at the Citizen Power Alliance 2010 Wind Conference
SunEdison Sets Bankruptcy Exit With Nothing for Shareholders
SunEdison Inc. won final approval for a bankruptcy plan that will leave what was once the world’s largest renewable-energy firm as a shell of its former self, with nothing for shareholders whose investment at one point had been worth about $10 billion.
SunEdison, known for gobbling up other companies and expanding at breakneck speed, will now exit Chapter 11 to “continue business operations to administer and maximize the value of the company’s remaining assets,” including intellectual property and fixtures, Chief Financial Officer Philip Gund said in court filings.
U.S. Bankruptcy Judge Stuart Bernstein’s approval of the reorganization plan in Manhattan court Tuesday came as he overruled remaining objections from shareholders as well as two investors who had opposed the company’s exit financing. He noted that many shareholders had emailed him to object to the plan, and that he would issue a written ruling explaining his decision to approve the reorganization in despite of their protests.
Bernstein said there was no evidence of bad faith in the negotiation of exit financing, as had been alleged by CNH Partners LLC and AQR Capital Management LLC, holders of second-lien debt. Left out of the exit financing, they had alleged that the company had essentially bought the votes of other second-lien creditors that had agreed to fund it in exchange for stock in the reorganized company.
When SunEdison first sought court protection in April 2016, things looked bleak for creditors and its two companies known as yieldcos created to buy the wind and solar projects it built, TerraForm Power Inc. and TerraForm Global Inc., whose finances were deeply entwined with their parent. The bankruptcy covered $16.1 billion in liabilities and a tangle of 1,500 legal entities, including individual wind and solar projects still in development.
SunEdison managed to settle disputes with the yieldcos and negotiate a sale for some of its more prized projects. Its crowning achievement was the sale of its yieldco stakes to Brookfield Asset Management Inc.
SunEdison’s second-lien debt holders participating in the exit financing will get 90 percent of the company’s new common stock as well as 90 percent of Class A shares in TerraForm Power in exchange for backing a rights offering designed to raise $300 million for the bankruptcy exit, according to court filings.
The reorganized company’s modest agenda also includes completing transactions for remaining assets that are being sold, and maximizing the recovery of tax refunds, court filings show.
The plan also settles some disputes over what caused the company to fail. These included the actions of executives and directors, and how SunEdison created and used the two TerraForms to deliver yield to investors hungry for wind and solar investments. The pacts resolve issues that are all “highly contentious, complex, multi-party issues that would each raise their own risks and factual challenges if litigated,” Chief Executive Officer John Dubel wrote in a court filing.
Those measures helped unsecured creditors, who had once expected to get nothing. They secured $32 million in proceeds of directors and officers’ insurance through settlements, and $18 million through negotiations with the yieldcos. They will be repaid through a trust, seeded with those funds, which also has the rights to pursue lawsuits over the company’s demise. While the settlements limit potential lawsuits, court papers note that some claims related to fraud, willful misconduct or gross negligence are still possible.
Secured creditors, including some who rolled over their pre-bankruptcy debt into a new loan at the outset of the Chapter 11 case, will be repaid in full with cash, according to court papers. This group includes banks that provided the company with an operating loan to keep funding projects in bankruptcy.
A debtor-in-possession or DIP loan from Deutsche Bank AG as administrative agent at the outset of the case was repaid by a second DIP loan in April. The second DIP was arranged by Deutsche Bank, Goldman Sachs Lending Partners LLC and Bank of America Merrill Lynch. Deutsche, Goldman and other funds were also lenders, according to court papers.
The reorganization doesn’t affect ongoing lawsuits from SunEdison’s common shareholders, who pursued the company’s former management. A spokesman for SunEdison didn’t return a call and email seeking comment.
Even as the reorganization draws to a close, letters from more than 100 disgruntled shareholders continue to roll in for the judge, and a group to represent them continued to object. They questioned how the company ran through $24 billion in financing, leaving nothing for them. They also complained that they were left in the dark about how assets were valued and sold.
“I have significant value in this company which will affect my family,” shareholder Piyush Patel wrote in a July 5 letter to Bernstein, complaining that an independent financial audit of the company was never done.
“SunEdison flew too close to the sun and landed in Manhattan bankruptcy court,” Nathan Serota, a New York-based analyst at Bloomberg New Energy Finance, said in an email last week. “During the Chapter 11 process, the company lost nearly all of the the assets and personnel that -- for better or worse – defined it in the first place.”
The case is In re SunEdison Inc., 16-10992, U.S. Bankruptcy Court, Southern District of New York (Manhattan). The shareholder lawsuits are 16-02742, U.S. District Court, Southern District of New York (Manhattan).
