Thursday, February 23, 2012

BloggeRhythms 2/23/2012

I've never bothered to rank the various stages of stupidity when commenting on someone's behavior, because I generally just use the first word I think of when I make a comment about it. For instance, I might say something like, "Boy that guy is dumb." Or perhaps, "That guy's not bright enough to tie his own shoes" However, whatever the ratings are for gross moronics, there's a bozo judge in Delaware who's off the charts.

 According to the Associated Press, "A Delaware bankruptcy judge has approved close to $370,000 in bonuses for certain employees of Solyndra LLC, a solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy." And let's all remember, this is taxpayer's dollars he's authorizing paying out.

Apparently, he approved the request after a hearing Wednesday because the company has failed to find a buyer to operate the company as a going concern and says it needs to retain key employees with the expertise needed for an orderly liquidation of its remaining assets.

Now, I don't think you need an MBA from Wharton School to realize that no one wants to buy the business because it's worthless and there's nobody imbecilic enough to purchase this dead horse. However, this isn't an uncommon occurrence and happens to many failed, hare-brained entrepreneurial schemes. But in most cases, when these situations occur there are all kinds of experts who expressly specialize in maximizing the values of whatever assets are left in closed concerns.

 Naturally, in this case I don't know precisely what kind of machinery, tools, equipment, furniture, fixtures and rolling stock and other such things this company has left. But I do know that quite often, existing employees are still there because they can't find other employment. And that means it might be tempting for them to work out asset sales having some kind of value to themselves. Consequently, even though there might be no reason at all of suspicion, the wisest and most prudent step is to take them out of the selling phase completely by bringing in outside liquidation experts.

And in this particular case there are already indications of management feathering it's own nest at the public's expense, so that in itself should be some kind of warning of a fox in the henhouse. Which brings me back to my original observation that I can't even think of a word that describes the level of idiocy this bankruptcy judge has reached, unless perhaps, he's in on the deal himself.

That's it for today folks.

Adios

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