Tepper Files Suit to Remove Sun Edison Execs From Terraform; CEO Immediately Fires Himself

This is interesting.

In an amended lawsuit filed on Tuesday in Delaware Chancery Court, Appaloosa said SunEdison and various TerraForm directors dismantled TerraForm’s corporate governance and Conflicts Committee, replacing it with a “sham committee” to enable SunEdison to take advantage of TerraForm and stockholders “at will.”

Appaloosa is calling for removal of Peter Blackmore, Jack Jenkins-Stark and Christopher Compton from TerraForm’s Conflicts Committee. Appaloosa had also called for the removal of Brian Wuebbels as TerraForm’s chief executive officer. Late on Wednesday, TerraForm Global said Wuebbels had resigned as president and CEO and as a member of the company’s board of directors, effective immediately.

Wuebbels is SunEdison’s chief financial officer, but SunEdison has announced that he is being replaced as CFO in April 2016.

A spokesman for SunEdison said, “SunEdison continues to believe that Appaloosa’s claims are without merit.” TerraForm did not return emails and telephone calls seeking comment.

All three companies involved are pieces of shit: SUNE, TERP and GLBL. I don’t even know why I am talking about it.

Brian Wuebbels, CFO of SUNE, CEO of GLBL and TERP, has resigned, effective immediately. Instead of fighting Short Hills Mall Tepper in court, Wuebbels decided it made more sense to fire himself and subsequently cower in the corner of his shower, crying like a baby for driving 3 companies into ther ground.

Is there anything insightful to say about this? SUNE is a zero. GLBL might be a zero. And TERP is, whatever.

Moving on.