TerraForm Power, Inc. (TERP)

[odyd 1,289]

To me it is the predictability, I cannot predict intentions of people while I can relatively well calculate or predict financial conditions and asset management. In this case, it is something I do not understand and makes me very uncomfortable.

Stocks can soar without the need for predictability but me this is essential. CSIQ did not shake me and as they gave all the scenario predictability. Here I do not know the game anymore. Dividend, assets, growth that was the game I knew. Logic sometimes is not the best advisor, watching TERP trading well.

[disdaniel 54]

holding on for the moment.  wish I had not owned as much (now w/ delay) but I really expected them to report.

I'm also a bit baffled by their statement.  the audit uncovered faulty software?  WTF???

Seems like this could be fixed by a late night run to Staples

[saush11 38]

I feel it is about VSLR game. If they could declare GLBL dividend without financial result, why can't they do  for TERP ?

[zendoc1love 45]

Did not sell.  Can't assess the situation at this point.  

I wonder if this will give Tepper any more credibility to get TERP more independence?

SUNE screwed the pooch but has not had much downside today.  Don't understand the action

[ravalos 19]

 Ok, so I made a trade in order to take advantage of further weakness. I sold Jun $10 puts and simultaneously bought Jun $7.5 puts as protection. If the stock drops significantly as time progresses and they don't file, I might close the $7.5 puts at a profit and leave the $10 puts open, thinking that since I can't really price the uncertainty at this point, I will let the market dictates what the price should be until they disclose more information. If they suddenly file and the stock flies, well I'd still profit from the spread but I'll then evaluate whether to purchase stock outright at a higher price. If they disappear (very unlikely) or go to the pink sheets due to some inexplicable unexpected black swan reason, at least I cap my loss to $2.5 per share. We'll see..

[lepv123 1]

Why is TERP and GLBL being more punished than SUNE? Does anyone here believe that SUNE can still declare BK?

[Jetmoney 22]

I don't think TERP should be punished this badly.  Its dividend and ER delay is not its own fault but rather SUNE accounting.  It might be ready anytime SUNE has its acts in order.  I think SUNE is trying to play with numbers but somehow did not add up.  TERP dividends should not be jeopardy.  With that said, people emotion is another to consider.  All is boiled down to share prices and large portion of that is due to emotion trading.  Long term, it should be OK.  To take advantage of short term, I unloaded some to buy back if opportunity presents itself.  I hate to sell it all and what happens if its SP keeps going up.  We hold the bag for so long and let others get all the glory?

[saush11 38]

3 minutes ago, Jetmoney said:

I don't think TERP should be punished this badly.  Its dividend and ER delay is not its own fault but rather SUNE accounting.  It might be ready anytime SUNE has its acts in order.  I think SUNE is trying to play with numbers but somehow did not add up.  TERP dividends should not be jeopardy.  With that said, people emotion is another to consider.  All is boiled down to share prices and large portion of that is due to emotion trading.  Long term, it should be OK.  To take advantage of short term, I unloaded some to buy back if opportunity presents itself.  I hate to sell it all and what happens if its SP keeps going up.  We hold the bag for so long and let others get all the glory?

Agree, considering that VSLR is off its head

[Jetmoney 22]

SUNE recovers and now down only 10 cents.  That bodes well for TERP and GLBL.  Most of sellers are all out already.  I would like to see TERP recovers and close above $10.  That would be a good sign.  We can hope.  Good luck.

[lepv123 1]

SUNE is trading too amazing and surprising for this kind of news. It doesn't trade like it's going to declare BK. Disdaniel, what do you think?

[odyd 1,289]

SUNE recovers and now down only 10 cents.  That bodes well for TERP and GLBL.  Most of sellers are all out already.  I would like to see TERP recovers and close above $10.  That would be a good sign.  We can hope.  Good luck.

I hope this is the case. My concern and I sold for that reason is that SUNE is seeing to benefit from TERP financial condition. The fact that revenue recognition is being questioned, may lead to some nonsense finding more money in SUNE than TERP. If all is good I can buy back at higher prices knowing value of assets. Right now they can say anything and nobody knows if it is a fact or fantasy.

[Jetmoney 22]

True, SUNE could do that and I think they might have tried to do that but the numbers did not add up.  Tepper will have its own audit team to make sure this kind of fantasy transactions don't take place. 

[saush11 38]

24 minutes ago, odyd said:

I hope this is the case. My concern and I sold for that reason is that SUNE is seeing to benefit from TERP financial condition. The fact that revenue recognition is being questioned, may lead to some nonsense finding more money in SUNE than TERP. If all is good I can buy back at higher prices knowing value of assets. Right now they can say anything and nobody knows if it is a fact or fantasy.

Odyd/Others,

In case if anyone has any idea of the law - can a judge order for board members to be changed?

