I don't believe that reorganization will be approved be the presiding judge. "Self-inflicted damage brought on management" as lawyers said on behalf of bondholders. When the judge comes to see this by understanding the actions that have been carried out by management, he won't allow this to continue with fresh funds required for reorganization. Lawyers for bondholders and the yieldcos said that SunEdison's words can't be relied upon. Ultimately, the yieldcos will be truly separate but will have to pay the price for doing so. That includes absorbing the loss for mismanaged funds that GLBL previously provided for the construction of certain projects and the foregoing of interest expenses that SunEdison agreed to pay over the next year or so.
I sent him a email asking if the yieldcos are in the the process of preparing their past due financials. I didn't ask him for any range of dates, just if they were doing anything at all to address these issues. I received an reply today at 4:27 ETwhich stated that no announcement has been made to give a date for their past due reports, nothing else. Well, good f*ing lord! What kind of an education is necessary to fulfill an IR position? That's an oily and insincere reply by any standards. The apple doesn't fall too far from the Chatila tree. Glad that Appaloosa also took a position in GLBL along with TERP. We certainly need more activism to help the yieldcos clean up their act.
Boy, Chatila is over-the-top-delusional. He looking for a restructure that gives him another chance to rape a new slate of stockholders.
We need to find more about this lawsuit. It has to be the new COB committee recently installed.
And what we don't know is what happened to the 231. My guess is that SunEdison didn't sink one penny into the intended project on behalf of Terraform. Tepper came just in time to prevent Sun Edison doing the same thing to the other yieldco.
Chatila earned a masters in management, I think perhaps from Stanford. He also had prior experience in executive management.
I couldn't found the names of directors at SUNEs' website. Anybody out there can provide them? I'm baffled that they didn't perform their duties as directors besides just showing up to collect their fees.
I'm invested in TERP so I follow the news carefully. Your recollection is correct. As a matter of record, the departing directors stated in writing that they could longer serve the interests of shareholders. The referenced was abrupt and also probably quite heated.
If, in fact, they counted cash available at the yieldcos, as cash available to SUNE, should be found as fraud committed by management.
I'm going to look into it. After the SUNE debacle, a solar with a strong balance should do quite well.
Teppers' activist stance is succeeding, one step at a time. GLBL will be fried by SUNE's BK. A new management's team will be in charge shortly.