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We can agree to disagree. The overwhelming vote will not hold water. The Plan will never be confirmed the way it stands right now. I have a feeling that SUNEQ will request an extension to the exclusive period, expiring on July 28th. This could go either way, approve the extension or deny it. But there will be many objections to a further extension. if the extension gets denied, this will get very interesting. Just because 99% of the voters agree, it still has to pass the smell test by the Judge. There are several holes in the plan right now and even the Judge seems to think there was vote buying. This is far from over.
Another whistleblower, Paul Gaynor files complaint. Let see how fast SUNEQ tries to buy him off. The complaint was filed awhile back, but look at Docket #3686, the lawyer just filed for "PRO HAC VICE".
Gaynor_Complaint
I will agree there is a long shot of any recovery, but this case is far from over. There are still a few rabbits in the hat. Unless the plan is confirmed or SUNEQ files for an extension (and it gets approved), the exclusive Plan expires on 07/28/2017. Then the sharks will come for blood.
Someone is not happy. See docket #3648. Edward Fox from AQR Capital Management LLC is requesting the entire confirmation hearing be postponed, he thinks everyone was sandbagged by SUNEQ with a last minute change to the ECA - Equity Commitment Agreement. Interesting reading.
Prime Clerk Docket 3648
Of course they want a piece of the pie, but in order for them to get their piece, they need to show that fraud was committed and they were fired to cover this up. Not the 'gotcha' moment that is needed, but a small step to help shareholders.
Take a look at Docket 3405, Domenech and Perez (whistleblowers) filed objections and put on record that Chatila and Wuebbels, along with other board members committed fraud and when they call them out, Domenech was terminated and Perez resigned.
Prime Clerk Dockets
I believe this is going to get more interesting every day we get closer to the confirmation of plan date.
Very interesting article...
Is SunEdison An American Airlines?
https://seekingalpha.com/article/4078442-sunedison-american-airlines
You are only posting the summary, there is so much more to be said in the article. What about the statements below that were made? This case is far from over and in my opinion, the last year was just the preview, the main attraction is just starting.
"For SUNEQ shareholders, the June 6 hearing for approval of disclosure statement is critical. Equity committee lawyers will face the difficult task of asserting that there is much greater value for SunEdison than is presented in the disclosure statement and that there are some "hidden assets/values".
"After over a year in bankruptcy and over $100 million in bankruptcy fees, this case is still not finished. What happened to the $20 billion is a legitimate question."
"I am not comfortable asserting that there will be no recovery for SUNEQ shareholders and the stock should be sold."
The Disneyland Club 33 is located in New Orleans Square, which is a section of Disneyland near where the Pirates of the Caribbean ride is. It is not in the actual New Orleans city. You either need to be a member or be invited by a member to get inside. As of my last check, the wait is 14 years and the current cost is between $50k - $100k intital member cost and between $30k-$50k per year membership dues, depending on if you get a personal or business membership. Most of the members there have plenty of money to play the stock market and most of them do. I am not a member, but my attorney has a business membership from his firm. I have been there a few times. Very upscale.
SunEdison Shareholder Uncovers Billions Of Dollars In Taxpayer Money Hidden In Bankruptcy
SunEdison Shareholder Uncovers Billions Of Dollars
Just be patient and do not listen to all the noise on these boards. Do your own DD and trade what you can aford.
I bought 90k shares just before close yesterday at $0.175. This was from a share lot I bough a few weeks back 50k shares at $0.0499 and sold them at $0.313. I used the profits from that sale and bought back the 90k shares. I turned my 50k shares into 90k shares. I am now holding a toal of 304,600 shares.
This video you posted is a great way to sum up the direction the world is going with enegry. Anyone interested in the engery sector, should take 3 minutes to watch.
This bankruptcy is a complete mess. I don't think that SUNEQ even knows at this point what assets they have. They don't even know what the assets they do know about are worth. There are so many sub companies, some are being included and some are being excluded. This will eventually get cleared up, but will take some time. The bankruptcy just needs to connect all the dots to figure out the complete picture. Upper management has changed over the past few months and the new management doesn't know what previous management was doing. This ride is far from over, it is just beginning. Everyone who states that commons will be cancelled are just throwing out guesses at this point. You have no clue what the final outcome will be. If yo can stomach the ride and afford the potential losses, then jump on and take the ride. If you are weak or using 'scared' money, then get out now.
These are my opinions and I am holding 200k plus shares for the ride. I have been watching since the beginning of this year and might add more if the price gets a little lower. It has been hanging around $0.05 for a while now. I can take the losses against my profits if this goes down, but if this makes a turn around, this has a great upside.
I own pre-bk and post-bk shares for an average of $0.385/share. If this thing get enough of a pop, I will cash out half, but the other half is there to the bitter end. I played the banks back in 2008/2009 (C,BAC,WFC) and everyone back then said I was crazy. I made an absolute killing on those plays. Those were not BK plays, but they might as well have been.
Looks like I am in for a long ride!
