State tries to recoup $10M from closed Ohio firm

TOLEDO, Ohio (AP) — Ohio’s attorney general wants to recover more than $10 million from a solar energy company that defaulted on two taxpayer-supported loans.

The state filed two lawsuits Friday seeking the money from Willard & Kelsey Solar Group and its shareholders. A lawyer representing the company declined comment.

The suits stem from loans the company got to buy equipment to make solar panels at its plant in Perrysburg just outside Toledo.

The lawsuits say the company that is no longer operating sought the loans even though they were severely undercapitalized.

In addition to the loans, Willard and Kelsey got grants and a 10-year job-creation tax credit.

The company began in 2007. The Blade newspaper has reported that executives began paying themselves millions and spent money on sporting events and parties.


Information from: The Blade,

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s