Failed ‘Green Tech’ Company Abandons $450M Plant
- Posted on March 13, 2012 at 2:37pm by
Becket Adams
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“Evergreen Solar Inc. said it has failed to find a buyer for its Devens, Mass., plant and plans to walk away from the facility, which was launched with some $50 million in state aid,” the The Wall Street Journal’s reports.
In case you don’t remember, Evergreen Solar Inc. is the Massachusetts-based “green tech” company that filed for bankruptcy last August — even after receiving million in state aid.
Not long after the “green tech” company filed for bankruptcy, it became painfully obvious that no one was interested in buying its million dollar plant. So in a desperate bid to avoid paying $543,000 property taxes, the company begged for permission to abandon the plant.
“Evergreen has a deal with its landlord, Massachusetts Development Finance Agency, to get out of the ground lease for the facility, according to papers filed in the U.S. Bankruptcy Court in Wilmington, Del,” The Wall Street Journal’s Peg Brickley writes. “The plant was shut down last year and 800 jobs were cut as Evergreen struggled to survive.”
Overall, the plant cost about $450 million to build just five years ago. Oh, and this is probably important to note: “the development authority was one of the Massachusetts state agencies that pitched in to get Evergreen Solar going.”
During the final stages of its planned bankruptcy liquidation, Evergreen cut deals with some of its creditors to “share the pain of its demise.”
“Judge Mary Walrath signed off last week on a stipulation under which secured creditors who expect to be out more than $100 million at the end of the bankruptcy proceedings agreed to allow general unsecured creditors to get at least a penny on the dollar recovery out of Evergreen’s Chapter 11 case,” Brickley writes.
The Journal continues:
If the scenario set out in court filings plays out, Evergreen’s ultimate fate will be similar to that of Solyndra LLC, the California maker of solar-power technology that shut its pricey new plant, filed for bankruptcy and struggled to find a buyer in a market glutted with the departures of failed solar-power-equipment makers.
Because it took more than $500 million in federal loans and one of its major backers was a fund-raiser for President Barack Obama, Solyndra became the focus of a Republican-led congressional investigation aimed at finding a political taint on its financing.
Even though the company sold its technology to a Hong Kong joint venture when it filed for bankruptcy, it failed to raise enough cash to help pay off its mounting debts.
In fact, a claim for payment in the Lehman Bros. bankruptcy case is actually worth more than all the technology that powered Evergreen Solar Inc.
How does that work?
“Bondholders ‘credit bid’ $21.5 million for the Lehman claim, meaning they offered to cancel that much of the debt Evergreen owed them,” the Journal explains.
“Evergreen’s solar-power technology sold for less than $10 million. Others bits and pieces are still being sold, including equipment at the Devens plant. But the plant itself hasn’t sold despite more than a year of marketing.”
Is it too early to say that maybe, just maybe, the market isn’t ready (or interested) in “green technology” just yet?
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Comments (115)
DYNA
Posted on March 13, 2012 at 3:28pmSo again, American taxpayers money was used to provide product development for the Chinese.
Report Post »It’s time to get back to industrialism and capitalism with the sanctity of the individual and his property rights.
Cleats4Feets
Posted on March 13, 2012 at 3:38pmD&mn we are being taken for a ride. Good People of america…..Stock Up Ammo because there will be a time that we will have to take this great country of ours back from the crooks in D.C. When the economy implodes all hell will break loose.
Report Post »Ruler4You
Posted on March 13, 2012 at 3:43pmAnd the benefits of those “green jobs” just keep on rolling.
Ex “green jobs czar” Van Jones must be VERY proud of his movement. He has had an inordinate amount of influence on the success of these companies. And it shows.
Report Post »USAMEDIC3008
Posted on March 13, 2012 at 3:46pmMore green turned brown
Report Post »Hope it dont leave a stain,
oldguy49
Posted on March 13, 2012 at 4:23pmGREEN JOBS……………….printing more money for obama’s green energy
Report Post »Gold Coin & Economic News
Posted on March 13, 2012 at 4:25pmThe republicans are worthless if they don’t investigate the now billions that have been given to failed green industries. Where can one sign up for these high dollar handouts?
Report Post »lani59
Posted on March 13, 2012 at 5:15pmCue Queen’s song please, “Another One Bites the Dust”. What a joke green energy has become in the US and Van Jones.
Report Post »possom
Posted on March 13, 2012 at 5:47pmWe’re ready!
