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Solyndra files $1.5 billion lawsuit against Chinese solar firms, claims conspiracy

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posted on Oct, 12 2012 @ 03:01 PM
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Solyndra files $1.5 billion lawsuit against Chinese solar firms, claims conspiracy


Solyndra, the bankrupt Fremont solar-panel maker that received a $535 million U.S. government loan guarantee, filed a blockbuster lawsuit this week that accused Suntech and other Chinese panel makers of driving it out of business by running an illegal cartel. Solyndra, which filed for bankruptcy protection in August 2011, is seeking compensation "for the loss of the $1.5 billion value of its business and more which defendants destroyed," according to a complaint filed Thursday in San Francisco federal court. The defendants schemed with each other, raw material suppliers and certain lenders to flood the U.S. market with solar panels at below-cost prices, the company said in its complaint. Panel prices for Wuxi, China-based Suntech, the biggest solar-panel maker, and two other companies moved in tandem, falling 75 percent in four years in the U.S. market, Solyndra said. "It is obvious that this lawsuit is a misguided effort by Solyndra to find scapegoats for its failure to commercialize its technology at a competitive price point," E. L. "Mick" McDaniel, managing director of Suntech America, said in an email. The allegations are "baseless" and Suntech will fight them, he said.


Solyndra wouldn't be the first company here in America run out of business because of the Chinese companies under cutting them. But if they do win this lawsuit they should be forced to give back the money the received from the government.




posted on Oct, 12 2012 @ 03:23 PM
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reply to post by buster2010
 


Hmmmmm, and I wonder who is allowing these cheap Chinese goods into our country?? Our own damn government!!!!! Then they turn around and BS us and give us all kinds of outrageous excuses as to why we don't have any jobs in this country???

Our elected officials are nothing but a bunch of pathological liars! The whole damn lot of em! I am old enough to remember how our steel mills were off shored to China during the Clinton years! It seems that that was just the start of doing away with jobs in America!



posted on Oct, 12 2012 @ 03:31 PM
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reply to post by seeker1963
 





I am old enough to remember how our steel mills were off shored to China during the Clinton years! It seems that that was just the start of doing away with jobs in America!


Actually it started before Clinton it started under Reagan. Put that with his attacks on the unions pretty much wreaked the middle class. It's the free market and globalization that he pushed for is what killed the economy in this nation.



posted on Oct, 12 2012 @ 03:33 PM
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reply to post by buster2010
 



Actually it started before Clinton it started under Reagan. Put that with his attacks on the unions pretty much wreaked the middle class. It's the free market and globalization that he pushed for is what killed the economy in this nation


Fair enough..............as I said, the whole damn lot of em our liars!



posted on Oct, 13 2012 @ 12:51 PM
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Originally posted by seeker1963
reply to post by buster2010
 



Actually it started before Clinton it started under Reagan. Put that with his attacks on the unions pretty much wreaked the middle class. It's the free market and globalization that he pushed for is what killed the economy in this nation


Fair enough..............as I said, the whole damn lot of em our liars!


Like the old saying goes how do you know a politician is lying? His lips are moving.



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