TerraForm Power, Inc. (TERP)

[odyd 1,293]

This is not happening is it?

"We currently expect to file Form 10-K by the extended deadline of March 15, 2016. We are deferring a decision on our 4Q 2015 dividend until we complete our annual financial statements and resolve other pending matters."
 

[ravalos 20]

I hear you.. It's really like they are doing all this on purpose! To punish everybody for attacking them and criticizing them for how they conducted the business for the last 6-12 months. To not issue one bit of communication today must be interpreted as something beyond arrogance or even lack of sense of responsibility. On one hand I can say all this about management, but on the other, it kind of gives you the feeling that they are cruising this line of overconfidence and know they are going to come out ahead of all their troubles. Like they know they have a good business still with all the ebbs and flows but very good nonetheless. They are just delaying the gratification for their shareholders, you can also read it like that in between lines! Totally frustrating...

[disdaniel 54]

LOL they are filing amended 4/A's tonight just to rub it in...

[ravalos 20]

.. And above all to punish Tepper.

[odyd 1,293]

6 minutes ago, ravalos said:

I hear you.. It's really like they are doing all this on purpose! To punish everybody for attacking them and criticizing them for how they conducted the business for the last 6-12 months. To not issue one bit of communication today must be interpreted as something beyond arrogance or even lack of sense of responsibility. On one hand I can say all this about management, but on the other, it kind of gives you the feeling that they are cruising this line of overconfidence and know they are going to come out ahead of all their troubles. Like they know they have a good business still with all the ebbs and flows but very good nonetheless. They are just delaying the gratification for their shareholders, you can also read it like that in between lines! Totally frustrating...

To me not filing on time is not a sign of everything being ok, if it is a result of arrogance, that it is a truly stupid act. Daniel is right; they are filing their 4s like nothing as if they have not lost concept of the responsibility, but I find this to be more of trouble what is going to be in the filing if this one is not being made.

[odyd 1,293]

I am maybe crazy but what does this say below,

They suppose to file 15 days following, They file 12b on the 29th, day before March 1 deadline. 15 days following March 1 deadline is the 16th.

"If an annual report on Form 10-K or a quarterly report on Form 10-Q is not filed within the required time period, the issuer must file with the SEC within one business day of the due date for the report a Form 12b-25 (designated as an “NT 10-K” or “NT 10-Q” in the EDGAR filing system) disclosing its inability to file the report timely and the reason for the delay. If a Form 10-K or Form 10-Q cannot be filed timely, because the company is unable to file “without unreasonable effort or expense”, the report will be deemed to be filed on the filing due date if the company timely files a Form 12b-25, and then files the report not later that the 15th calendar day (for a 10-K) or 5th calendar day (for a 10-Q) following the due date for the missed report."

 

 

[ravalos 20]

You might be right, they could still file tomorrow if we adhere to the literal wording of your finding. On the 15th day following the due date could be interpreted as either 15th or 16th, you could make an argument for either one. For our health's sake let's assume they still have tomorrow to file. To think otherwise is to admit they failed to file on time and that's grounds for a MUCH bigger problem nobody expects (other than management itself)

[saush11 38]

37 minutes ago, odyd said:

I am maybe crazy but what does this say below,

They suppose to file 15 days following, They file 12b on the 29th, day before March 1 deadline. 15 days following March 1 deadline is the 16th.

"If an annual report on Form 10-K or a quarterly report on Form 10-Q is not filed within the required time period, the issuer must file with the SEC within one business day of the due date for the report a Form 12b-25 (designated as an “NT 10-K” or “NT 10-Q” in the EDGAR filing system) disclosing its inability to file the report timely and the reason for the delay. If a Form 10-K or Form 10-Q cannot be filed timely, because the company is unable to file “without unreasonable effort or expense”, the report will be deemed to be filed on the filing due date if the company timely files a Form 12b-25, and then files the report not later that the 15th calendar day (for a 10-K) or 5th calendar day (for a 10-Q) following the due date for the missed report."

 

 

You make sense to me Odyd. 15th calendar day following the due date is 16th in my view,but their press release says, by " extended deadline of March 15th". So , don,t know what to make of it.

 

[odyd 1,293]

25 minutes ago, saush11 said:

You make sense to me Odyd. 15th calendar day following the due date is 16th in my view,but their press release says, by " extended deadline of March 15th". So , don,t know what to make of it.

 

Their news release comes with disclosure, rules do not. I think they wrote this in TERP, but did not say a word about it in SUNE. I am hoping I am right. In the end, I refuse to accept that the company which just hired a new CFO, is trying to recover from the poor image, is playing blunt ignorance. Like Ravalos said they could be still trying to hurt Tepper.

