Sunedison Inc. (fka SUNEQ)

[FEED_THE_FOXES]

I agree with your assessment of Shore but would disagree with your conclusion. Nobody from the outside of SUNE could have known how complicated and convoluted their financing structures were. SUNE issued guarantees all over the place in order to complete their projects but had no financial controls in place to monitor their exposure or cross collateralizations. They constructed a house of cards doomed to collapse. Did the DIP lenders go into bankruptcy with an agenda? Probably. But the constant delays and deferrals of PSA closings indicate a level of nuance no reasonable person could have expected. SUNEQ will get liquidated one way or another and it doesn't matter whose plan is used. However, the longer it takes the more cash gets eroded leaving less for ALL the creditors. Its a case now of pick your poison.