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Solyndra backers could reap big tax breaks
August 28, 2012
Two investment firms could walk away from the bankruptcy of solar panel maker Solyndra LLC with hundreds of millions of dollars in future tax breaks, the U.S. government said in court papers seeking more information on the arrangement.
Units of Argonaut Ventures and Madrone Partners could end up with "significantly more" than $500 million in tax benefits as part of Solyndra's bankruptcy, the Department of Energy and the Internal Revenue Service said in a bankruptcy court filing on Friday.
Under the bankruptcy plan, the U.S. government is unlikely to recoup much of its $528 million loan to Solyndra.
The government agencies asked the U.S. Bankruptcy Court in Wilmington, Delaware, to reject Solyndra's "disclosure statement," which describes its plan to repay creditors, unless the company provides more details on the tax benefits.
Under the proposed plan, tax benefits such as "net operating losses" would be preserved for Argonaut, which is controlled by a foundation linked to billionaire George Kaiser, and Madrone. Under a 2011 restructuring, the two firms committed to investing $75 million to keep Solyndra afloat with the condition they would be repaid before the U.S. government.
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Obama comment on ‘divisive' Catholic education means class in session for #ObamaApprovedSchools
June 19, 2013 10:37 PM
At the G8 Summit in Northern Ireland, President Obama suggested that Catholic schools are divisive. The controversy over the president’s comment prompted a Twitter user to wonder exactly what kinds of schools Obama would approve of. It only takes a tweet to get things going: I propose a new hashtag: #ObamaApprovedSchools – Hogwart's Academy – […]
June 19, 2013 09:42 PM
“May we, in humility, confront this national sin, & may we mourn what abortion reveals about the conscience of our nation.” – @VirginiaFoxx— Sister Toldjah (@sistertoldjah) June 19, 2013 Rep. Virginia Foxx (R-NC), speaking on behalf of the unborn and in support of the Pain-Capable Unborn Child Protection Act (HR 1797), was brought to tears […]
Sen. Ted Cruz blasts Gang of Eight's shamnesty bill
June 19, 2013 09:13 PM
Unlike many in the GOP, Sen. Ted Cruz, R-Texas, is willing to speak bluntly and honestly about the Gang of Eight’s amnesty proposal. Of course, he is absolutely right. It is 1986 all over again. And if the Gang of Eight bill passes, the low-wage-worker lobby will be pushing another amnesty proposal down our throats […]
June 19, 2013 07:15 PM
That’s exactly what happened, as evidenced by this quote from President Obama at the G8 summit in Northern Ireland: 'If towns remain divided—if Catholics have their schools and buildings and Protestants have theirs, if we can't see ourselves in one another and fear or resentment are allowed to harden—that too encourages division and discourages cooperation,' […]
Amanda Marcotte: GOP politicians obsessed with young women having sex
June 19, 2013 05:46 PM
Logic is not exactly Amanda Marcotte’s strong suit. Case in point: Marcotte can’t seem to wrap her head around the idea that Republicans are capable of having opinions about abortion. The only way she can explain it is that they’re icky: It is always unnerving to realize how many creepy Republican politicians were once gynecologists.— […]
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