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Feedback
A SunEdison Chapter 11 restructuring is threatening to destroy all of investment in SunEdison. Our group of shareholders has united to hire legal counsel to fight back against the proposed Plan of Reorganization and to defend our Equity.
Please register SunEdison Share at http://www.suneq-equity.com/
It is free to register.
This Tuesday, May 16: Live call with Sun Edison Shareholder Group’s attorney who will discuss the case. Everyone is encouraged to join the call at 8 PM ET. LIVE CALL with Ancela on Tuesday May 16 at 8PM ET! To call in, dial 712-770-8098 and enter code 727498 when prompted. The call will be listen-only until the end, when Ancela will field questions from callers as time allows.
Here is the background info:
SunEdison, formerly the world's largest solar development company, is under siege in a New York Bankruptcy Court. Before the Chapter 11 filing, and behind the backs of Equity shareholders, Senior Creditors made a dubious “loan-to-own” deal (which is being challenged in a separate court case) and are setting themselves up to unfairly profit in the Plan of Reorganization.
What is taking place right now is a huge transfer of wealth and power, away from many thousands of small common shareholders who believe in socially responsible investing, over to a few banks and hedge funds seeking to hold down solar and renewable Energy, and/or to profit wildly at our expense. One example is an American hedge fund, Elliott Management, run by Paul Singer. Elliott Management got involved in the “loan-to-own” financing deal as a secured creditor and made a significant investment in NRG Energy Corporation, who just recently purchased roughly 1,500 MW of utility-scale solar and wind projects from bankrupt SunEdison for only $183 million. It’s very CEO admitted that the first drop-down of a minority of the projects purchased has already paid for the entire transaction.
When SunEdison on April 21, 2016, filed for Chapter 11, the company provided information according to local bankruptcy rules (SunEdison, Inc. (16-10992); Prime Clerk). SunEdison stated, “as of December 31, 2015 the Debtors’ unaudited consolidated financial statements, as prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), aggregated US$22,558,901,863 in total assets and $17,938,469,411 in total liabilities.” (Patrick Cook’s Declaration, Docket 4). SunEdison’s enterprise consists of hundreds of subsidiaries worldwide, but has brought few of them into the Bankruptcy, and no foreign subsidiaries. Adviser to the debtors Homer Parkhill (Managing Director at Rothschild, Inc.), without any kind of formal valuation, stated that the principal assets available could probably be sold at a value of $850M but there was $4.2 Billion in secured and general unsecured claims (excluding contingent and litigation related claims) (Docket 451). It is clear that there is a huge disconnect between Cook’s Declaration and Homer Parkhill’s estimations being used to wipe out shareholders. The judge has so far decided to rely only on Homer Parkhill even though no formal valuation back up his declaration. We wish to prove to the Court that third-party valuations are needed.
We are very concerned that there will be other renewable energy firms that will fall victim to anti-environmental action over the next 3 years via this same type of so-called "Bankruptcy," and we want to help stem that tide, starting now.
Look at what happened to the world largest wind turbine manufacture Vestas Wind System. Vestas almost had to file for bankruptcy pushed by Deutsche Bank but the company managed to save themselves due to a heroic effort from the company’s chairman Bert Nordberg. Please check where the company is today!
We are in a different way preparing to fight to preserve SunEdison's value in Court. But we are basically a rag-tag group of 250 retail shareholders, with about 10% of outstanding Equity shares, and we lack the resources that these initiatives typically require.
We are also confident that there are other persons holding significant Equity interests in SunEdison common stock. We have so far been unable to identify them even after large effort with professional assistance. We have only been able to identify one institutional investor with a significant holding and it is BlackRock but they are also among the Secured Creditors. Other major shareholders has disappeared without informing the judge as required (by a NOL order intended to protect the debtors’ Tax Assets) or they sold few days prior to petition date.
Because of the above-described events, we are concerned that Chapter 11 will become a vehicle that fossil-fuel advocates will use to set back Renewables for the next several years. We have Ancela Nastasi (a sort of legal activist in her own right) of Nastasi Partners, retained as counsel. We have also hired Energyzt and StoneTurn as valuation experts and forensics experts, respectively. We have managed to raise US$250.000 for our representation, but since the case has become much complex then initially thought, we need to raise additional funds roughly twice that amount. Shareholders who already have lost a lot went to a great length to raise the money just to learn that it was not enough. It is impossible for the same group of common shareholders to raise double the additional monies needed to help defend Equity interests.
