I haven’t the slightest idea what the hall of mirrors Sunedison resides in is all about, with all of their shell companies and subsequent ‘deals’ they seem to concoct. I do know, however, that David Tepper isn’t too happy about the whole ordeal and how Sunedison gimps Terraform out in an egregious display of self-interest.
Nevertheless, the courts have spoken. D. Tepper must shove a hammed sandwich into his mouth now, and quit haranguing the good folks over at SUNE.
SunEdison Inc said it has defeated an injunction filed by David Tepper’s Appaloosa Management on its TerraForm deal.
The company on Thursday said it was “gratified” after the Court of Chancery in Delaware denied Appaloosa’s injunction to prevent SunEdison’s yield co, TerraForm Power Inc, from buying some of Vivint Solar Inc’s assets.
TerraForm is to acquire Vivint’s residential solar rooftop portfolio for $799 million after SunEdison completes the Vivint transaction.
Appaloosa has repeatedly said TerraForm’s acquisition of Vivint’s assets, which had an initial purchase price of $922 million, was not in the interest of the yield co’s shareholders, mainly because it would alter the company’s business model and force it to take on debt of $960 million.
Although SUNE might still go belly up one day, possibly soon, the shares have moved firmly higher these past few days, in a very joyous, yet belligerent, manner.
