[explo 648]

Yes without getting into details, the stable assets, super high yield, very low PB, it is good investment even if there's no growth and no profits. I feel comfortable that TERP and GLBL must be bargains here, even if i've only taken a cursory look and not done the deep DD i used to do on cn4.

 

[zendoc1love 45]

Tepper to press on with litigation:

http://finance.yahoo.com/news/appaloosa-seek-expedited-trial-prevent-190500116.html;_ylt=A0LEVjA4mtRWwPsAMmInnIlQ;_ylu=X3oDMTEycG9qMDEwBGNvbG8DYmYxBHBvcwMyBHZ0aWQDQjE3NDdfMQRzZWMDc3I-

I think he will win this one.

[pg6solar 97]

That's why speculation is that both SUNE and VSLR  are re-negotiating still as both were "ready" for this possibility and the language in VSLR's vote last week was hinting to. Saga is on-going.

[disdaniel 63]

Predictable, but I'm not sure how "smart" it is--seems to have halted TERPs climb.

[pg6solar 97]

31 minutes ago, disdaniel said:

Predictable, but I'm not sure how "smart" it is--seems to have halted TERPs climb.

He's "trying" to force SUNE to sell VSLR to someone else other than TERP. if he's successful (SUNE sells VSLR to a third party, then lawsuit is dropped), all three "win": SUNE still avoids BK(for now), Appoloosa may get a TERP BOD seat, and GLBL should be able to pay full minimum dividend.  

[zendoc1love 45]

The language that Bouchard gave is very concerning about the way that they (SUNE) handled the renegotiation of the Vivint deal:

the Court offered “some guidance for the future course of this case” (Tr. 36), saying that the process used by SunEdison to approve the transaction appeared “inherently suspect” and that it entertained “serious doubts” about that process. (Tr. 36-37). In addition, “troubling” circumstances surrounding one of the Conflicts Committee’s advisors “raise[] serious questions that go to the fairness of the process.” (Tr. 38). In light of the Court’s guidance, Appaloosa believes that an expedited trial is in the best interests of TERP and its stockholders.

 

To me this process is not about the assets from Vivint but about governance issues.  In all reality if these governance issues are not directly addressed then SUNE may feel like they can cram bad assets down their Yieldco's throats if they get into another such situation.  Tepper is stepping up against the playground bully to make sure that the bully doesn't continue to beat the crap out of the kids (Yieldco's).  If SUNE doesn't learn these lessons then there will be nothing stopping them from doing this again.  I don't want to hold these (GLBL and TERP) if the corporate governance issues are not clarified.

[disdaniel 63]

4 minutes ago, zendoc1love said:

To me this process is not about the assets from Vivint but about governance issues.  In all reality if these governance issues are not directly addressed then SUNE may feel like they can cram bad assets down their Yieldco's throats if they get into another such situation.

I think the price for the VSLR assets was originally rather high (the whole VSLR deal is the single most destructive deal I've witnessed since AOL bought Time Warner), the assets are what they are, it is only the price that is good or bad imo.  But Tepper lawsuit is making people think the assets are bad (which hurts both SUNE and TERP), when they are simply different from the assets TERP already owns. 

On the other hand, I am baffled as to why this issue hasn't been settled already--it seems dead simple to fix.  And yes the governance is clearly not what it should be at either (all the sune related) company.  Where on earth has the sune board been the past year?

[zendoc1love 45]

The assets aren't necessarily good either.  What has been the worst performing subsector in solar over the last 2-3 months.  Residential.  Too many unknowns.

The take/pay arrangement mandates that TERP take the assets as they are offered or pay for them without taking them.  This is only good if you trust that whoever is offering the assets has your best interest in mind...and it is not clear that SUNE does have the best interests for TERP. 

[Jetmoney 28]

TERP delayed in filing Form 10-K

http://finance.yahoo.com/news/terraform-power-inc-reports-delay-235519593.html

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.    

[zendoc1love 45]

Not cool