We implore you to take up this fight with us, in behalf of the future of Renewable Energy and those who take Equity ownership of it. Would you be able to engage in a discussion with our group about how you would be able to help?
Please register SunEdison Share at http://www.suneq-equity.com/
It is free to register.
This Tuesday, May 16: Live call with Sun Edison Shareholder Group’s attorney who will discuss the case. Everyone is encouraged to join the call at 8 PM ET. LIVE CALL with Ancela on Tuesday May 16 at 8PM ET! To call in, dial 712-770-8098 and enter code 727498 when prompted. The call will be listen-only until the end, when Ancela will field questions from callers as time allows.
Here is the background info:
SunEdison, formerly the world's largest solar development company, is under siege in a New York Bankruptcy Court. Before the Chapter 11 filing, and behind the backs of Equity shareholders, Senior Creditors made a dubious “loan-to-own” deal (which is being challenged in a separate court case) and are setting themselves up to unfairly profit in the Plan of Reorganization.
What is taking place right now is a huge transfer of wealth and power, away from many thousands of small common shareholders who believe in socially responsible investing, over to a few banks and hedge funds seeking to hold down solar and renewable Energy, and/or to profit wildly at our expense. One example is an American hedge fund, Elliott Management, run by Paul Singer. Elliott Management got involved in the “loan-to-own” financing deal as a secured creditor and made a significant investment in NRG Energy Corporation, who just recently purchased roughly 1,500 MW of utility-scale solar and wind projects from bankrupt SunEdison for only $183 million. It’s very CEO admitted that the first drop-down of a minority of the projects purchased has already paid for the entire transaction.
When SunEdison on April 21, 2016, filed for Chapter 11, the company provided information according to local bankruptcy rules (SunEdison, Inc. (16-10992); Prime Clerk). SunEdison stated, “as of December 31, 2015 the Debtors’ unaudited consolidated financial statements, as prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), aggregated US$22,558,901,863 in total assets and $17,938,469,411 in total liabilities.” (Patrick Cook’s Declaration, Docket 4). SunEdison’s enterprise consists of hundreds of subsidiaries worldwide, but has brought few of them into the Bankruptcy, and no foreign subsidiaries. Adviser to the debtors Homer Parkhill (Managing Director at Rothschild, Inc.), without any kind of formal valuation, stated that the principal assets available could probably be sold at a value of $850M but there was $4.2 Billion in secured and general unsecured claims (excluding contingent and litigation related claims) (Docket 451). It is clear that there is a huge disconnect between Cook’s Declaration and Homer Parkhill’s estimations being used to wipe out shareholders. The judge has so far decided to rely only on Homer Parkhill even though no formal valuation back up his declaration. We wish to prove to the Court that third-party valuations are needed.
We are very concerned that there will be other renewable energy firms that will fall victim to anti-environmental action over the next 3 years via this same type of so-called "Bankruptcy," and we want to help stem that tide, starting now.
Look at what happened to the world largest wind turbine manufacture Vestas Wind System. Vestas almost had to file for bankruptcy pushed by Deutsche Bank but the company managed to save themselves due to a heroic effort from the company’s chairman Bert Nordberg. Please check where the company is today!
We are in a different way preparing to fight to preserve SunEdison's value in Court. But we are basically a rag-tag group of 250 retail shareholders, with about 10% of outstanding Equity shares, and we lack the resources that these initiatives typically require.
We are also confident that there are other persons holding significant Equity interests in SunEdison common stock. We have so far been unable to identify them even after large effort with professional assistance. We have only been able to identify one institutional investor with a significant holding and it is BlackRock but they are also among the Secured Creditors. Other major shareholders has disappeared without informing the judge as required (by a NOL order intended to protect the debtors’ Tax Assets) or they sold few days prior to petition date.
Because of the above-described events, we are concerned that Chapter 11 will become a vehicle that fossil-fuel advocates will use to set back Renewables for the next several years. We have Ancela Nastasi (a sort of legal activist in her own right) of Nastasi Partners, retained as counsel. We have also hired Energyzt and StoneTurn as valuation experts and forensics experts, respectively. We have managed to raise US$250.000 for our representation, but since the case has become much complex then initially thought, we need to raise additional funds roughly twice that amount. Shareholders who already have lost a lot went to a great length to raise the money just to learn that it was not enough. It is impossible for the same group of common shareholders to raise double the additional monies needed to help defend Equity interests.
We implore you to take up this fight with us, in behalf of the future of Renewable Energy and those who take Equity ownership of it. Would you be able to engage in a discussion with our group about how you would be able to help?
