When your business is predicated on accessing the debt markets to scam your way towards cash flow, you’re bound to fail. Such is the case with SUNE. The fall from grace is complete, taking famous hedge fund managers with it, such as David Einhorn.
The company said it needed about $310 million to stay in business, estimating a cash shortfall of $260 million by mid-June. SunEdison said it expected to secure the financing by pledging assets.
In the filing, the company said challenges to its business started developing in the middle of last year, when it pursued acquiring Vivint Solar Inc and it worked on an initial public offering for TerraForm Global, a so-called “yieldco” company it created to hold renewable energy assets.
The company has $12 billion in debt and might pose a problem for a few creditors in the near term.
The aftermath of the great energy collapse of 2015 is born. The ramifications will be grim.
Prince Mohammed, the 30 year old in charge of the fucking world, discussed his Kingdom’s position on the current state of oil markets.
“If all major producers don’t freeze production, we will not freeze production,” said Prince Mohammed, 30, who has emerged as Saudi Arabia’s leading economic force. “If we don’t freeze, then we will sell at any opportunity we get.”
Fifteen countries are involved in the Doha negotiations, where the great satans will discuss ways to transfer dollars from west to east. The one wrench in the wheel is Iran. Post Obama friendship, they’re permitted to sell crude on the world markets and they’re doing so with a vengeance of 10,000 Monte Cristos.
Iran has boosted oil production by 600,000 barrels per day this month and have zero regard for Prince Mohammed and his stupid oil freeze scheme.
It was a slow spring Friday and markets were a snoozefest. But, don’t look now, as the meetings in Doha loom, men who now live in oil barrels because they’ve lost all of their money in the great oil bust of 2015, are facing a rather perilous circumstance.
None of the OPEC members really want to cut production. They’re like the aliens from Mars Attacks. As soon as the other guy turns around, they’ll drill like fucking mad–flooding the market with the sweetest crude available.
As you can tell, I am somewhat of a cynic regarding these meetings.
As for me, I take it some of you took the opportunity to see inside Exodus for the afternoon, perhaps view our live demo. I am, inexorably, short XLE–with all of my lifeforce–currently and presently 125% invested, of which 100% is in XLE short.
Have a great weekend. Don’t crash your ridiculous cars into steel structures.
My bias is abundantly clear. We are enduring a Frankenstein economy, one that is propped up through half measures and central bank over planning schemes. When the barrage ends, the facade will collapse and the market with it.
Hence, the accumulation of treasuries by a very wealthy and smart class of investor continues, almost unabated, in spite of the relentless bull market rally over the past 7 weeks.
Your thoughts? Dare I say, this has something to do with it?
NOTE: We are doing a live demo presentation for Exodus this afternoon at 1pm, on the ibc YouTube channel. Temporary access to the Exodus platform will be granted here. Stay tuned.
This is egregious. The company announced a monstrous 50 mill share offering after the close last night, only to up the offering by 7 million shares this morning.
Oh, they also priced it DEEP into the hole.
Ensco management doesn’t give a shit about their shareholders. In my opinion, the risk of looming dilution of this magnitude is pervasive in the cash strapped oil sector. It is because of this specter that I deem the industry, at the present time, uninvestable.
The fuck out of here. Germany and the entirety of the European Union is one giant fascist state. The Turkish President, Erdogan aka ISIS facilitator, made a request to the German government to prosecute one of their comedians who published a satirical poem about the fuckheaded Turkish President AND MERKEL GRANTED HIS REQUEST!
Can you believe this? This is the world we live in now. Maybe Edrogan will make a request to Obama to prosecute me for calling him a fuckhead now.
Merkel, the fascist slob, said: “We’re allowing this because we are confident of the strong justice system in our state.”
What wonderful doublespeak. Why not prosecute everyone for making negative remarks about foreign leaders, make them incur onerous legal fees and potential jail time, all for the sake of showing confidence in the fucking legal system?! It’s not like fear of prosecution will scare others into restricting their right to free speech, right Merkel?
Erdogan himself also filed a complaint with German prosecutors seeking legal action. Turkey’s Deputy Prime Minister Numan Kurtulmus on Monday said the German comedian had committed a “heavy crime against humanity” by insulting the Turkish head of state. “No one has the right to insult” Erdogan, Kurtulmus told reporters.
This piece of human offal said the poem was a ‘heavy crime against humanity’ and that ‘no one has the right to insult’ his holiness. This is rich, very rich indeed, coming from a man who arms ISIS and funds ISIS, and facilities safe passage of new fighters for ISIS in Syria, so they can commit heinous, and very real crimes of barbarity against humanity.
Well, now that rates are negative and banks make money by borrowing it, they need to do something with the excess reserves. Why not buy the shit out of EFSF bonds at huge premiums, so that Greek banks can profit handsomely from it?
Before you do, however, make sure the execs at the banks give you, the European catamite, a ‘little taste’ if you know what I mean.
So, what are we talking about here? The ECB will buy the EFSF bonds that were issued to help recapitalize the Greek banks, as part of their retarded QE program.
Does this make any sense, at all?
Greek banks were prohibited from selling them; because, you know, THEY WERE SUPPOSED TO FIRM UP THEIR BALANCE SHEETS.
“This is good because Greek banks need to take big provisions for non-performing loans and an extra source of profitability could be very helpful for the overall results for the year,” said Nikos Kyriazis, an equity sales trader at NBG Securities.
The fuckery is deep.
Banks are rallying. Greek sovereign bond yields are plunging. QE has saved the day again. God bless financial engineering.
This is fascinating and a stroke of brilliance by the embattled record industry. With everything going digital, their millstone was being taken away, stolen in many cases. After years of toiling with iTunes and then assholes like Spotify and Pandora, finally, they figured out a way to reinvent the industry to spur record sales growth.
