SunTrust says ISC/NASCAR owes $46 million in DC Solar deal

[TheOldProgrammer]

By
Scott Page November 26, 2019 at 2:22 AM

DC Solar Distribution Inc.’s bankruptcy and implication in a $1 billion Ponzi scheme shouldn’t take International Speedway Corp. off the hook for $46 million in payments for renting solar generators, a leasing corporation told a Florida federal court Thursday.

SunTrust Equipment Finance & Leasing Corp. told the court Thursday not to dismiss its suit against International Speedway, saying the agreement between the three companies had a clause that requires the track owner to pay for the generators come “hell or high water.?

While International Speedway had argued that both it and SunTrust were victims of DC Solar’s fraud and that SunTrust should take up its claims with DC Solar, SunTrust told the court that a secret, side agreement between International Speedway and DC Solar constituted a breach of their three-way contract long before the now-bankrupt DC Solar’s scheme was revealed and federal prosecutors filed charges.

The agreement’s “hell or high water” provision states in a bold, capitalized font that the sublease is “noncancellable” and that International Speedway’s obligation is “absolute and unconditional in all events,” according to Thursday’s filing.

— Law 360 —

[Mestral]

Follow up on above.

https://www.thegatewaypundit.com/202...ornia-history/

The owners of DC Solar, a Benicia-based company, pleaded guilty today to charges related to a billion dollar Ponzi scheme— the biggest criminal fraud scheme in the history of the Eastern District of California. The government’s investigation has resulted in the largest criminal forfeiture in the history of the District with over $120 million in assets forfeited that will go to victims, and has returned $500 million to the United States Treasury, with more to come, U.S. Attorney McGregor W. Scott announced.

Jeff Carpoff, 49, of Martinez, pleaded guilty today to conspiracy to commit wire fraud and money laundering. His wife, Paulette Carpoff, 46, pleaded guilty today to conspiracy to commit an offense against the United States and money laundering. According to court documents, between 2011 and 2018, DC Solar manufactured mobile solar generator units (MSG), solar generators that were mounted on trailers that were promoted as able to provide emergency power to cellphone towers and lighting at sporting events. A significant incentive for investors were generous federal tax credits due to the solar nature of the MSGs.

[Grasshopperglock]

I wonder who is done the math on solar panels. We'll keep it simple. We have aluminum, silver, plastics.

How much coal was used to smelter the aluminum? How much diesel to mine it and transport it? How much electricity to form and machine it?

The same with silver.

How much oil was used per pound of plastic? How much electricity was used to form it? How much did the truck driver make to move it?

.....

I'd suspect it's as stupid as windmills. A single windmill won't last enough to offset the energy that was used to make it.

There's no such thing as free of green power. There never has been.

[gnatsum]

There's an awful lot of recycling in the metals indujstry. Not a whole lot of ore smelting, but certainly a lot of remelting. Cheaper than mining the ore and the smelting process.

Secret to the Japanese auto industry--the steel in most of their vehicles in the '70s came from scrap metal from the U.S. Old railroad freight cars, old kitchen appliances, rusted out American cars...