Solyndra in the news again
From
Reuters/AlertNet:
Solyndra investor sought tax breaks as bankruptcy loomed-filing
Eight months before solar panel maker Solyndra filed for bankruptcy, the company's politically connected backer sought to hold on to lucrative tax breaks in the event the company went out of business, according to court documents.
The new information was revealed on Wednesday by the U.S. Internal Revenue Service, which filed an official objection to Solyndra's bankruptcy reorganization plan.
More:
In its court filing on Wednesday, the IRS opposed Solyndra's plan. If approved by creditors, a holding company would emerge from bankruptcy with no employees or business operations - but as much as $350 million in tax breaks that could be used by Solyndra's investors, including Argonaut Ventures.
Argonaut is the investment arm of a foundation tied to the Democratic fundraiser, Oklahoma billionaire George Kaiser. Most of the tax breaks would come in the form of Net Operating Losses (NOLs) which could be used to offset future taxable income.
Meanwhile, under the bankruptcy plan Solyndra's creditors would receive pennies on the dollar, the IRS said, adding that the principal purpose of the plan is "tax avoidance."
Just wonderful. They were incompetent in business but managed to save the tax credits. Makes me wonder if that was what they were planning after all...
Posted by DaveH at October 11, 2012 2:51 PM