Sunedison Inc. (fka SUNEQ)

[FEED_THE_FOXES]

HT: The Judge has affirmed to a shareholder (Docket #3916) that the POR has been affirmed and is being executed. He states that Old Shareholders get NOTHING from bankruptcy proceeds.

The POR states that SUNE/SUNEQ gets cancelled and replaced by New Commons which ALL goes to Qualified Creditors. TERP/Global then get sold/merged to Brookfield which means all sale proceeds go to the Qualified Creditors. New SUNE winds down for 2-3 years so they can collect projected bonus payments on projects sold that exceed expected performance criteria (total projected proceeds less than $100MM).

SUNE never had $24B in assets based on control (full ownership). Their Filings were based on GAAP Rules for Consolidation which means that any ownership they had in a third party entity got put on their books at 100%. Almost 75% of their 9/30/2015 Asset Balances didn't belong to them. Caveaat Emptor to investors who didn't understand FASB. Corinne Bell of the NYLR may be an expert in bankruptcy law but she doesn't know shitt about financial reporting. Her opinion this week was ignorant of fundamental financial reporting under GAAP. The MOR disclaimers clearly stated that they didn't comply with GAAP every month.

SUNE's fall was precipitated by its incompetent understanding and control of cash and cash flow. They thought money controlled by its consolidated entities was theirs. It wasn't and Gaynor tried to tell them in 3Q2015 before the company went south, and he should know because he made the same mistake at First Wind.

The only material unknowns at this point are timing related. Check my SUNE posting history. This bankruptcy has been predictable since April 2016.