Gameover for the clowns over at SUNE. They should’ve stayed a pathetic semiconductor company called WFR. Now that they’re this nefarious solar company with tracking stock smoke and mirrors, they’ll be forced to simply go away, twist in the wind with the sand of time.
Terraform is out with a warning of the first magnitude. It appears the end is near and GLBL is trying to warn investors that an eventuality of the highest order of seriousness is about to transpire.
* Sees filing of annual report on form 10-k for fiscal year ended December 31, 2015 to be delayed beyond march 30, 2016
* Expect to file a form 12b-25 on or prior to march 30, 2016
* Currently have identified a material weakness in internal controls over financial reporting
* Have not yet completed all steps and tasks necessary to finalize financial statements and other required disclosures
* Sunedison has not performed as obligated under management services deal, in particular with respect to financial reporting, control matters* Sunedison has not or may not be able to perform under other agreements, including deal with respect to contribution of projects in Uruguay, India
* Sunedison has not or may not be able to perform under other deals, including pending dropdown of some India project portfolio of 425 MW bought by Terraform Global Llc
* If Sunedison does not perform under some agreements, it could have a material adverse effect on Terraform global
* Due to Sunedison’s liquidity difficulties, there is a substantial risk that Sunedison will soon seek bankruptcy protection
* If Sunedison seek bankruptcy protection it would have a material adverse effect on Terraform global
* In addition, Sunedison, inc. Has experienced delays in completing construction of Bora Bora wind power project
* In event Sunedison seeks bankruptcy protection, Terraform global will have sufficient liquidity to support its ongoing operations
* Sunedison has not performed as obligated under management services agreement
* Terraform global llc, Sunedison Holdings corp may agree to substitute projects initially anticipated to be transferred with different project
* Sunedison holdings corporation has not yet proposed any substitute projects
* In active discussions with credit lenders to obtain extension with regarding required delivery of form 10-k for year ended Dec 31, 2015
Shares of SUNE and GLBL are plunging, as well as the shares of the related TERP.
MOAR money eventually for FSLR. Long term hold