David Tepper Demands to See $TERP’s Books

Appaloosa maintains a 9.5% holding in TERP and made a formal request to inspect its books, to confirm what everyone already knows.

On December 21, 2015, AMLP, on behalf of the Funds, delivered the letter to the Issuer’s corporate secretary demanding the opportunity to inspect certain of the Issuer’s books and records pursuant to Section 220 of the General Corporation Law of the State of Delaware. The purpose of the demand is to enable AMLP and certain of its affiliates to, among other things, investigate breaches of Delaware common and statutory law and breaches of fiduciary duties perpetrated on the Funds and the Issuer’s other stockholders, by the Issuer, its board of directors and certain of its officers.

I am sure the good folks at SUNE are hushmailing the catamites at TERP right now, strategizing ways out from Tepper’s diabolical snare.

This is going to be an interesting story to watch develop in 2016.