They went retro. Don’t give me the absurd rationale that vinyl records sound better. I don’t think so. But, like old leather bound books, there is something artistic and unique about having a vinyl record collection. It says something about a person. It’s an expression of individuality, as well as respect for history and the art of producing records.
Anyway, that’s my take. I’ve been collecting old leather bound books for years and have thought about collecting vinyls for sometime. Believe it or not, sales of vinyl records are on pace to break all time highs, the zenith of sales accomplished in the 80s.
“Vinyl is no longer the preserve of baby-boomers who grew up with the format. It now also appeals to a new generation of engaged younger fans and millennials,” said Geoff Taylor, Chief Executive of BPI, the representative body for UK record labels.
Figures produced by the BPI show that LP sales between January and March this year increased by over 60 percent from the same period last year.
Demand for LPs has continued to grow uninterrupted for the last 8 years, with sales now at their highest level since 1995.
If sales continue to grow at the same rate, demand for records could equal that seen in the late 1980s when vinyl was at its peak, the BPI said.
I, for one, am not interested in defending a system that for decades has served the interest of political parties at the expense of the people. Members of the club—the consultants, the pollsters, the politicians, the pundits and the special interests—grow rich and powerful while the American people grow poorer and more isolated.
No one forced anyone to cancel the vote in Colorado. Political insiders made a choice to cancel it. And it was the wrong choice.
On Saturday, April 9, Colorado had an “election” without voters. Delegates were chosen on behalf of a presidential nominee, yet the people of Colorado were not able to cast their ballots to say which nominee they preferred.
A planned vote had been canceled. And one million Republicans in Colorado were sidelined.
In recent days, something all too predictable has happened: Politicians furiously defended the system. “These are the rules,” we were told over and over again. If the “rules” can be used to block Coloradans from voting on whether they want better trade deals, or stronger borders, or an end to special-interest vote-buying in Congress—well, that’s just the system and we should embrace it.
Let me ask America a question: How has the “system” been working out for you and your family?
I, for one, am not interested in defending a system that for decades has served the interest of political parties at the expense of the people. Members of the club—the consultants, the pollsters, the politicians, the pundits and the special interests—grow rich and powerful while the American people grow poorer and more isolated.
No one forced anyone to cancel the vote in Colorado. Political insiders made a choice to cancel it. And it was the wrong choice.
Responsible leaders should be shocked by the idea that party officials can simply cancel elections in America if they don’t like what the voters may decide.
The only antidote to decades of ruinous rule by a small handful of elites is a bold infusion of popular will. On every major issue affecting this country, the people are right and the governing elite are wrong. The elites are wrong on taxes, on the size of government, on trade, on immigration, on foreign policy.
Why should we trust the people who have made every wrong decision to substitute their will for America’s will in this presidential election?
Mr. Cruz has toured the country bragging about his voterless victory in Colorado. For a man who styles himself as a warrior against the establishment (you wouldn’t know it from his list of donors and endorsers), you’d think he would be demanding a vote for Coloradans. Instead, Mr. Cruz is celebrating their disenfranchisement.
Likewise, Mr. Cruz loudly boasts every time party insiders disenfranchise voters in a congressional district by appointing delegates who will vote the opposite of the expressed will of the people who live in that district.
That’s because Mr. Cruz has no democratic path to the nomination. He has been mathematically eliminated by the voters.
While I am self-funding, Mr. Cruz rakes in millions from special interests. Yet despite his financial advantage, Mr. Cruz has won only three primaries outside his home state and trails me by two million votes—a gap that will soon explode even wider. Mr. Cruz loses when people actually get to cast ballots. Voter disenfranchisement is not merely part of the Cruz strategy—it is the Cruz strategy.
The great irony of this campaign is that the “Washington cartel” that Mr. Cruz rails against is the very group he is relying upon in his voter-nullification scheme.
My campaign strategy is to win with the voters. Ted Cruz’s campaign strategy is to win despite them.
What we are seeing now is not a proper use of the rules, but a flagrant abuse of the rules. Delegates are supposed to reflect the decisions of voters, but the system is being rigged by party operatives with “double-agent” delegates who reject the decision of voters.
The American people can have no faith in such a system. It must be reformed.
Just as I have said that I will reform our unfair trade, immigration and economic policies that have also been rigged against Americans, so too will I work closely with the chairman of the Republican National Committee and top GOP officials to reform our election policies. Together, we will restore the faith—and the franchise—of the American people.
We must leave no doubt that voters, not donors, choose the nominee.
How have we gotten to the point where politicians defend a rigged delegate-selection process with more passion than they have ever defended America’s borders?
Perhaps it is because politicians care more about securing their private club than about securing their country.
My campaign will, of course, battle for every last delegate. We will work within the system that exists now, while fighting to have it reformed in the future. But we will do it the right way. My campaign will seek maximum transparency, maximum representation and maximum voter participation.
We will run a campaign based on empowering voters, not sidelining them.
Let us take inspiration from patriotic Colorado citizens who have banded together in protest. Let us make Colorado a rallying cry on behalf of all the forgotten people whose desperate pleas have for decades fallen on the deaf ears and closed eyes of our rulers in Washington, D.C.
The political insiders have had their way for a long time. Let 2016 be remembered as the year the American people finally got theirs.
J. Grant, the only person in the media worth listening to with regard to the banks, repudiates the gov’t in this clip for being wanton assholes, extorting the banks and for being backward looking. His singular point is the government’s onerous position against the banks is cauterizing them, almost nationalizing them like our European comrades, which in turn is hurting the economy.
