{"id":15904,"date":"2012-10-12T12:14:31","date_gmt":"2012-10-12T16:14:31","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=15904"},"modified":"2012-10-12T12:14:31","modified_gmt":"2012-10-12T16:14:31","slug":"were-still-not-done-with-solyndra","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=15904","title":{"rendered":"We’re Still Not Done With Solyndra"},"content":{"rendered":"

On Wednesday, the Washington Times<\/a> posted an article about the bankruptcy<\/a> of Solyndra<\/a>.<\/p>\n

The article states:<\/p>\n

The Internal Revenue Service<\/a> urged a bankruptcy judge to reject solar panel maker Solyndra LLC<\/a>\u2019s bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell<\/a> to avoid paying taxes<\/a>.<\/strong><\/p>\n

\u201cThe undeniable conclusion is that tax benefits drive this plan,\u201d attorneys for the IRS<\/a> wrote in a bankruptcy pleading.<\/strong><\/p>\n

The attorneys for the IRS stated that that the tax breaks would be worth more money than funds set aside for creditors.<\/p>\n

The article explained the bankruptcy plan:<\/p>\n

Under Solyndra<\/a>\u2019s reorganization plan, two big investors in the company, Madrone Partners LP<\/a> and Argonaut Ventures<\/a>, together would own nearly all of a shell company formed in the wake of Solyndra<\/a>\u2019s bankruptcy reorganization.<\/strong><\/p>\n

But the IRS<\/a> said in court papers that there was little reason for the shell company to exist other than to help the owners avoid taxes. Argonaut<\/a> is the investment arm of a family foundation headed by Oklahoma businessman George Kaiser<\/a>, a fundraiser for Barack Obama<\/a>\u2019s 2008 presidential campaign. Madrone<\/a> has ties to the family that owns Wal-Mart Stores Inc.<\/a><\/strong><\/p>\n

The article concludes:<\/p>\n

The government attorneys said that while the reorganization plan had \u201csome marginal benefits,\u201d there was no doubt that the most important priority was to \u201cpreserve a shell corporation to be able to reduce future tax liabilities by hundreds of millions of dollars.\u201d<\/strong><\/p>\n

This is what crony capitalism looks like.<\/p>\n

<\/div>\n
\"Enhanced<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

On Wednesday, the Washington Times posted an article about the bankruptcy of Solyndra. The article states: The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC\u2019s bankruptcy plan Wednesday, saying it amounts to little more … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4140,1855,97,494,1174,284,678,482,607],"class_list":["post-15904","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-argonaut-ventures","tag-bankruptcy","tag-barack-obama","tag-crony-capitalism","tag-george-kaiser","tag-internal-revenue-service","tag-irs","tag-solyndra","tag-washington-times"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/15904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15904"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/15904\/revisions"}],"predecessor-version":[{"id":15906,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/15904\/revisions\/15906"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}