[odyd 1,293]

SUNE wrote this in their submission

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

If the prescribed date is March 1, as they are obligated to file the form 24 hours before the prescribed date, this means 16th is the date. I expect crazy trading if this not happens before the market opens. Could be an opportunity to average.

 

 

[Pop2mollys 412]

45 minutes ago, odyd said:

SUNE wrote this in their submission

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

If the prescribed date is March 1, as they are obligated to file the form 24 hours before the prescribed date, this means 16th is the date. I expect crazy trading if this not happens before the market opens. Could be an opportunity to average.

 

 

Going to get my popcorn ready and maybe I will actually put my cash to use today.  Been on sidelines for couple weeks now.

[ravalos 20]

55 minutes ago, odyd said:

SUNE wrote this in their submission

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

If the prescribed date is March 1, as they are obligated to file the form 24 hours before the prescribed date, this means 16th is the date. I expect crazy trading if this not happens before the market opens. Could be an opportunity to average.

 

 

They still could file after market close, as it will continue to be the 16th day. We'll find out if investors expect this if we don't get anything before the market opens and trading is as has been for the past couple of days. 

[odyd 1,293]

22 minutes ago, ravalos said:

They still could file after market close, as it will continue to be the 16th day. We'll find out if investors expect this if we don't get anything before the market opens and trading is as has been for the past couple of days. 

I think that putting March 15 made everyone yours truly included hooked on this date. I cannot believe this was just an error at PR desk, but I would be a lot more convinced if SUNE did PR as well putting this date.

GLBL suppose to report on the 30th, I doubt they will drive all three to have the same release. I just went to GLBL site and it shows 814MW, was this like 1.3GW at one point?

[odyd 1,293]

Sparkspread reported a following headline yesterday

"Rabo, ICBC close TerraForm wind farm syndication"

looks like TERP is buying wind farms from someone. Maybe our obligation story is getting legs.

[odyd 1,293]

Above actually may relate to Global.

[odyd 1,293]

I also read a statement on Yahoo forum that SEC has a 60-day rule to file. However, I read few public account firms that companies take  March 1st as a due date. In case of the leap year this is still the due date, not the 29th. I am pretty sure that filing a form one day before the deadline established the March 16th is the reporting date. Tomorrow will know. All the best to those invested.

[Pop2mollys 412]

TerraForm Power Announces Delayed Filing of Annual Report on Form 10-K and Receipt of NASDAQ Letter

http://www.streetinsider.com/dr/news.php?id=11424076

 

what a mess...

 

 

 

[lepv123 1]

How can TERP tank more than SUNE? I'm surprised SUNE is not tanking more. Buying opportunity on TERP here

[odyd 1,293]

I am in complete disbelief. I hope to read from all of you. I could not predict this.

 

[ravalos 20]

The problem is that we might still be a long way from seeing the 10-K. It looks like the problem is extremely worse than expected as they can't even provide a tentative date or range of dates anymore. Who knows how long this will be, but you realize the level of dependency that TERP has on SUNE's personnel to record their financials. This is an ugly monster and naturally the stock is taking a pounding. I'm surprised that even with this they continue to argue that they haven't found anything wrong with their financials. Is that credible? 

[disdaniel 54]

too angry to say anything intelligible...

[odyd 1,293]

I deleted my prior post; they found weaknesses, and they are awaiting impacts from SUNE. They have found nothing to restate anything yet.

What is the plan here and what is one to do?

Selling now maybe bad but selling later maybe worse. On the other hand this could be a strategy which causes some ripple effect elsewhere but will  matter nothing in a month as things get cleared. So selling maybe premature. Are they trying to defunct TERP somehow, is this a court strategy against Vivint?

[ravalos 20]

The stock is recovering pre-market significantly. It touched $8.12 at one point but now it's above $9.20, I really am unsure what to do. I don't want to sell but I wouldn't like this to get uglier before it gets better. My issue is with TERP being totally dependent on SUNE's management to record their financials.

Edited 16 March by ravalos

[lepv123 1]

1 minute ago, ravalos said:

The stock is recovering pre-market significantly. It touched $8.12 at one point but now it's above $9.20, I really am unsure what to do. I don't want to sell but I wouldn't like this to get uglier before it gets better. My issue is with TERP being totally dependent on management to record their financials.

I want to buy more!

[lepv123 1]

If the product is good which it is, then lets use this opportunity to take advantage of it. I think this is a reboot in SUNE and TERP just got caught in the middle of it.