Antwort auf Beitrag Nr.: 54.949.901 von EinhornsShadow am 15.05.17 23:36:35
By Alex Wolf
Law360, New York (May 12, 2017, 8:57 PM EDT) -- SunEdison Inc.'s Chapter 11 exit continues to get more complicated, as bond issuers, groups of shareholders and others worried about losing several millions' worth of claims against the bankrupt solar energy giant complained late in the week that the disclosures in its restructuring proposal are egregiously light on important details.
In a week chock-full of shareholder objections to SunEdison's Chapter 11 plan disclosure statement, various groups of creditors told a New York bankruptcy court in filings on Thursday and Friday that at this stage, the debtor's plan is unconfirmable and the disclosure statement lacks adequate information regarding the treatment of certain claims.
Besides failing to fully address the treatment of surety bond issuers like XL Specialty Insurance Co. and Westchester Fire Insurance Co. waiting to be indemnified by SunEdison, the disclosure statement also doesn't provide sufficient information about third-party litigation releases that some creditors fear could leave them unable to assert claims against affiliated nondebtors, according to the objections.
In one of the lengthier criticisms, the Municipal Employees' Retirement System of Michigan, the court-appointed lead plaintiff in a pending securities class action against certain former SunEdison officers and other third-party nondebtors, said the plan is "rendered patently unconfirmable" because it includes third-party releases.
"Debtors fail to provide adequate disclosure with respect to the intended scope and effect of the third-party releases, and whether there is a factual basis to support the issuance of such releases," the MERS investors said.
In another objection filed Thursday, Vivint Solar Inc. said SunEdison has not provided enough information regarding how much it will set aside to pay disputed unsecured claims, like the $1 billion claim it filed against a group of affiliated debtors for breaching a 2015 merger agreement.
Vivint also complained that "the debtors appear to have laid a potential trap" for wary creditors by proposing to align the claim objection deadline and the voting resolution event deadline to occur on the same day. By doing so, the companies "afford themselves the opportunity to potentially use last-minute objections to ambush creditors, stripping them of voting rights before they can reasonably respond," Vivint said.
The objections come amid a flood of more than 150 letters sent by SunEdison shareholders who felt duped when the company collapsed. In their objections to the company's disclosure statement, the individuals piggybacked on a more formal objection filed by an ad hoc committee of shareholders that complained about being left in the dark throughout the debtor's bankruptcy case.
In that filing, the committee said SunEdison's liquidation plan and disclosure statement does not explain why the energy company chose liquidation over reorganization, does not say where billions the company raised in debt and equity offerings went, and provides an "ambiguous" description of the plan itself, omitting details including the amount of each class of claims and what each class will receive, and appears to require claimholders to release any third-party claims sight unseen.
SunEdison, which develops renewable energy products around the world, filed for Chapter 11 protection in April 2016, loaded with more than $8 billion in debt and under scrutiny from government regulators. The bankruptcy filing capped the fall of a business that had aimed to be the largest renewable energy company in the world.
While rankled by accusations that it intentionally defrauded the market and investors in its failure to stave off major liquidity problems stemming from a massive expansion, SunEdison has also been blamed for running its Chapter 11 case chiefly for the benefit of its secured lenders.
A media contact for SunEdison did not immediately respond to a request for comment Friday evening.
SunEdison is represented by Anthony W. Clark, Jay Goffman, J. Eric Ivester, Shana Elberg, James J. Mazza Jr. and Louis S. Chiappetta of Skadden Arps Slate Meagher & Flom LLP.
MERS is represented by John H. Drucker and Mark Tsukerman of Cole Schotz PC.
Vivint is represented by Steven M. Schatz, Benjamin Hoch and Robert M. Hemm of Wilson Sonsini Goodrich & Rosati.
Westchester is represented by Louis A. Modugno of McElroy Deutsch Mulvaney & Carpenter LLP and Sam H. Poteet Jr., Michael E. Collins and Scott C. Williams of Manier & Herod PC.
The case is In re: SunEdison Inc., case number 1:16-bk-10992, in the U.S. Bankruptcy Court for the Southern District of New York.
--Additional reporting by Rick Archer. Editing by Catherine Sum.
SunEdison Attacked For Insufficient Ch. 11 Plan Details
SunEdison Attacked For Insufficient Ch. 11 Plan DetailsBy Alex Wolf
Law360, New York (May 12, 2017, 8:57 PM EDT) -- SunEdison Inc.'s Chapter 11 exit continues to get more complicated, as bond issuers, groups of shareholders and others worried about losing several millions' worth of claims against the bankrupt solar energy giant complained late in the week that the disclosures in its restructuring proposal are egregiously light on important details.