I understand the horrible situation SUNEq is currently in. However no matter what the situation, no matter how dire it may seem, there is always a chance (maybe slim) this will survive. Until there is an official cancellation notice, we are still breathing.
Why are people saying that the commons won't survive is 100% certainty. NO ONE knows at this point what will happen. I can understand if you claim there is a great possibility or it most likely will happen, but to state "guaranteed" or "certainty" is just not valid. I am long with over 200k share and believe there is a 90%/10% chance the commons will survive, with the 90% being they are cancelled, but even my number are a pure speculation. I am down so far on this stock that I will see this to the bitter end, either zero or hero. Until the fat lady sings and the commons get an "Official Cancellation" notice, there is still hope. I get this one is on life support, but in my many years of trading, I have seen some real crazy things happen. Good luck to anyone still holding.
Would you be able to post the full article or at least a link to it. Thank you.
I am already down over 90% on this, most of my shares are pre-BK, a few are post. Holding 214,600 share and will either win the lottery or join the ranks of SUNEQ BK with these shares. I am going to see this to the end. Either this was a expensive learning lesson or the magician pulls the rabbit from the hat. I just can't sell my shares now and then months from regret the sale. I knew the risk going into this. I do agree that there is a small chance (yet, still a chance) this will survive. But in my 30+ years of stock trading, I have seen some crazy things happen. This is my first BK play.
The deadline for financials has been moved a few times, and I agree, there is no reason to hold a creditors meeting unless they have something to discuss (financials). The next step here is SUNE actually filling their financials. Once these are filed, things will move much faster, and answers will be had.
The judge does not have the right information to make a final decision on the OEC. From what I can see (which is very little) as SUNEQ has not yet filed any financials, we should have between $850M to $1.5B net worth once all is settled. This of course assumes that there are no further surprises waiting to pop up. The Judge is most likely waiting for financials to be filed before making a decision on OEC. SUNE can not make any mistakes or guesses with the financials as the SEC and DOJ are still investigating them. With their new age style of accounting, the financials are going to be messy. When the BK was filed back in April, the value of projects was speculative. Now they are getting actual bids from buyers, they can figure out what the company is really worth. The real sign of whether commons will survive is going to be in the financial statements. All we can do is hold on to what you have or day trade this. There is no reason to sell at these low levels. I am still long with just over 200k shares. I will either make a killing on this or have a nice tax write off against my other trading gains.
I will state that if this does get to $0.10/share before any decision of the OEC or financial are filed, I will add at least 100k more shares.
Of course this is my opinion and not advice. Anyone playing the stock markets need to do their own research.
A Form 11-K regarding SunEdison, Inc has been filed with the United States Securities and Exchange Commission.
"An annual report of employee stock purchase, savings and similar plans"
http://investors.sunedison.com/phoenix.zhtml?c=106680&p=irol-sec
New 8K released...
SunEdison CEO Chatila resigns, to be replaced by Dubel
http://investors.sunedison.com/phoenix.zhtml?c=106680&p=irol-sec
You really should not be involved with this stock if you do not already have this information. This is a very volatile high risk situation. Go to this link and read docket #506 for the Equity Committee hearing. If you are invested or considering investing in this stock, you might want to read all the dockets FIRST.
https://cases.primeclerk.com/sunedison/Home-DocketInfo
Look for a filed docket, here is the link. Then click on the Docket link.
https://cases.primeclerk.com/sunedison/
Yes, there are many outstanding factors that will play into the share price. However at this moment, the one that we need to battle is the Equity Committee. An approved committee would boost the price and a denied Committee would send the price further down.
Docket #470 was filed by Steven D. Pohl, who specializes in corporate bankruptcy. The docket was written extremely well and here is a link to his background. He has represented quite a few Chapter 11 cases. Take a minute to read this link. This looks like our best shot at an Equity Committee. I believe there will be an Equity Committee, however if the motion is denied and no committee is formed, this might be over for all of us. I am long on SUNEQ with 239,600 shares.
http://www.brownrudnick.com/people-detail/pohl-steven-d
OEC = Official Equity Committee
I received notice from E*Trade about the SUNE bankruptcy on 05/18/2016 via US Mail. Just a standard form notice.
For those of you who do not subscribe to WSJ...
Troubled solar power developer SunEdison Inc. has agreed to allow its unsecured creditors to take on the role of bankruptcy investigators, probing for grounds for potential lawsuits against directors, officers and others involved in its troubles.
Announced at a bankruptcy court hearing in New York, the agreement was reached in talks about SunEdison’s finance package, which was under attack from junior creditors wary of allowing the company to go even deeper in debt.
SunEdison was carrying $16 billion in debt when it filed for chapter 11 bankruptcy protection in April and under investigation by the Securities and Exchange Commission and the Justice Department.
The bankruptcy followed a precipitous loss of market confidence and value in the company, which grew quickly by way of financial engineering to become one of the world’s largest launchpads for alternative power projects.
Questions about its finances arose last year and have yet to be answered. SunEdison said an internal investigation showed no intentional wrongdoing, but the company hasn’t yet filed audited financial statements for 2015.
