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agreed, panic selling and impatient people
that's because it's not meant to be traded. it's a buy and hold, getting avg closest to the bottom as possible
market cap is not 15M, it's over 24.5M as of close Friday
0.1927 * 127,780,000 outstanding (via http://quotes.wsj.com/NVCN)
doesn't affect big picture, though
Tell me about it.
Hope may not always be realistic, but it makes the world a better place.
Morgan Freeman
I really appreciate your posts tonight. Spot on. Thanks.
You just have to be a current shareholder, regardless if you purchased pre or post bankruptcy.
The information requested isn't _too_ sensitive, but I understand if you're not able to submit on a non-public network.
Having said that, send an email to info@sebulls.org with your question on the https, or if you can just submit the information that way if you're more comfortable. We should get https on the site asap. LetsEncrypt will let them get a free certificate and setting it up only takes a few minutes.
Either way don't let that stop you from registering. It's absolutely paramount we get everyone to submit their share information right now for the court.
WOW. It is so good!
To everyone that attacked shareholders of SunEdison, and the constant "Zero, zilch, nada, that's what equity is worth." etc crowd, please grab a cup of coffee, put on a nice Hans Zimmer soundtrack, and read the full objection from Nastasi :)
Hoping for justice from the court, and answers from the Debtors.
SunEdison Asks for $640 Million in New Financing
BY DOW JONES & COMPANY, INC. — 3:25 PM ET
SunEdison Inc. (SUNEQ) is asking for bankruptcy court approval of $640 million in new financing, as it works to forge a viable path forward for its newly minted restructuring plan.
SunEdison (SUNEQ) says the request for new financing comes at a "critical inflection point" in its bankruptcy proceeding. Lawyers for the solar energy giant said in court filings the new financing is necessary to pay off existing debt and to provide new money to support the business while it works to bring its mammoth chapter 11 case to a close.
Philip Gund, SunEdison's (SUNEQ) chief financial officer, said in court papers that the need for the new financing was " imminent and acute" and that the new loan would provide the company "with more than ample runway" to finalize its restructuring plans. If approved by Judge Stuart Bernstein, the replacement loan would ultimately provide about $65 million in new money, court paper show.
The new financing package, which is being provided by existing lenders, is the product of months of talks and a better deal that the current one, with fewer milestones and other restrictions, lawyers for SunEdison (SUNEQ) say.
SunEdison's (SUNEQ) existing bankruptcy financing matures April 26, and lawyers for the company say they don't think it can muster the 100% lender consent it would take to extend the existing facility.
The new loan, which is slated for a court hearing April 25, is sure to draw opposition from unsecured creditors, who have long opposed the company's restructuring strategy. Unsecured creditors also opposed the original financing package, saying SunEdison (SUNEQ) would be better off in liquidation.
Late last month, SunEdison (SUNEQ) filed a restructuring plan that outlines how it expects to repay the mountain of debt it took on before it collapsed. The company, once one of the world's largest developers of alternative energy projects, filed for chapter 11 last year and has been steadily selling off pieces of its business to the highest bidder.
The plan is largely premised on major settlements with its two former TerraForm subsidiaries-- TerraForm Global Inc. (GLBL) and TerraForm Power Inc. (TERP)--worth more than $800 million.
The deals, which are subject to court approval, would erase the legal claims SunEdison (SUNEQ) could assert against the TerraForm companies, as well as billions of dollars of claims the TerraForm companies say they are entitled to bring against their former parent. Proceeds from the settlements, however, along with money raised from selling off other assets will still fall far short of the billions of dollars SunEdison (SUNEQ) owes to its creditors.
According to SunEdison's (SUNEQ) restructuring plan, creditors can expect to be repaid with a combination of cash and equity in a reorganized SunEdison (SUNEQ), a slimmed-down company that will continue to hold a minority stake in TerraForm Power (TERP). Lawyers and other administrative expenses will be paid in full, with most of the other remaining assets set aside for senior lenders.
The plan would create a trust for unsecured creditors filled with cash and a variety of other assets, though the total value of the assets designated for the trust is unclear. Shareholders would be wiped out.
Next month, SunEdison (SUNEQ) will ask Judge Bernstein for permission to send a version of the plan out to certain groups of creditors, who are entitled to vote on the proposal. After the ballots are counted, the plan would also be subject to final approval from the judge before it can take effect.
Both unsecured creditors and shareholders are gearing up for a legal battle over the restructuring plan and how proceeds from the TerraForm settlements will be allocated.
Write to Tom Corrigan at tom.corrigan@wsj.com
(END) Dow Jones Newswires 04-06-17 1525ET Copyright (c) 2017 Dow Jones & Company, Inc.
Thanks Mike
Congrats commons
Tell me about it. I think it's for real this time. Status hearing tomorrow. Big day.
It was a lot higher. When BK started my avg was 2. I'm not proud of how much I bought to lower my average.
TopPenny has totally redeemed himself as far as I'm concerned.
OEC will be coming soon, whether or not commons get canceled is a separate issue.
We will see 0.30 and higher when Judge Bernstein pumps the brakes on Debtors and their initial POR, and confirms OEC for shareholders because something "smells fishy" here.
Strap up, boys. This thing is just getting started!