Report Post »cuinsong
Posted on March 13, 2012 at 7:13pmIf you fell for NObamas’ renewable energy investment crap you deserve the consequences of that decision and this song is for you!
Report Post »“What’s Wrong With This Song” http://www.reverbnation.com/play_now/song_9134749
JohnTwoFeathers
Posted on March 13, 2012 at 7:54pmDoes this mean there will be some cheap solar panels coming on the market? In five years they had to stockpile thousands of panels. The people of Mass. should have first crack at them………..Oh ….silly me……….they have to be distroyed just like at Solyndra.
Report Post »TomFerrari
Posted on March 13, 2012 at 9:12pmYou can PUSH a soapbox racer at 120 mph, but, the second you stop pausing what happens?
Just FORCING things into existence does NOT make them viable.
I’ll give em $47.32 for the building and it’s contents.
Report Post »I figure I can get that and my travel expenses back in scrap metal.
yougottabekidding
Posted on March 14, 2012 at 6:00amSo where are the so called environmentalists like The Sierra club, green Peace, etc. The American home land is under assalt by their stupidity! We are loosing wildlife by the thousands to wind turbines.
Report Post »We spend billions on idiotic ideas that are not worth anything, maybe left to the free market system they would be, but we will never know.
What did Hussain say? Under my plan, energy cost will skyrocket! Man of his word!
yougottabekidding
Posted on March 14, 2012 at 6:02amTomFerrari
Report Post »Do not bet on it! Solindra destroyed everything we paid for.
The_Almighty_Creestof
Posted on March 13, 2012 at 3:22pmFill it full of cots…the way America is going, we’ll need more homeless shelters.
Report Post »RJJinGadsden
Posted on March 13, 2012 at 4:10pmHeck, it might just become the next FEMA Camp
Report Post »dfresh
Posted on March 13, 2012 at 3:22pmI think all the employees deserve a taxpayer funded bonus. NOT!
Report Post »Hickory
Posted on March 13, 2012 at 3:17pmLooks like Barry is still getting away with giving his buddies our money (graft). Where are the Republicans? We know where the DOJ is…………… Obama’s partner in crime has it all sewed up.
Report Post »sndrman
Posted on March 13, 2012 at 6:29pmthe republicans in DC are hiding under their desks hoping that the media or even worse that their Constituents don’t hold them accountable. what a shameful lot the bohiners and mcconells of our party. they refuse to speak up let Rush,Beck and us do all the work while they enjoy the perks and high fives on the golf course.
Report Post »GoodStuff
Posted on March 13, 2012 at 3:16pmThe free market will decide when, if ever, green technology makes sense. So far, it’s a resounding NO! The gov’t should not be involved in any way. Liberalism is a mental disorder.
And, I’m sure the people of MA will just shrug their collective shoulders and go on to whine about evil conservatives or something.
Report Post »FedUpAlready
Posted on March 13, 2012 at 3:32pmProgressivisim is a Criminal Enterprise!
Report Post »rs9
Posted on March 13, 2012 at 3:09pmWhy were they in such a hurry to AVOID paying 543K in taxes? dont they want to pay more taxes? maybe Warren will step up because we all know that he wants to pay more taxes
Report Post »OklahomaBound
Posted on March 13, 2012 at 4:22pmExactly, according to Libs paying taxes is Patriotic. Oh wait, the fine print says it is Patriotic for conservatives to pay taxes and libs to get their fair share of the redistribution of those taxes.
Report Post »asybot12
Posted on March 13, 2012 at 3:05pmAnd you have seen nothing yet. obama is now “proudly”starting a trade war with China over precious metals that the Chinese have had to foresight to stock pile over the last few years (for cell phone and TV screens). Instead of allowing the USA mining companies to start mining here in the US. A trade war against China?? Are these guys in the WH nuts??? This will make Solyndra and Evergreen look like a good deal.You know I might just support Farrakain in his assassination crap!
Report Post »thekuligs
Posted on March 13, 2012 at 3:12pmThey aren’t nuts, they know exactly what they are doing. Starting a war with the landlords (and the rest of the world) don’t believe for a second they are ignorant. They aren’t, they just have an agenda.
Report Post »RonSwansonJr
Posted on March 13, 2012 at 3:14pmSee: iron mine bill killed in Wisconsin.
