Obama: Go Abound And Forward!
OBAMA’S ADMINISTRATION PUSHED ABOUND SOLAR FORWARD
Emails Reveal Obama White House Involved In $400 Million Loan Guarantee For Now-Bankrupt Abound Solar. “The White House was involved in discussions for a $400 million federal loan guarantee awarded to Longmont-based Abound Solar, which later went bankrupt, e-mails released by a Congressional committee show. The e-mails, which were obtained by the Republican staff of the House Committee on Oversight and Government Reform, show White House interest in the loan and allude to pressure to complete the transaction.” (Mark Jaffe and Steve Raab, “Emails Link White House To Discussion Of Abound Solar Loan Guarantee,” The Denver Post, 10/29/12)
Then-Executive Director Jonathan Silver Of Energy Department’s Loan Program Office “Told An Agency Contractor That ‘The WH Wants To Move Abound Forward.’” “In an e-mail dated June 25, 2010, Jonathan Silver, executive director of loan programs for the U.S. Department of Energy, told an agency contractor that 'the WH wants to move Abound forward.’” (Mark Jaffe and Steve Raab, “Emails Link White House To Discussion Of Abound Solar Loan Guarantee,” The Denver Post, 10/29/12)
MOVING FORWARD WITH HIS STIMULUS, OBAMA PROMISED ABOUND SOLAR WOULD CREATE 3,500 JOBS
On July 3, 2010, President Obama Cited The Loan To Abound Solar In His Weekly Address, Touting The 2,000 Construction Jobs And 1,500 Permanent Jobs The Company Would Create. “The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory. When fully operational, these plants will produce millions of state-of-the-art solar panels each year.” (President Barack Obama, Weekly Address, Washington D.C., 7/3/10)
ABOUND SOLAR HAS SINCE FILED FOR BANKRUPTCY AND ANNOUNCED HUNDREDS OF LAYOFFS IN COLORADO
The Denver Post: “Since The Start Of 2012, More Than 300 Jobs Were Lost At Abound’s Colorado Plant In Longmont And Other Facilities.” (Mark Jaffe and Steve Raab, “Emails Link White House To Discussion Of Abound Solar Loan Guarantee,” The Denver Post, 10/29/12)
In July 2012, Abound Solar Announced It Would File For Bankruptcy And Lay Off 125 Employees. “Abound Solar filed for bankruptcy on Monday and will liquidate, becoming the latest U.S. solar panel company to fold despite government support. Stiff competition from China and subsidy cuts in Europe have created a steep fall in panel prices, sending solar companies, including Solyndra LLC and Evergreen Solar Inc (ESLRQ.PK), into bankruptcy protection. Abound Solar, which filed for a Chapter 7 liquidation in U.S. Bankruptcy Court in Delaware, had said last week that it planned to shut down and would lay off 125 employees.” (Caroline Humer, “Abound Solar Files To Liquidate in Bankruptcy,” Reuters, 7/2/12)
- Former Indiana Chrysler Plant That Abound Solar Was Supposed To Reopen Is Back On The Market. “Just days after Abound Solar announced it was filing bankruptcy and thus halting its plans to expand into Tipton County, officials are again working to market the building. Purchased by the Colorado-based solar panel manufacturer in 2010, expansion plans called for the building to house up to 1,000 jobs.” (Ken de la Bastide, “Abound Building Back On Market,” Kokomo Tribune, 7/3/12)
In February 2012, Abound Solar Fired “About 180 Full-Time Workers And 100 Part Time Employees” And Delayed Plans For A New Factory In Indiana. “In February, Abound cut its workforce by about 70 percent, firing about 180 full-time workers and 100 part-time employees. It also put on hold plans to build a large new factory in Indiana.” (Mark Jaffe, “Colorado Solar Panel Maker Abound Solar To File For Bankruptcy,” The Denver Post, 6/28/12)
AFTER RECEIVING MILLIONS FROM OBAMA’S STIMULUS, COLORADO’S WELD COUNTY IS NOW INVESTIGATING ABOUND SOLAR