AMEN.
sigh, I wish I never invested in SunEdison. I DIDNT SIGN UP FOR THIS
6.12 Cancellation of Old SUNE Securities and Agreements. On the
Effective Date, except as otherwise specifically provided for herein (including with respect to the
Reinstated Second Lien Claims), (a) the Old SUNE Securities and any other note, bond,
indenture, Certificate, or other instrument or document evidencing or creating any indebtedness
or obligation of or ownership interest in SUNE (including the Indentures) shall be cancelled and
(b) the obligations of, Claims against, and/or Interests in SUNE under, relating, or pertaining to
any agreements, indentures, certificates of designation, bylaws, or certificate or articles of
incorporation or similar documents governing the Old SUNE Securities and any other note,
bond, indenture, Certificate, or other instrument or document evidencing or creating any
indebtedness or obligation of SUNE shall be released and discharged and cancelled; provided,
however, that any agreement (including the Indentures) that governs the rights of a Holder of a
Claim that is otherwise released, discharged, and cancelled and that is administered by a Servicer
The fight starts now. Let's go!! #CongratsCommons
Oddly enough it's the number provided by Yahoo Finance, but I'm not buying it since that same page has % Held by Institutions as 117.90%
Shares Short 126.41M
Short Ratio 2.43
Short % of Float 47.50%
Shares Short (prior month) 119.56M
Source: https://finance.yahoo.com/quote/SUNEQ/key-statistics?p=SUNEQ
Lol I love that "Congrats commons" line. Always gives me a good chuckle
Check out Docket 2595 filed today. Bernstein lays the smackdown on Debtors and denies their rushed notice for a hearing. Time is running low but this is a good sign for us.
"The Court declines to sign this order to show cause scheduling a hearing on seven days notice because the Debtors have failed to demonstrate that the motion cannot proceed by ordinary notice of motion. The Debtors may schedule their motion for a non-omnibus day and should contact chambers to schedule a hearing."
Originally I thought the bankruptcy would conclude Q2-Q3 '17, but there's a lot of fraud and deception left to unravel, so I also think this will go into 2018.
Doesn't mean shareholders haven't earned the right to be represented with OEC. Guess who will be doing the unraveling? :)
What are you saying? SUNE is putting together their reorganization plan, if shareholders don't get an EC now, it's done. Judge granting OEC doesn't mean he's saying there's equity, big difference. Shareholders have their hands tied with SUNE withholding financials for over a year. That alone is a reason to allow shareholders a seat at the table.
Good news is we'll find out who's right very soon.
Judge is very familiar with the case and this isn't their first rodeo requesting an OEC. I expect a decision to be filed with the court AH today.
Well said. I appreciate your posts. You're by far the best on here.
Parkhill's letter today was a joke. Lazy and zero effort. Michael Tang said it best, how can shareholders be represented and/or fight for themselves if there are no financials to even be spoken of? A lot has changed since the last OEC hearing, Judge Bernstein will approve the OEC. Like you said, all you have to do is follow the court docs. It's all there.
Tomorrow will be an incredible day. Very excited. Holding 105,000 at 0.40/avg.
Wrong. Opportunity to buy sub 8 was weeks prior. Will run up until Thursday OEC decision.
.12 just around the bend.
I just finished reading Docket 2152. They'll get their extension, but shareholders are not in any of the discussions taking place.
Dubel: "Competing plans at this stage, while the Debtors are trying to reach resolutions over key economic issues, would inject uncertainty into this process to the detriment of all stakeholders."
AKA if we don't continue this path of fire-sale of the yieldco's, it would be detrimental for all. That's gonna be their argument for any "competing plans" such as clawback/merger.
Language has changed from "all stakeholders" to "key stakeholders" to exclude shareholders from the equation.
They say they're less than 3 weeks away from filing their Ch. 11 plan. We're getting very close to end.
If the Judge doesn't approve the OEC on the 1/12 given another positive MOR given _everything_ that's transpired (like you, I read all the court documents and letters coming in), I'll be speechless.
Can't wait!
If OEC gets approved on 1/12, don't see why .40 isn't a realistic PT, if not higher.
Don't think this goes above .16 until Judge approves OEC. And I'm hella bullish. Very happy with our 30% gains today. Hope the week closes out strong.
Respectfully, I think you couldn't be more wrong. Judge cannot and should not deny OEC with all the facts presented to the court at this point in time. A lot has changed since a few months ago when it was requested, where we went solely off a weak Parkhill valuation. This time it will be different. Mark my words.
Right now you're seeing shares going for .07-.08, but come mid-January, shares will see 300-400% gains on EC alone. Previously, we hit 0.34 on just a positive news article about potentially holding on to TERP/GLBL.
After OEC, we'll see a _serious_ effort for a clawback. And difficult questions will need to be answered by current and previous management, as well as big players that are deeply intertwined in this mess (First Wind, AES, D.E. Shaw, etc)
You don't even know what a clawback is! (Seinfeld voice)
Completely agree. Their filing was extremely bleak and hinted at a merger multiple times. Exciting stuff.
Docket 1664. Page 11. "There Is a Strong Likelihood That The Debtors Will Successfully Reorganize."
Exactly lmao, sad to watch. 0.28 and rising, baby!