Report Post »Mark0331
Posted on March 13, 2012 at 3:47pmMolycorp…only US rare earth mineral mining company…only company in our Nation….Some say Afghanistan has a ton of rare earth minerals, just saying…Barry is so inept, he makes Buckwheat look like Tesla…
Report Post »okredstate
Posted on March 13, 2012 at 3:04pmAnd where are the Republicans and the investigations….crickets. There is enough law breaking going on in this administration that it would have all the courts in D.C slammed full of cases for ten years. When will we see or hear of the first indictment?
Report Post »ivedonebeensassedbyawhore
Posted on March 13, 2012 at 5:26pmOur country is augering in.
Report Post »IMCHRISTIAN
Posted on March 13, 2012 at 3:03pmWell lets see the accomplishments of this administration in regards to economy and oil prices: …….
Report Post »1.
SpankDaMonkey
Posted on March 13, 2012 at 3:03pm.
Report Post »There‘s more Green Energy in my grand daughter’s diaper. If we could only harness it, our problems could be solved…….
lefty5005
Posted on March 13, 2012 at 4:13pmlol…
Report Post »9111315
Posted on March 13, 2012 at 2:59pm“it sold its technology to a Hong Kong joint venture”
- – - maybe the patents should go to the federal government or to the public at large. No, send them oversees.
America does have the best technology in the world. . . . then it sells it for pennies on the dollar.
Report Post »deano24
Posted on March 13, 2012 at 7:11pmThis is weird. Evergreen Solar (China) was founded on May 15th, 2009. Evergreen Solar Inc. files bankruptcy in 2011. Evergreen Solar (China) buys Evergreen Solar Inc. technology. I wonder what the price difference will be now when they sell the panels here after they are made in China.
Report Post »45
Posted on March 13, 2012 at 2:56pmThis is why the government needs to stayout of green engery. The the market should decide the who, what, when where and how.
Report Post »CatB
Posted on March 13, 2012 at 3:24pmAMEN! Stop the madness …
OMG 2012!
Report Post »Snowleopard {gallery of cat folks}
Posted on March 13, 2012 at 3:33pmAgreed, and well said CatB.
Report Post »Shasta
Posted on March 13, 2012 at 3:36pmYou are right. The government should stay out of all business. Like everything else, they have no clue how it works.
Report Post »TexBork
Posted on March 13, 2012 at 2:55pmObama and Van Jones have been proven to be the true idiots many always knew they were. This whole “green economy” was a fraudulent front used to steal tax dollars and give it away or launder money to socialist organizations. The ignorant and pop-culture crowd didn’t want to be bothered with boring this like policy when Obama was a cult of personality that they wanted to be a part of, because it was “cool”.
Report Post »Shasta
Posted on March 13, 2012 at 3:38pmBut Obummer‘s and Van Jones’ goal has always been to redistribute (steal) our money, and they are being successful at it. So I would say they are evil, but not idiots.
Report Post »2theADDLED
Posted on March 13, 2012 at 7:17pmWait for it another name will come in to play her idea of taxation and her stance on China are frightening.
Report Post »conservativemom99
Posted on March 13, 2012 at 2:55pmI’d LOVE to go back to the old days when people had ideas, they invested their own money and the money of people or companies who believed in the idea and took a chance. If it failed, they figured out why and tried again or abandoned the idea for a better idea. People failed or they didn’t and our country was prosperous…innovative…a leader of the world…and we were all proud of our country and the incredible people trying to make it better.
Now it seems it’s the “get rich quick” crowd with lame ideas are trying to run the place…with our money!
Report Post »Lesbian Packing Hollow Points
Posted on March 13, 2012 at 2:54pmTo be fair, it *IS* a buyer’s real estate market. Pity the administration is looking to hamstring and knee-cap anyone in the private sector looking to buy commercial real estate for capitalist business ventures.
Report Post »db321
Posted on March 13, 2012 at 3:03pmThe Reverse Midas Touch of Obama has struck again.
I have noticed lately that Obama has been speaking to very small audiences and is no long talking with that arrogant swagger he once had – it is working – Conservatives are going to put the final nail on the Coffin of Socialism in Nov. The devil will be mad and God will be Glad.
Report Post »2theADDLED
Posted on March 13, 2012 at 3:08pmIt‘s stimulus silly they build it then tear it down and build it again it’s all stimulus.
Report Post »What was wrong with starting in a existing building ?
freedoc
Posted on March 13, 2012 at 2:53pmYet another tragic waste of taxpayer money as a consequence of government interference in the market.
