He has been performing a year long investigation of Sunedisons with respect to ERISA.
His sole concern relates to potential ERISA violations. Essentially, in the proposed rights offering Sunedison seeks complete indemnification for anything they have done or will do; including indemnification for all related and past associates. (Essentially they want a get-out-of-jail free card).
He is informing the judge he cannot grant such indemnification; even if he is willing to do so. He is also informing the judge that he intends to block Sunedison's rights offering unless Sunedison changes wording; solely with respect to ERISA; clearly stating they do not seek indemnification of any potential wrongdoing.
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