Solyndra Battles IRS In Court Over Ch. 11 Plan

Law360, Wilmington (October 17, 2012, 10:12 PM EDT) -- Defunct solar energy company Solyndra LLC squared off with the U.S. government Wednesday in Delaware bankruptcy court, arguing that its reorganization plan makes the best of a bad situation for its private equity creditors and is not, as the government claims, a ploy to secure valuable tax breaks.

Officials from Solyndra and private equity investor Argonaut Ventures I LLC testified in support of the plan, while the U.S. Internal Revenue Service claimed the plan reorganizes Solyndra’s parent as a shell corporation solely to preserve some $350...
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