The settlement creates a $10 million war chest for the official committee of unsecured creditors to investigate SunEdison. The point of the probe will be to find whether there is evidence to support lawsuits against the company’s leaders and “others,” said Arik Preis, lawyer for a group of SunEdison lenders.
The committee investigation will replace a probe SunEdison requested, one that creditors contended was too limited in scope and budget.
In addition, SunEdison’s bankruptcy financiers, which are also the company’s senior lenders, agreed to free up for junior creditors up to $50 million of insurance coverage available under the company’s officers and directors liability insurance coverage.
SunEdison lawyer Jay Goffman said the agreement that will clear the way to bankruptcy financing could be a first step toward a deal on a chapter 11 turnaround plan for the company. Mr. Goffman also said the agreement to let creditors investigate and possibly sue SunEdison’s leaders isn’t an admission that there are viable legal claims against them.
Looks like they might be cleaning out the management soon. Part of the agreement for the DIP financing was they would allocate $10M to the junior lien creditors to investigate what happened with SUNE and they are going to target management.
http://www.wsj.com/articles/sunedison-junior-creditors-to-conduct-bankruptcy-probe-1463762592
This might be the play of the year. I understand there is risk with this stock, but after I have done some serious research on this company, the little we know about the BK at this time and Chapter 11 BK in general, I believe IMHO, that they will come out of BK sooner than later. Here are just a few points that make my case.
1. Greenlight only sold a portion of his holdings, still kept 40% and is now under the 5% SEC reporting requirement.
2. They only needed $260M to make it through the cash flow issue, and have $300M in DIP financing, so they are more than covered.
3. Contracts are still in progress, and new ones being negotiated.
4. Not including TERP & GLBL in BK, these are assets, if there is no settlement with creditors, the creditors will go after these assets. They have a plan to settle with creditors and keep these yeildcos.
5. Not including foreign assets, such as India, again, these are SUNEQ assets, if they do not settle, the creditors will go after these.
6. Selling major projects for $Billions. This will free up much needed cash.
7. Price did not do a normal post BK filing crash, price was already at BK price before filing, and has been trading is a very tight range.
8. Volume gets lower each day, many are in accumulation mode (like me), and do not want to sell until there is positive BK news.
9. They have $1.7B in NOL, and do not want to give them up. They are worth hundreds of millions is real money.
10. This company is about alternate energy, the future, not about the past.
This is NOT your normal BK people. I believe they are using the BK to buy time to work through their problems, YES, they have problems, and otherwise we would not be here. This is an opportunity for those who understand the risk and play with money they can afford to lose. The downside is around $0.23 per share, the upside is enormous.
On April 20th. I owned 122,500 shares at an average of $0.5074, I now have 214,600 shares at average of $.385. I will sell a portion, once I can get back my original investment and let the rest ride.
Please do your own research and use disposable funds, do not listen to fear posters or pump posters. Listen to what you feel is right based on your own understanding of this situation. If you do not understand what is going on here and need to ask questions, like "when will BK be over" then please take your money elsewhere as you will most likely lose all of it.
GLTA
Yes, I will watch the dip tomorrow and see how low it goes, I am thinking around $0.20. Then I will buy more to average down, wait for a pop and then take either a break even or small profit. This one is far from over. I have been down this road before. This will be a great trading stock for quite a while. This BK will take at least 12-18 months, where we can make some $$ on the price swings. Keep an eye out for when news hits about the BK case, every time a decision (good or bad) is made by the courts, the price will move accordingly. For many this BK was bad news, for the smart and experienced traders this is a golden opportunity.
I have been investing/trading for about 30 years now, and read these boards more for entertainment than actual information. I almost never post, but feel the need to voice my opinions. Anyone who is buying/selling stocks, should do their own research and know what they are putting their money into. The news releases that I have read on SUNE are comical at best, no one knows what will happen here and if you read the news releases they always use a "ghost" person as their source. Many of them are just copying what another article stated. If you buy/sell stocks based on these news articles then you are not an investor, you are a day/swing trader. If these news articles scare you into selling, then you should have never bought this stock to begin with. This is a very high risk with possible extreme high reward stock. I am a CEO of a multi-million dollar corporation and have a decent amount of funds to play the market with. I have made some great trades, some not so great and some that I wish I could forget. What I can say is I always file my year end taxes with a capital gain from stocks. I am long on SUNE with 122,500 shares at an average cost of $0.5074 and will add more if the stock goes under $0.30 again. If the stock gets over $2.00, I will sell enough to cover my costs with a small profit and let the rest run. This stock has been manipulated by the Media, the Hedge Funds, the MM and everyone else who has an agenda, including the naked shorts, who should in my opinion, NEVER be able to short naked.
Good Luck To All... but if you are Short on this stock, then please take a minute to read this article and then think carefully!
www.marketwatch.com/story/help-my-short-position-got-crushed-and-now-i-owe-e-trade-10644556-2015-11-19
All my statements are my personal opinion and should never be taken as advice. Please do your own research before you play the market.