December 14, 2016

A political story hiding in a solar co. bankruptcy proceeding

Jack Kemp

SunEdison is a publicly traded (shares) solar energy company that facing bankruptcy. As this issue is getting fought out in court, the story is far too convoluted to detail (and really too convoluted for me to fully understand) and full of details about linked corporations that have no interest to my readers. But one part of it is strikingly clear - government officials involved. Below is a link to the story from the Seeking Alpha stock boards, the executive Summary at the top of the article, and a pertinent paragraph. I don't believe this story has yet become part of internet news, let alone Fox Business News or CNBC - or mainstream print and broadcast media.


BEGIN QUOTE

Summary

Shareholders have submitted 60 letters to Honorable Judge Bernstein, the U.S. Trustee, and the Wall Street Journal.
The letters implicate at least five high-ranking businessmen and politicians of wide spread collusion, corruption, and fraud.
SunEdison was ordered to answer allegations that its value has increased since it filed for bankruptcy.

END OF SUMMARY

The letters from shareholders vary in purpose and quality, but among their requests are: calls to prosecute Paul Gaynor (former First Wind CEO), Larry Summers (Chief of National Economic Council), Rahm Emanual (former White House Chief of Staff), Steve Scharzman (CEO of Blackstone), and John Podesta (Lobbyist for Renewable Energy) of wide spread collusion, corruption, and fraud; as well as several pleas to reverse the Official Equity Committee denial.
As rash as it seems, this type of drama is not uncommon in a bankruptcy courtroom. Nonetheless, there appears to be a theme throughout the filings which is connecting the Unsecured Creditors' Claims and the shareholders' letters. This connection, or "common narrative" if you will, is forming around suspicion of the yieldcos creation and apparent enrichment from SunEdison's downfall.

Posted by: Timothy Birdnow at 09:35 AM | No Comments | Add Comment
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