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We have new information revealed and -- Solyndra scandal remember cylinders the solar panel company the declared bankruptcy two years.
After getting a government loan.
Leaving taxpayers on the hook for more than half a billion dollars.
And now attorneys for the IRS say that avoiding taxes is at the heart of so lenders bankruptcy plan.
Steve Centanni live in Washington what's the IRS saying about cylinder now -- Well bill they filed a document in federal court opposing a bankruptcy settlement claiming the plan would result in net operating losses that could be used to offset future taxable income.
So lender as you know.
Failed after getting that huge government loan and filed for bankruptcy last year.
Now the IRS says the bankruptcy would result in the creation of a holding company.
With no employees and no business operations but with up to 350 million dollars in tax breaks.
That could be used by so lenders investors in fact the IRS said tax avoidance was.
The main purpose of this plan.
One of the investors are gonna adventures is linked to billionaire George Kaiser a prominent democratic fund -- bill.
So Steve this is not the only solar company in the news today he what else is moving.
Right the house committee on energy and commerce pushing ahead with a probe out of -- -- -- -- company out of Colorado.
It's another company that went out of business after getting a large loan guarantee from the Department of Energy.
The committee wants to know what the DL we knew about problems with the solar panel maker.
In a letter energy -- the letter to the energy secretary Steven -- committee chairman Fred Upton says quote.
Just two months before deal we closed -- 400 million dollar loan guarantee.
A -- panels were already experiencing significant efficiency.
And technological difficulties.
The committee seeking a variety of engineering reports as well as legal and financial documents relating to about to see just exactly what the department might have might have known at that time -- on looking for answers against Steve -- thank you live -- -- action on that.
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