Nearly a year after members of Congress called for an investigation into the collapse of a Colorado wireless company that went bankrupt after receiving a multimillion-dollar loan package from the George W. Bush administration, a trustee is suing the Obama administration over accusations that officials hastened the wireless firm’s collapse.
In a complaint unsealed late last week, the liquidating trustee for Open Range Communications said the Federal Communications Commission(FCC) and the U.S. Department of Agriculture (USDA) were responsible for the company’s bankruptcy.
Open Range won a $267 million loan guarantee in the waning days of the Bush administration, but it went bankrupt last year, owing more than $70 million to the government after federal officials cut off loan advances.
This reminds me of the auto dealership closures that the current administration oversaw.Just by coincidence 75% of the dealerships that lost their franchise were contributors to Republican campaigns.One of our local dealers is very familiar with how it worked.
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