Solar energy firm Solyndra manufactured cylindrical solar panels that, while expensive to produce, were easy to install on the roofs of commercial buildings. The firm was founded in 2004. In March 2009, Solyndra had raised approximately $650 million in private equity financing as well as $535 million in debt that was guaranteed by the U.S. government as part of a program to encourage clean energy. At the time, Solyndra had a single manufacturing facility, but was planning to build a second. Later that year, Solyndra filed an IPO registration statement, which it later withdrew after investment bankers expressed concern about declining prices for electricity. Nevertheless, the firm built a second, larger facility. The Washington Post quoted a former engineer at the firm as saying that after receiving the loan guarantee, Solyndra spent money “left and right,” and that the cash infusion “made people sloppy.”53 Notably, the firm built its second facility, despite growth in unsold inventory at its first facility. Moreover, Solyndra’s profit margin at the time was negative and worsening. In 2011 the firm filed for Chapter 11 bankruptcy. Using the concepts developed in Chapter 7 and earlier chapters, analyze the decisions made at Solyndra.