TerraForm Power, Inc. (TERP)

[Wildbilly]

'Under my thumb is a dog who just had its day'

...This is where we get to the stuff that SunEdison and its creditors may fight over. And because of the structure we just discussed, it's not just a fight between SunEdison and its creditors. The yieldco shareholders have a dog in the fight too.

That is because one of the ways SunEdison can raise some money is by messing with its about $700 million worth of Class B shares in TerraForm Global and TerraForm Power.

There are two ways this could go, according to Credit Sights:

SUNE creditors can seek to maximize the value of those Class B shares 2 ways: 1) restart the SUNE DevCo/drop down machine by growing TERP and GLBL and possibly hitting the incentive distribution rights (IDR) splits, which would potentially increase cash sent back to SUNE; or 2) sell the Class B shares to a third party, which will likely create stronger corporate governance and investor confidence in TERP and GLBL and possibly more manageable balance sheets. We feel that option 2 may entice the market back to award TERP and GLBL with cheaper costs of capital, which in our minds should be the board's #1 priority as the yieldcos begin their respective healing processes.

You already know what yieldco shareholders probably want — option two. They probably want to be free of take-or-pay agreements and operate more independently.

SunEdison creditors, though, may want to retain the yieldcos to hit them up for more consistent cash. Plus, who knows who would buy the yieldcos? It might be someone or some people who won't be as friendly to SunEdison's management and control.

Isn't that something you would fight over?

Oh, you thought the drama was over now that Wall Street's nightmare stock filed for bankruptcy? - Yahoo Finance
http://finance.yahoo.com/news/oh-thought-drama-over-now-173326444.html