A Chapter 7 bankruptcy filing by a solar-panel manufacturer, Xunlight Corp., is the subject of a report in The Toledo Blade, which says Xunlight reported about $1.9 million in assets and $28.5 million in debts. The University of Toledo had invested in the company, but according to the newspaper:
The university wasn't the only public entity to help Xunlight. In 2010, the company received $34.5 million in tax credits as part of the stimulus bill. U.S. Rep. Marcy Kaptur (D., Toledo) helped secure nearly $3 million in federal earmarks for the company.
The Toledo-Lucas County Port Authority loaned $3 million in 2009 from its Northwest Ohio Bond Fund. The company received a $3 million grant from the National Institute of Standards and Technology, a more than $4 million loan from the state, and more than $2 million in state and local tax credits.
If this company's solar technology was so terrific, why did it need all the government subsidies?