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‘Hopelessly Insolvent’ Obama-Backed Solar Company On Verge Of Extinction
Topic Started: Aug 14 2016, 08:28 AM (51 Views)
Berton
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‘Hopelessly Insolvent’ Obama-Backed Solar Company On Verge Of Extinction


Solar company SunEdison is on the verge of complete collapse, as the company was forced to stiff shareholders as its debts outweigh assets by at least $1 billion.

The company is “hopelessly insolvent,” Judge Stuart Bernstein said in a Thursday decision announcing SunEdison’s shareholders won’t get an official voice in the bankruptcy.

The judge’s decision came after a court fight aimed at showing the massive solar power company had enough money left to keep shareholders from avoiding financial ruin as a result of the bankruptcy.

Shareholders “have lost money on their investments, and hope that an official committee will capture value for them in the end. The appointment of an Equity Committee, however, will not create value where it does not exist,” Bernstein said.

SunEdison will come up nearly $1 billion to $2.5 billion short of covering all of its debts, the judge said, making it “substantially unlikely” shareholders will avoid significant financial pain.

The company’s market capitalization nosedived in 2015 and 2016, as investors and business partners lost confidence amid mounting debt, incomplete deals and doubts about the company’s finances.

The solar panel provider’s descent into insolvency was quick and devastating. SunEdison’s shares tumbled nearly 100 percent (95 percent) during the past year, and the company’s market value fell from a high of $10 billion in July 2015 to around $400 million as of March 2016.

SunEdison and its sister companies received nearly $650 million in government subsidies and tax credits since 2000, according to a Good Jobs First report in March, making it the 13th most subsidized company in the U.S.

Additionally, the Obama-backed company benefited from an infusion of $4.6 million in subsidies from the Department of Energy and Department of Treasury. Watchdog.org reported in 2015 SunEdison raked in millions of dollars from the Obama administration.

LINK


More money wasted.

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Brewster
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OMG! a Private Company on the verge of bankruptcy! That only happens to Green companies! Nobody else in the country has ever gone bankrupt!

Well, other than a few Trump efforts... His bankruptcies have cost taxpayers $60 Mil or more
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Neutral
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Taxpayer money was thrown away. This won't be the only taxpayer funded green company that will lose us money.
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Berton
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Poor little Brewster, he just can not understand the real world.

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Brewster
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I understand far more about the real world than you two idiots - Green companies are no more likely to go under than any other type of company, and cost no more when they do - time to dig your heads out of the sand and wake up to reality...Posted Image
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Berton
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Lots of tax payer money wasted but in the fantasy world Brewster lives in that doesn't count.
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Neutral
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Noclue, the way it works if a company's product is not viable the company doesn't make it.
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Brewster
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Neut, you didn't need to admit that you haven't a clue about how business works, we already knew that.

It's rarely the basic product that's at fault. Ever hear of competition? Winners and losers?

Chinese competition?

What a Maroon!
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Neutral
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You just made my point. Inferior product, company doesn't make it or gets far less market share.
You'll get it Noclue if you will just listen to me.
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Berton
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I seriously doubt it. He doesn't do well in the learning game.
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