In a week chock-full of shareholder objections to SunEdison's Chapter 11 plan disclosure statement, various groups of creditors told a New York bankruptcy court in filings on Thursday and Friday that at this stage, the debtor's plan is unconfirmable and the disclosure statement lacks adequate information regarding the treatment of certain claims.
Besides failing to fully address the treatment of surety bond issuers like XL Specialty Insurance Co. and Westchester Fire Insurance Co. waiting to be indemnified by SunEdison, the disclosure statement also doesn't provide sufficient information about third-party litigation releases that some creditors fear could leave them unable to assert claims against affiliated nondebtors, according to the objections.
In one of the lengthier criticisms, the Municipal Employees' Retirement System of Michigan, the court-appointed lead plaintiff in a pending securities class action against certain former SunEdison officers and other third-party nondebtors, said the plan is "rendered patently unconfirmable" because it includes third-party releases.
"Debtors fail to provide adequate disclosure with respect to the intended scope and effect of the third-party releases, and whether there is a factual basis to support the issuance of such releases," the MERS investors said.
In another objection filed Thursday, Vivint Solar Inc. said SunEdison has not provided enough information regarding how much it will set aside to pay disputed unsecured claims, like the $1 billion claim it filed against a group of affiliated debtors for breaching a 2015 merger agreement.
Vivint also complained that "the debtors appear to have laid a potential trap" for wary creditors by proposing to align the claim objection deadline and the voting resolution event deadline to occur on the same day. By doing so, the companies "afford themselves the opportunity to potentially use last-minute objections to ambush creditors, stripping them of voting rights before they can reasonably respond," Vivint said.
The objections come amid a flood of more than 150 letters sent by SunEdison shareholders who felt duped when the company collapsed. In their objections to the company's disclosure statement, the individuals piggybacked on a more formal objection filed by an ad hoc committee of shareholders that complained about being left in the dark throughout the debtor's bankruptcy case.
In that filing, the committee said SunEdison's liquidation plan and disclosure statement does not explain why the energy company chose liquidation over reorganization, does not say where billions the company raised in debt and equity offerings went, and provides an "ambiguous" description of the plan itself, omitting details including the amount of each class of claims and what each class will receive, and appears to require claimholders to release any third-party claims sight unseen.
SunEdison, which develops renewable energy products around the world, filed for Chapter 11 protection in April 2016, loaded with more than $8 billion in debt and under scrutiny from government regulators. The bankruptcy filing capped the fall of a business that had aimed to be the largest renewable energy company in the world.
While rankled by accusations that it intentionally defrauded the market and investors in its failure to stave off major liquidity problems stemming from a massive expansion, SunEdison has also been blamed for running its Chapter 11 case chiefly for the benefit of its secured lenders.
A media contact for SunEdison did not immediately respond to a request for comment Friday evening.
SunEdison is represented by Anthony W. Clark, Jay Goffman, J. Eric Ivester, Shana Elberg, James J. Mazza Jr. and Louis S. Chiappetta of Skadden Arps Slate Meagher & Flom LLP.
MERS is represented by John H. Drucker and Mark Tsukerman of Cole Schotz PC.
Vivint is represented by Steven M. Schatz, Benjamin Hoch and Robert M. Hemm of Wilson Sonsini Goodrich & Rosati.
Westchester is represented by Louis A. Modugno of McElroy Deutsch Mulvaney & Carpenter LLP and Sam H. Poteet Jr., Michael E. Collins and Scott C. Williams of Manier & Herod PC.
The case is In re: SunEdison Inc., case number 1:16-bk-10992, in the U.S. Bankruptcy Court for the Southern District of New York.
--Additional reporting by Rick Archer. Editing by Catherine Sum.
Die Pleite von Solarworld läßt grüßen. Bei SunEdison erfolgte der Insolvenz-Antrag gemäß Chapter 11 aber schon am 16.4.2016.
Von 30 Euro kommend ist der Kurs jetzt bei 5 Cent gelandet. Selbst der Dead Cat Bounce ist bei dieser Pleitefirma Vergangenheit.
Von 30 Euro kommend ist der Kurs jetzt bei 5 Cent gelandet. Selbst der Dead Cat Bounce ist bei dieser Pleitefirma Vergangenheit.
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