Weld County In Colorado Is Investigating Abound Solar For Possible Securities Fraud, Consumer Fraud, And Financial Misrepresentation. “Abound Solar, the defunct solar-panel manufacturer, is under criminal investigation for possible securities fraud, consumer fraud and financial misrepresentation, the Weld County district attorney’s office said Thursday. Loveland-based Abound closed its Colorado plant in July and filed for Chapter 7 bankruptcy liquidation in a move that left 125 workers without jobs and taxpayers holding the bag for up to $60 million in defaulted loans. The DA’s office said no criminal charges have been filed. Weld County officials confirmed the existence of an investigation to The Denver Post last week, but Thursday’s announcement provided more detail on the nature of the investigation. The securities-fraud investigation stems from allegations that 'officials at Abound Solar knew products the company was selling were defective, and then asked investors to invest in the company without telling them about the defective products,’ the DA’s office said in a news release. Similarly, the consumer-fraud allegation is that Abound knowingly sold defective panels to customers. The third subject of investigation is that Abound allegedly misled financial institutions when the company was seeking loans.” (Steve Raab, “Weld County Details Investigation Of Abound Solar,” The Denver Post, 10/25/12)
- In 2010, Abound Solar Received A $100,000 Tax Break From Weld County, But Now The County “Is Seeking Nearly $1 Million In Unpaid 2011 Property Taxes From Abound And More Than $800,000 In Unpaid Property Taxes From 2012.” “Weld County also gave Abound a tax break when it set up its headquarters in Longmont. In 2010, it received about $100,000 in a tax break for meeting certain requirements, including job growth. In 2011, county commissioners suspended that tax break out of concern the criteria was no longer being met. The county is seeking nearly $1 million in unpaid 2011 property taxes from Abound and more than $800,000 in unpaid property taxes from 2012. Sources tell 7NEWS that the company’s finances are under scrutiny.” (Marshall Zelinger, “Abound Solar Under Investigation By Weld County District Attorney; Received $68 Million Stimulus,” Denver Channel ABC 7, 10/6/12)
- In 2012, “Tens Of Thousands Of Replacement Solar Panels” Were Ordered Citing Different Reasons Describing The Original Panels As “Low Performance, Under Performance, And Catastrophic Failures.” “7NEWS obtained internal documents from 2012 that show orders for tens of thousands of replacement solar panels. The orders cite different reasons for the replacements including, 'low performance,’ 'under performance’ and 'catastrophic failures.’” (Marshall Zelinger, “Abound Solar Under Investigation By Weld County District Attorney; Received $68 Million Stimulus,” Denver Channel ABC 7, 10/6/12)
QUESTIONED ON POLITICALLY-CONNECTED ABOUND SOLAR’S BANKRUPTCY, LAY OFFS, AND INVESTIGATION, OBAMA SAYS ITS “PUSHING US FORWARD”
Obama Laughed Off Question From KUSA-Denver About Abound Solar’s Failure, Saying His Green Energy Loan Program Is “Pushing Us Forward.” KUSA’s KYLE CLARK: “In a national address, you touted the stimulus money going to Abound Solar - a Colorado company connected to one of your billionaire fundraisers. Now, as you may know, Abound Solar is out of business and under criminal investigation. Those jobs are gone and taxpayers are out about 60 million dollars. How do you answer critics who see Abound Solar as Colorado’s Solyndra - a politically connected clean energy company that went under and took our money with it?” OBAMA: “(Laughs) Well, Kyle, I think that if you look at our record that these loans that are given out by the Department of Energy for clean energy have created jobs all across the country and only about four percent of these loans were going to some very cutting-edge industries that are going to allow us to figure out how to produce energy in a clean, renewable way in the future and create jobs in Colorado and all across the country. And some of them have failed but the vast majority of them are pushing us forward into a clean energy direction. And that’s good for Colorado, that’s good for the country. And these are decisions, by the way, that are made by the Department of Energy, they have nothing to do with politics.” (“9NEWS Questions President Obama On Libya Attack,” KUSA 9News [Denver, CO], 10/26/12)