SunEdison sets bankruptcy exit as judge OKs reorganization plan
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Falmouth Wind Turbine Lawsuits and RICO statute
Hillary's Record PROOF she's UNFIT to be President
Hillary Clinton’s record is proof she’s unfit to be President
There's no doubt that both candidates who have any chance of winning this year’s Presidential election have many shortcomings. Yes, Donald Trump's words from years ago were crude and indefensible. However, they pale in comparison to the life-altering words and actions Hillary Clinton has actually said and done over her lifetime as a career politician.
Hillary defended the rapist of a twelve year-old girl, got the rapist off with a minimal charge, laughed about it on tape, and left the girl traumatized for life. Hillary also targeted the women her husband sexually assaulted over the years, in an attempt to destroy the victims of her husband's crimes, so that the Clintons' political careers would not be harmed.
Let's consider just a few of Hillary’s long list of failures.
1) Hillary promised to create 200,000 jobs in Upstate NY while serving as a NYS Senator and living the high life in Westchester County. Upstate jobs actually declined over her time in office here.
2.) Four American heroes died in Benghazi while Hillary was Secretary of State, which Hillary’s campaign chair, John Podesta's leaked emails reveal "was preventable." Hillary ignored the victims’ repeated pleas for help - both prior to and during the 13 hour-long attack. Hillary then repeatedly lied to the deceased Americans’ family members for weeks until the truth was exposed.
3.) The Middle East situation worsened terribly under Hillary’s term as Secretary of State (ie: the failed 'red line' in Syria; failed policy in Libya; the ill-planned Iraq withdrawal which led to the creation of ISIS; and the utter failure to contain ISIS).
4.) Hillary used her position as Secretary of State to orchestrate deals with foreign governments, resulting in huge pay-offs to the Clinton Foundation in return for favors – most notably, the Uranium One deal, which landed 20% of U.S. uranium in Russia's hands, as the Clinton Foundation benefitted immensely. See the New York Times report: http://nyti.ms/1PlHNFN.
5.) Hillary’s behind-closed-doors deals with Billionaire Wall Street 'Green Gangsters' (ie: Elon Musk, Tom Steyer, etc.) enable these ‘green’ consumer frauds to exist, while enriching Hillary’s crony pals at taxpayers', ratepayers' and the environment's expense.
6.) Hillary’s time as Secretary of State under Obama also resulted in:
a.) Failure to improve schools and inner-city living conditions;
b.) Increased poverty, people on welfare and food stamps;
c.) Decreased average household income and participation in the workforce, etc.
7.) Email-Gate: 33,000+ emails were deleted from Hillary's illegal server, while her computers and blackberries were destroyed with 'Bleach Bit' and hammers - after having been subpoenaed to hand them over. Richard Nixon was impeached for a lot less.
8.) In Hillary’s paid speeches to Brazilian Banks, Hillary revealed she wants "open trade" (calling TPP "the Gold Standard") and “open borders.” (This should terrify every patriotic American citizen!)
9.) Hillary admits it's impossible to properly vet Syrian refugees, but she wants to increase the refugees they’re allowing into the U.S. by 550%. U.S. taxpayers will be on the hook for the massive bill – adding to the unsustainable $20 Trillion dollar national debt - which has nearly doubled under Obama's reign.
10.) Hillary does not want Voter ID, yet there’s proof that voter fraud is rampant everywhere. (See the New York City Democratic Commissioner admit to it here: https://youtu.be/jUDTcxIqqM0)
11.) Leaked Podesta emails reveal that Hillary and her campaign staff mocked Catholics and Evangelicals. (Can you imagine the outrage if Republicans had mocked Islam in this manner?) The Podesta emails also reveal they dissed Blacks, Hispanics, and Bernie supporters. Here's just a few of their revealed statements: Hillary "Hates everyday Americans," "Ignorant voters are the key to the win," and "Hillary wants unaware and compliant citizenry."
12.) Hillary claims she is “for children and families,” yet she supports abortion on demand through the 9th month. If you’ve never seen what this heinous act looks like, see this diagram: https://www.youtube.com/watch?v=A6vnOaq7nWU.
If Hillary does not care about protecting innocent babies' lives, what makes you think she will give one hoot about you or your family?
13.) Hillary Clinton has made clear that she will appoint progressive Supreme Court justices who, like her, have no regard at all for human life, religious liberty, nor the 2nd Amendment.
What this election boils down to is Trump’s vision for National Sovereignty, secure borders and an 'Americans first' mentality, versus Hillary’s push for globalism (aka: One World Order) with “open borders.”