Whats worse, is Comrade Obama continues to believe in his righteous cause. It is treasonous. Really.
Report Post »Redleg
Posted on March 13, 2012 at 3:02pmI don’t think he believes in it at all. This is on purpose.
Report Post »netmail
Posted on March 13, 2012 at 3:04pmAccountability is only for conservatives. Until Americans wake up, realize that fact, and start demanding accountability in every facet of life, our culture’s slide in to the abyss will continue. (at break neck speed from here on out)
Report Post »TheCoffinMaker
Posted on March 13, 2012 at 2:53pmHeads need to roll.
This is absolutely criminal.
Report Post »wampanoag
Posted on March 13, 2012 at 2:53pmcorruption of unprecedented degree. the construction of this plant sent millions upon millions of tax payers subsides to the pockets of the company owners and their family members. why dont we demand a clawback of their profits?
Report Post »Chuck Stein
Posted on March 13, 2012 at 5:16pmThere may not be a law that allows the clawback, so . . . WAIT! I’m sure that Dick Blumenthal would be all for it! Laws? He don‘t need no stinkin’ laws!
Report Post »Mark0331
Posted on March 13, 2012 at 2:53pmThe stories with these green companies are all the same, major backers are for Barry…100′s of millions in fed loans, bankruptcy and failure…this is beyond criminal, it borders on orchestrated evil.
Report Post »TheObamanation
Posted on March 13, 2012 at 2:51pmHa ha ha ha ha … buyers avoiding purchasing the plant like it’s the plague … I wouldn’t touch that green technology with a ten foot pole …
Report Post »marine249
Posted on March 13, 2012 at 2:55pmI wouldn’t touch it with YOUR 10 foot pole
Report Post »Snowleopard {gallery of cat folks}
Posted on March 13, 2012 at 2:50pmWhat else is new, one more example of cronie capitalism and the absolute failure of Obama save for his goal of crushing the nation under his fist of iron.
Report Post »Arc
Posted on March 13, 2012 at 2:49pmThe Green Energy Projects…….originally headed by Van Jones, the avowed communist. The Glenn looked around and voila………Mr Jones goes to another White House position………and the President
continues to hang on to a communist……anyone other than me wondering why??
How many Green projects have failed in the past year..??? 15…….20…..///
Report Post »right
Posted on March 13, 2012 at 7:53pmJust another way to waste our tax dollars and make their friends rich.
Report Post »chameleonx
Posted on March 13, 2012 at 2:49pmI’m an environmentalist who feels we can so much without taxpayer money or building these ridiculous companies. Agree or disagree. I recycle my garbage, take care of my environment, etc. The Earth is beautiful do not trash her beautiful land.
Report Post »TheObamanation
Posted on March 13, 2012 at 2:55pmNobody will ever knock you for doing things on your own for the environment … spending taxpayers money … stopping drilling in the Gulf … not allowing drilling in ANWR … killing the keystone pipeline project … is what most people object to … not the conscientious recycler.
Report Post »SoupSandwich
Posted on March 13, 2012 at 2:58pm“Conservative” ring any bells at all? We will eventually regulate and mandate common sense, but it is nice to know you have that going for you-
Report Post »Mark0331
Posted on March 13, 2012 at 2:58pmAgreed…act locally is the solution..not extort we, the tax payer for crony payout bs companies that fail and the owners walk away richer than midas..that is evil. The Earth IS Beautiful…damn straight!
Report Post »13th Imam
Posted on March 13, 2012 at 3:09pmI’m a Conservative Environmentalist. For 61 years. If you believe that DEMOCRATS are the only good stewards of the earth, you are NUTS. If you listen to that Jug Earred Dufus in the Whitehouse, without a critical eye and ear, you are NUTS.
Report Post »Mark0331
Posted on March 13, 2012 at 2:45pm$500 mill in federal loans…major backer was a Barry fund raiser….criminal, treasonous mofo…does this circus ever end? Somehow according to libs, this is Bushs’ fault….people who support Barry need to be hung for treason.
Report Post »USPATRIOT101
Posted on March 13, 2012 at 2:44pmWow, this green energy thing is really working out well. I feel like we are really on the cusp of leaving fossil fuels alltogether.
Report Post »Hickory
Posted on March 13, 2012 at 3:45pmYeah, you are right. Obama has found a way to bypass oil and just burn money.
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