TribLIVE

| Opinion/The Review


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

The Solyndra scandal: Pre-empting plunder

Letters home ...

Traveling abroad for personal, educational or professional reasons?

Why not share your impressions — and those of residents of foreign countries about the United States — with Trib readers in 150 words?

The world's a big place. Bring it home with Letters Home.

Contact Colin McNickle (412-320-7836 or cmcnickle@tribweb.com).

Daily Photo Galleries

Friday, Oct. 12, 2012, 8:59 p.m.
 

For once, the Internal Revenue Service is taxpayers' best friend, urging that the owners of Solyndra — the Obama administration's signature crony-capitalist boondoggle — not be allowed to plunder their pockets in bankruptcy beyond the half-billion-dollars-plus the defunct solar-panel maker's federal loan guarantee already has cost them.

Solyndra's proposed reorganization plan sets aside just $7 million to $8 million for unsecured creditors and includes a shell corporation that would be able to use net operating losses estimated at $150 million to offset future tax liabilities, The Washington Times reports.

“The only reason for the shell corporation to exist ... is to enable its owners to exploit these tax attributes, which would be lost in liquidation,” IRS lawyers said in a filing in U.S. Bankruptcy Court in Delaware. They also said the reorganization plan's “principal purpose is tax avoidance.”

The stench intensifies when considering one of two big Solyndra investors that would own nearly all of the shell corporation is Argonaut Ventures — the investment vehicle of Oklahoma businessman and 2008 Obama fundraiser George Kaiser. And the IRS contends that Solyndra owners had “planned meticulously” as long ago as 2010 to use this tax-avoidance scheme.

The bankruptcy judge must heed the IRS and disallow the Solyndra owners' attempt to add the insult of further losses to the injury they and the Obama administration have already inflicted on taxpayers' bottom line.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Stories

  1. Agent: Polamalu undecided whether to play in 2015
  2. Mt. Lebanon deer-culling corrals sprayed with urine, repellent
  3. Loose barges on the Mon highlight woes of winter’s end
  4. Starkey: In defense of Mel Kiper Jr.
  5. Train hits PennDOT truck plow in Indiana County, driver not hurt
  6. Pitt oversight of background checks for youth camp staffers was spotty, audit finds
  7. Markleysburg man dies in crash on Route 40
  8. Pittsburgh has enough salt despite delivery refusal on Thursday, official says
  9. Angry fans cited in shortage of refs in Western Pennsylvania
  10. PennDOT announces Parkway closings and single lanes for next week, weather permitting
  11. Franklin Regional robotics team ready for FIRST Recycle Rush