Solyndra found to have given accurate info about finances to government before filing for bankruptcy

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Bloomberg BusinessWeek has reported that R. Todd Neilson, a forensic accountant and former FBI special agent, has advised in a recent report filed with the US Bankruptcy Court in Wilmington, Delaware, that Solyndra communicated truthful information about its finances to the government before it claimed bankruptcy last year.

Neilson claims that the failed company submitted the right documentation to the Department of Energy and kept officials abreast of its financial well-being.

According to Neilson, the company submitted “materially correct” financial data to the department and “all funds drawn under the DOE loan guarantee were spent in accordance with the relevant loan documents.” He went on to note that the loan application process took two and half years, beginning under the Bush administration in 2006 and was the first recipient of the loan-guarantee program by the US DOE under the Obama administration.

“The DOE had sufficient information to understand the risks” associated with the guarantee and “make an informed decision as to the ongoing financial condition of Solyndra,” said Neilson, a director at Berkeley Research Group.

The fallout from the Solyndra bankruptcy has erupted into a fiery political conversation, especially with the looming presidential election. Republicans openly blame the Obama administration and over the course of discussion have brought and more scrutinizing eye to other big name solar companies.

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