[odyd 1,289]

24 minutes ago, odyd said: I hope this is the case. My concern and I sold for that reason is that SUNE is seeing to benefit from TERP financial condition. The fact that revenue recognition is being questioned, may lead to some nonsense finding more money in SUNE than TERP. If all is good I can buy back at higher prices knowing value of assets. Right now they can say anything and nobody knows if it is a fact or fantasy.

Odyd/Others,

In case if anyone has any idea of the law - can a judge order for board members to be changed?

If found criminal only, some one would be removed do not know.

[saush11 38]

6 minutes ago, odyd said:

If found criminal only, some one would be removed do not know.

Thanks

[disdaniel 54]

58 minutes ago, lepv123 said:

SUNE is trading too amazing and surprising for this kind of news. It doesn't trade like it's going to declare BK. Disdaniel, what do you think?

Yes very surprised SUNE is almost flat and TERP (even GLBL) is hurt far more...must be because news confirmed no misstatements at SUNE, and the "bug" with new resource planning software had to do with revenue recognition (i.e. TERP's lunch).

So no bk at sune (confirmed--to the extent anything is confirmed with no filings), but maybe (??) an issue with TERP (and glbl) revenue projections...all things related to sune are baffling lately

[ravalos 19]

Well, I guess we'll have no further news until end of month, possibly April or even May! I'm positioned again in case of extreme weakness.. Feeling nostalgic about my shares (actually about the dividend).

[odyd 1,289]

I feel cheated. As a prudent investor, I would not be caught in the risk of compliance. I had an answer for Vivint, for dividend and they made mess that even as a veteran of Chinese solar investing can stomach the darkness of data room. I knew SUNE will cause big issues to the industry but did no expect I fall a victim to it.

[lepv123 1]

4 hours ago, odyd said:

I feel cheated. As a prudent investor, I would not be caught in the risk of compliance. I had an answer for Vivint, for dividend and they made mess that even as a veteran of Chinese solar investing can stomach the darkness of data room. I knew SUNE will cause big issues to the industry but did no expect I fall a victim to it.

In the meantime, why don't you write covered calls to take advantage of this period of stagnation? Do you expect TERP to fall further? Buying in the low $9s and $8s will prove very profitable once this debacle is resolved yes?

[odyd 1,289]

42 minutes ago, lepv123 said:

In the meantime, why don't you write covered calls to take advantage of this period of stagnation? Do you expect TERP to fall further? Buying in the low $9s and $8s will prove very profitable once this debacle is resolved yes?

I do not do options. Further, the problem is that I do not know what to expect. At one time I thought I knew. At this point TERP seems to be a toy in SUNE's hands. Initially, I did not mind SUNE  to be BK. Then after reading the memo from SUNE prepared for Tepper's lawsuit, I got afraid TERP would be damaged out of spite.  Merger failure did not lift the stock, as now we know, compliance became a risk.

Hypothetical, what would happen if SUNE allowed TERP to delist? B class shares do not trade, which ensures ownership for SUNE to all capital and assets. Not possible? Probably not, but what is really happening inside of SunEdison to prevent such a scenario? We know that at one point they were going to capture $922M to buy Vivint' assets and people lost their jobs over it.

I hope that things will resolve to benefit of all TERP holders. Reading other members, TERP is just a fraction of their holdings. I was 80% invested in it. I took 20% loss, which is not the end of the world. I will have to make this up. I rather step in at higher price, which seems always come up, rather than go off the cliff in some radical way.

All the best

 

 

[explo 616]

This is so stupid. TERP book keeping being dependent on messy SUNE's defect IT system. They need to separate themselves better. They also need to declare dividend even if details of book is not ready to file accurate financial report. Not declaring dividend make it sound like it is not just a technical problem to get accurate numbers in time, it sounds like they have no idea about how much dividend they can afford to pay.

[saush11 38]

http://www.fool.com/investing/general/2016/03/17/billionaires-war-on-suneedison-what-does-tepper-se.aspx?source=yahoo-2&utm_campaign=article&utm_medium=feed&utm_source=yahoo-2

[sac_solar 28]

Im not sure if anyone else is left in TERP,  I picked up some (very small) position at 9.05 to play with based on volatility up/down

[Jetmoney 22]

Sold more TERP this morning but have an order to buy back at $8.5 if it gets there.

[zendoc1love 45]

Audit of TERP/SUNE may reveal and elucidate the incestuous relationship between parent/child and force the issue of more independent governing in my opinion.  Audit concerns being brought on by administration in the same time frame that TERP governance issues overlap is not just a coincidence IMO.  

The "whistleblower" administrator must likely had an audience with Tepper and Appaloosa probably aware of these concerns in the audit.  

Would like to talk with Tepper.  "We don't start things to start things".

I don't think SUNE is playing games to withhold dividend but is attempting to unravel complex financial engineering schemes.  

My bet is that TERP autonomy will be better after this.  

I don't understand the pps dislocation between the two , but my thesis is unchanged at this point.