The F.B.I. on Thursday raided the office of a California solar company that borrowed 8 million from the federal government before filing for bankruptcy, as House Republicans announced that they would call two top Obama administration officials to testify about the case next week.

The federal agents, acting in a joint investigation with the inspector general of the Department of Energy, served search warrants on Solyndra, which announced last week that it was filing for bankruptcy protection. The search was part of an investigation into the loans Solyndra received from the Treasury Department that were guaranteed by the Department of Energy under a highly promoted federal stimulus program.

Solyndra was a leading beneficiary of the Energy Department’s programs to promote alternative energy, which were expanded as part of the 2009 economic stimulus legislation.

George Kaiser, an Oklahoma billionaire, is one of the largest investors in Solyndra through Argonaut Ventures and a family foundation, and he was also a donor to Mr. Obama’s 2008 campaign. The company had begun preparing its federal loan application well before the election.

http://www.nytimes.com/2011/09/09/business/solar-company-is-searched-by-fbi.html

Oh did I mention that you can subtract 1,700 MORE jobs that Obama has lost read the article

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I have bachelor of science in mathematics and I could not get any job since graduation. Due to my inability to get job, I had to file chapter 7 bankruptcy protection. I noticed the bankruptcy lawyer’s office was flooded with clients. There were like 37 to 40 people sitting in the lawyer office lobby to wait for their consultation. The bankruptcy lawyer told me "its been very stressful with so many clients. I am sorry for making you wait this much". He charges 1800 dollars per clients. And since there were about 40 in lobby, that’s an income of 72000 dollars already. And the consultation fees is 350 dollars for the first time meeting. Having seen this I get motivation to become bankruptcy lawyer myself and open my own law office. Because of poor economy I will surely get lot of people who want to file bankruptcy. And since I have bachelor of science in math I already meet whatever pre-requisites are required to enter law school. Moreover, my bankruptcy attorney graduated from my own university law school. So what more do I have to do now after BS in math to become chapter 7 bankruptcy lawyer? I will file chapter 7’s for all the broke and poor people in the town

Technorati Tags: bachelor of science, bankruptcy attorney, bankruptcy lawyer, bankruptcy protection, bs, chapter 7 bankruptcy, consultation fees, graduation, job, lawyer office, math, mathematics, motivation, poor economy, pre requisites, university law school

Gulf Oil Rig Operator to Sell Assets to Rival

Gulf of Mexico No Comments

By DANIEL GILBERT And STEPHEN POWER

HOUSTON—Seahawk Drilling Inc., one of the largest operators of shallow-water rigs in the Gulf of Mexico, on Friday said it would seek bankruptcy protection and sell its assets to a competitor, blaming the Obama administration for a crippling regulatory environment in the aftermath of the BP PLC oil spill.

Seahawk’s assets will be acquired by Hercules Offshore Inc., in a cash and stock deal worth about 0 million. The cash component will be million but could be upped another million if needed to pay Seahawk’s debt. Hercules will also provide the seller 22.3 million shares of common stock, valued at .36 per share. The number of shares would be reduced, however, if more cash is required.

The deal is subject to bankruptcy court approval.

On Friday, Mr. Stilley, in a statement, blamed the recent slowdown in Gulf drilling for a blow that caused the company to pursue Chapter 11 protection.

Seahawk was “forced to seek strategic alternatives only after an unprecedented decline in the issuance of offshore drilling permits following the Macondo blowout,” Mr. Stilley said, referring to the BP well that blew out on April 20, killing 11 workers and triggering the worst offshore oil spill in U.S. history.

Technorati Tags: bankruptcy court, bankruptcy protection, bp plc, cash component, common stock, court approval, daniel gilbert, gulf of mexico, gulf oil, macondo, offshore drilling, offshore inc, offshore oil, oil rig, oil spill, regulatory environment, seahawk, shallow water, stock deal worth, unprecedented decline

paycheck until he/she pays back the taxpayers if they have to go the hospital? must pay us back with no bankruptcy protection? maybe the gop would like this idea? I think it might not be a bad alternative

Technorati Tags: bankruptcy protection, gop, paycheck, taxpayers

The number of people filing for bankruptcy protection in retirement has soared in recent years — even before the recession.

In fact, people 65 and older are the fastest-growing segment of the population seeking bankruptcy protection, according to a recent study from the University of Michigan Law School.

The problem is simple math, said Johanna Sweaney Salt, a CPA with Kaufman, Schmid, Gray & Salt in Claremont, Calif. Their medical expenses, taxes and other costs keep going up, while their income is going down. Social Security hasn’t had a cost-of-living adjustment in a long time and pensions and retirement accounts took a huge hit during the recession. Reverse mortgages and other alternatives presented to them as "solutions" often just dig them further in the hole.

"Most people think ‘Oh, I have Medicare — I’m covered,’" said Jean Setzfand, director of financial security at the AARP. "But in fact, there are quite a lot of out-of-pocket expenses — and those continue to rise." The biggest one, she said, is long-term care costs. Plus, a lot more people are going into retirement carrying a mortgage. So it is not so good as we think

Technorati Tags: bankruptcy protection, claremont, cost of living adjustment, cpa, fastest growing segment, filing for bankruptcy, financial security, johanna, kaufman, medical expenses, medicare, michigan law school, pensions, pocket expenses, recession, retirement accounts, reverse mortgages, schmid, university of michigan, university of michigan law school

First I’d like to know something about Chapter 11 bankruptcy. How does it work? some people say it’s a debt reconstruction, it doesn’t actually mean the company goes bankrupt. But why it’s called "bankruptcy protection", how does it relates to bankruptcy?

Second, why the price of a company’s stock will go up after chapter 11 bankruptcy? Do you think right now is a good time to invest in GM and Six Flags inc? Thank you!!

Technorati Tags: bankruptcy protection, chapter 11 bankruptcy, gm, good time, reconstruction, six flags inc, stock

I am recently unemployed and am about to be sued by one of my creditors and am inquiring about bankruptcy protection. Also is there a way I can keep my car if I continue to make the payments?

Technorati Tags: bankruptcy protection, creditors

I am bankrupt. I have way too much debt and unemployed along with a long term medical condition. I get 50 calls a day by creditors and i speak rudely to collection agency reps saying, "go fk yourself. eat sht and die"

i also will not file any bankruptcy protection because i cannot afford the 00 fee needed for bankruptcy. i have no assets and no home. I live with parents.

i own no car either. My banks have negative balance and i keep all my cash at home in a lock box. So how will this creditor harassment end?

I will not work anywhere until creditors stop harassing me because i don’t want garnish wages.
i drive 2008 bmw registered in dad’s name, but the car is actually my own.

Technorati Tags: assets, bankruptcy protection, banks, bmw, creditor harassment, creditors, dad, garnish wages, medical condition, negative balance, parents