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Second Romney-Backed Solar Company Files For Bankruptcy
Second Romney-Backed Solar Company Files For Bankruptcy
By Igor Volsky
On Thursday, Mitt Romney campaigned at the headquarters of Solyndra — the first renewable energy company to receive a federal loan under the stimulus — and reiterated his debunked claims that its bankruptcy symbolized the corruption and cronyism of the Obama administration. But just one day later, a solar panel developer “that landed a state loan from Mitt Romney when he was Massachusetts governor” went belly up, the Boston Herald reports, creating an inconvenient storyline for the GOP presidential nominee.
The company, Konarka Technologies, “filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate”:
Konarka is the second Massachusetts solar company, along with Evergreen Solar and Beacon Power, to receive taxpayer dollars under Romney’s tenure and subsequently declare bankruptcy.
- more -
http://thinkprogress.org/politics/2012/06/02/494111/romney-solyndra-konarka/
By Igor Volsky
On Thursday, Mitt Romney campaigned at the headquarters of Solyndra — the first renewable energy company to receive a federal loan under the stimulus — and reiterated his debunked claims that its bankruptcy symbolized the corruption and cronyism of the Obama administration. But just one day later, a solar panel developer “that landed a state loan from Mitt Romney when he was Massachusetts governor” went belly up, the Boston Herald reports, creating an inconvenient storyline for the GOP presidential nominee.
The company, Konarka Technologies, “filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate”:
“Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”
The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.
The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.
Konarka is the second Massachusetts solar company, along with Evergreen Solar and Beacon Power, to receive taxpayer dollars under Romney’s tenure and subsequently declare bankruptcy.
- more -
http://thinkprogress.org/politics/2012/06/02/494111/romney-solyndra-konarka/
Romney Claimed Now-Bankrupt Solar Company Would ‘Become A Major Economic Springboard’ In 2003 Speech
By Adam Peck
Senior Romney campaign adviser Ed Gillespie appeared on Fox News Sunday this morning and tried to deflect criticism from then-Governor Mitt Romney’s decision to direct $9 million in state funding to clean energy companies around the state, including the now-defunct Konarka Technologies.
The campaign finds itself on the defensive after Konarka, a Romney-backed solar company, went belly up just a day after the governor sought to exploit the Obama administration’s loan to renewable energy company Solyndra. Konarka has filed for bankruptcy and is ceasing operations, laying off its staff of 85 and liquidating all of its assets.
In an effort to defend Romney’s deal, Gillespie said that the $1.5 million grant Romney gave to Konarka in 2003 was not supported by the governor, and was made by a committee independent of the governor’s control:
That’s almost the exact opposite from what actually happened. During an event in January 2003 at the headquarters of Konarka Technologies, Romney called for more grants to the renewable energy sector, and diverted money towards those companies, not away from them. “The trust fund has been growing for years, and I believe now is the time to refocus its assets in such a manner that it can become a major economic springboard for the Commonwealth by focusing on job creation in the renewable energy sector,” he said.
- more -
http://thinkprogress.org/politics/2012/06/03/494145/romney-claimed-now-bankrupt-solar-company-would-become-a-major-economic-springboard-in-2003-speech/
By Adam Peck
Senior Romney campaign adviser Ed Gillespie appeared on Fox News Sunday this morning and tried to deflect criticism from then-Governor Mitt Romney’s decision to direct $9 million in state funding to clean energy companies around the state, including the now-defunct Konarka Technologies.
The campaign finds itself on the defensive after Konarka, a Romney-backed solar company, went belly up just a day after the governor sought to exploit the Obama administration’s loan to renewable energy company Solyndra. Konarka has filed for bankruptcy and is ceasing operations, laying off its staff of 85 and liquidating all of its assets.
In an effort to defend Romney’s deal, Gillespie said that the $1.5 million grant Romney gave to Konarka in 2003 was not supported by the governor, and was made by a committee independent of the governor’s control:
GILLESPIE: In Massachusetts, there is a board that does approve these loans. There is a big story about this Konarka, for example, that was in the news today. The fact is, that was approved before Governor Romney even took office. You don’t have control over what this board does.
WALLACE: He signed on to a bunch of these companies, you know that.
GILLESPIE: What I know is that when he was Governor of Massachusetts he said the state should not be investing in private enterprise and he tried to reprogram the money away that into other government spending in Massachusetts.
WALLACE: He signed on to a bunch of these companies, you know that.
GILLESPIE: What I know is that when he was Governor of Massachusetts he said the state should not be investing in private enterprise and he tried to reprogram the money away that into other government spending in Massachusetts.
That’s almost the exact opposite from what actually happened. During an event in January 2003 at the headquarters of Konarka Technologies, Romney called for more grants to the renewable energy sector, and diverted money towards those companies, not away from them. “The trust fund has been growing for years, and I believe now is the time to refocus its assets in such a manner that it can become a major economic springboard for the Commonwealth by focusing on job creation in the renewable energy sector,” he said.
- more -
http://thinkprogress.org/politics/2012/06/03/494145/romney-claimed-now-bankrupt-solar-company-would-become-a-major-economic-springboard-in-2003-speech/
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