned off." (David R. Baker, "Solyndra Facility May Be Sold To Seagate," San Francisco Chronicle, 8/22/12)

FLASHBACK: Solyndra's Former CEO: "The Bank Of Washington Continues To Help Us!" "A congressional report concluded Friday that 'political pressure' by a White House eager to tout stimulus spending was largely to blame for fast-tracking the ill-fated $535 million Solyndra loan guarantee -- findings compounded by the release of an email that showed the former CEO once referred to the aid as 'The Bank of Washington.' ... 'The Bank of Washington continues to help us!' he exclaimed, pointing to the recently approved loan guarantee and other tax incentives the company might use." ("Email Shows Ex-Solyndra CEO Thanked 'Bank Of Washington,' As New Report Rips Loan Process," Fox News, 8/2/12)

Taxpayers May Have Helped Finance Solyndra's Headquarters, But They Should Not Expect The Bulk Of The Proceeds From The Sale:

Solyndra's Private Investors – Including A Fundraiser For President Obama – Will Be Repaid Ahead Of Taxpayers. "The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors – including a fundraiser for President Barack Obama – moved ahead of taxpayers for repayment in case of a default, government records show. ... Under terms of the February loan restructuring, two private investors – Argonaut Ventures I LLC and Madrone Partners LP – stand to be repaid before the U.S. government if the solar company is liquidated." (Matthew Daly, "Obama Admin Reworked Solyndra Loan To Favor Donor," The Associated Press, 9/16/11)

Solyndra Failed "Within Months" After The Loan Was Restructured To Favor Private Investors. "Even so, senior officials in the White House's Office of Management and Budget did not discourage the Energy Department from proceeding with its plan to restructure a federal loan to Solyndra — a move that put private investors ahead of taxpayers for repayment if the company closed, the investigation by Republicans on the House Energy and Commerce Committee found. The restructuring went forward, but within months Solyndra failed anyway, leaving federal taxpayers on the hook for much of the half-billion-dollar federal loan." (Joe Stephens and Carol Leonnig, "White House Analyst Warned Saving Solyndra Could Cost More Than Letting It Fail," The Washington Post, 8/1/12)

And Who Approved Solyndra's Loan Restructuring? President Obama's Own Advisers, Including Chief Of Staff Jack Lew:

"White House Chief Of Staff Jack Lew May Have Disregarded Warnings From Lower-Level Budget Employees That The Administration's Efforts To Prop Up Solyndra Were Unwise And Possibly Illegal..." "White House chief of staff Jack Lew may have disregarded warnings from lower-level budget employees that the administration's efforts to prop up Solyndra were unwise and possibly illegal, The Washington Post is reporting based on an upcoming House Energy and Commerce Committee report. The Post's story says the report 'suggests' that Lew — in his previous role as director of the Office of Management and Budget — 'let the refinancing move forward without intervening, even though some OMB analysts thought a refinancing plan that favored private investors might violate the law.'" (Bob King, "Solyndra Report May Implicate Lew, Washington Post Writes," Politico, 8/2/12)

Lew Let The "Refinancing Move Forward Without Intervening," Despite Warning From OMB Analysts That The Solyndra Restructuring Plan "Might Violate The Law." "The House energy committee is expected to release the results of its 18-month investigation into Solyndra this week. Its report, parts of which were obtained by The Washington Post, suggests that then-OMB Director Jack Lew let the refinancing move forward without intervening, even though some OMB analysts thought a refinancing plan that favored private investors might violate the law. Lew is now White House chief of staff." (Joe Stephens and Carol D. Leonnig, "White House Analyst Warned Saving Solyndra Could Cost More Than Letting It Fail," The Washington Post, 8/1/12)