Another solar company follows Solyndra, files for bankruptcy

http://dailycaller.com/2012/06/28/another-solar-company-follows-solyndra-files-for-bankruptcy

And there goes your money folks, right down the drain.

Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will close its doors and file for bankruptcy because its panels were too expensive to compete with Chinese products.
Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Colorado next week.
The failure will follow that of Solyndra LLC, which shut down in August after receiving a $535 million loan guarantee from the same U.S. Energy Department program. Abound stopped production in February to focus on reducing costs after a global oversupply and increasing competition from China drove down the price of solar panels by half last year.

U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today.
“When the floor fell out on the price of solar panels, Abound’s product was no longer cost competitive,” LaVera said.

http://www.businessweek.com/news/2012-06-28/abound-solar-to-close-as-early-as-today-greentech-media-says

If I didn't know any better I would swear these Solar Companies/Green jobs is or was a shell game to funnel millions of dollars out of our treasury.


And no one says a dam thing...Maybe we should pass another bill, I mean more millions were lost there has to be at least another loss of an Amendment Right or Freedom there somewhere, after all its your fault.