Kinetic Systems, Inc. v. Federal Financing Bank

ORDER ON CROSS MOTIONS FOR ■ SUMMARY JUDGMENT

I. INTRODUCTION

In September of 2009, the U.S. Department of Energy (“DOE”) and Defendant Federal Financing Bank (“FFB”) entered into a series of agreements with Solyndra FAB 2, LLC (“FAB 2”). FAB 2 was wholly owned by Solyndra, Inc. (“Solyn-dra”), a now-defunct solar panel technology company. FFB purchased a promissory note from FAB 2 in the amount of $535 million, and DOE guaranteed the note. Plaintiff Kinetic Systems, Inc. (“Kinetics”) is a California contractor. It was hired to perform work on a Solyndra fáctory in Fremont, California. Kinetics alleges that it performed work worth $2,870,372. So-lyndra declared bankruptcy and abruptly ceased operations in August of 2011, and Kinetics claims that it was owed $1,187,950 when Solyndra closed. Kinetics brings this action alleging that FFB holds excess construction funds, and that Kinetics has a right to be paid from those funds. Now before the Court are the parties’ cross motions for summary judgment. Both motions are fully briefed, 1 and the Court finds them suitable for disposition 'without oral argument pursuant to Civil Local Rule 7-1(b). For the reasons set forth below,…