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1/ Congratulations, Governor Cuomo. $TSLA just struck a deal for $1.84 billion of convertible bonds which will allow $TSLA subsidiary Silevo to default on its Riverbend hiring obligations without triggering a default on the bonds: 
2/ $TSLA has a strong argument that Silevo's hiring obligations are not for "money borrowed." Those obligations are for sucking $750MM from the pockets of New York State taxpayers for a new factory.
3/ Even if that argument were to fail, Silevo's total penalty, payable over 10 years, is only $412MM. So, $TSLA has a slam dunk argument that the obligation is not "in excess of $500 million."
4/ Why hasn't Gov Cuomo insisted that $TSLA assume the obligations of its insolvent third-tier subsidiary, Silevo? I'm guessing because $TSLA would refuse, and Gov Cuomo does not want the embarrassment.
5/ Gov Cuomo, whose minions issued laudatory press releases and made lofty speeches back when the deal was struck, just wants the whole thing to go away.
6/ Which includes allowing $TSLA to inflate its employment claims by what appears to be obvious cheating.
7/ It would be ever so simple to use employer income tax filings to check $TSLA's hiring claims. Why isn't @NYSComptroller auditing Tesla and Panasonic instead of @EmpireStateDev?
8/ Will the responsible NYS officials ever be held accountable? Will $TSLA ever be required to perform or pay? Don't hold your breath. The evident determination of the politicians is to amend & pretend.
9/ So, for now, a viable $TSLA strategy remains: keep the Buffalo work force (mostly Panasonic employees) bare bones - only what Panasonic wants for its manufacturing, and no more. Then allow Silevo to default, and isolate the problem at the SolarCity sub.
