Monday, October 03, 2011

"$575MM, 575, 575, Now $700MM, 700, 700..."


In a remote desert spot in northern Nevada, there is a geothermal plant run by a politically connected clean energy start-up that has relied heavily on an Obama administration loan guarantee and is now facing financial turmoil.

The company is Nevada Geothermal Power, which like Solyndra, the now-famous California solar company, is struggling with debt after encountering problems at its only operating plant.

After a series of technical missteps that are draining Nevada Geothermal’s cash reserves, its own auditor concluded in a filing released last week that there was “significant doubt about the company’s ability to continue as a going concern.”  --Zippers quoting NYT

"Going concern" language means "We gotta 'nother Zombie, Fred!!" in the vulgar....

Another $145 million.

The auctioneer has other items behind the curtain, too!!

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