Frankly, I am far more offended by pictures of dead, aborted babies, and Ambassador Stevens' lifeless, tortured body in Benghazi, than anything that Donald Trump 'said' many years ago as a private citizen.
Hillary Clinton’s lengthy list of utter failures, and her callous, immoral disregard for human life is exactly why Hillary Clinton should NEVER be President of the United States!
Mary Kay Barton
'Buffalo Billion Fraud & Bribery Scheme'
'The Buffalo Billion fraud and bribery scheme': corruption and pay-to-play, a symbol of everything they’re doing
When New York’s Democrat Governor Andrew Cuomo gushed over SolarCity’s new solar panel factory in Buffalo, New York, the audience, likely, didn’t grasp the recently-revealed meaning of his words: “It is such a metaphor—a symbol of everything we’re doing.”
The 1.2 million square foot building, being built by the state of New York on the site of a former steel plant, is looking more and more like another political promise of help for one of the poorest cities in the state that ends up enriching cronies without ever achieving any potential for the people.
Yes, it is a symbol of everything they’re doing.
Previously, during her first senatorial bid, Hillary Clinton also promised jobs to the economically depressed region of the state of New York—200,000 to be exact. Citing a report from the Washington Post, CBSNews states: “Jobs data show that job growth stagnated in Upstate New York during her eight years in office, the report said, and manufacturing jobs dropped by nearly a quarter.” The Post’s extensive story reveals that jobs never materialized—despite “initial glowing headlines.” It claims: “Clinton’s self-styled role as economic promoter” actually “involved loyal campaign contributors who also supported the Clinton Foundation.” Through federal grants and legislation, she helped steer money to programs, companies, and initiatives that benefitted the donors but failed to reverse the economic decline of the region.
Now, new corruption charges reveal the same pay-to-play model linked to Cuomo’s upstate “Buffalo Billion” economic revitalization plan—and the promised jobs, also, look they will never materialize.
Back on January 5, 2012, Cuomo announced a $1 billion five-year economic development pledge for Buffalo. It was to be the governor’s banner economic initiative with the SolarCity factory as the cornerstone and a pledge of 1,460 direct factory jobs. Other companies, including IBM and a Japanese clean-energy company were also lined up.
With the state-of-the-art solar panel factory ready for equipment to be installed, the wisdom of the entire program is being scrutinized—and is coming up short.
First, on September 22, two of Cuomo’s closest aides—along with several others—were charged in corruption and fraud cases involving state contracts worth hundreds of millions of dollars. Addressing the press at his Manhattan office, U.S. Attorney Preet Bharara asserted: “that ‘pervasive corruption and fraud’ infested one of the governor’s signature economic development programs. Companies got rich, and the public got bamboozled,” reports The Observer. Bharara described the bid-rigging and bribery arrangement: “Behind the scenes they were cynically rigging the whole process so that the contracts would go to handpicked ‘friends of the administration’—‘friends’ being a euphemism for large donors. Through rigged bids, state contracts worth billions of dollars in public development monies, meant to revitalize and renew upstate New York, were instead just another way to corruptly award cronies who were willing to pay to play.”
The 79-page criminal complaint notes that campaign contributions to Cuomo poured in from people connected to the bribe-paying companies as soon as those businesses began pursuing state projects.
One of the companies that received the lucrative contracts was LPCiminelli—run by “Cuomo mega-donor” Louis Ciminelli. He allegedly offered bribes to Cuomo confidante Todd Howe—who has admitted to pocketing hundreds of thousands of dollars from developers to rig bids on multimillion-dollar state contracts linked to Buffalo Billion projects.
Ciminelli received the $750 million contract to build the SolarCity plant. The Buffalo News cites Bharara as saying: “the state’s bidding process for the factory being built for SolarCity at RiverBend in South Buffalo turned into a ‘criminal’ enterprise that favored LPCiminelli, where company executives were given inside information about how the deal was to be awarded.”
Part of Cuomo’s deal with SolarCity—in which the state owns the building and equipment with SolarCity leasing it under a 10-year deal—requires the company to meet a timetable of job-creation quotas or pay hefty penalties. Even before the building was complete, however, the company slashed its job commitment from 1460 to 500. According to the Investigative Post, SolarCity claims it will still employ the original number, but due to automation, the majority of them will not be at the Buffalo plant. With the state’s $750 million investment, that works out to $1.5 million per manufacturing job. In a press release, Cuomo promised 1460 “direct manufacturing jobs at the new facility.”
Even the 500 jobs will only materialize if the plant actually starts production—currently slated for June 2017. SolarCity’s future is, as Crain’s New York Business puts it: “uncertain.”
Amid the company’s myriad problems are the facts that it has never been profitable, nor does it have manufacturing experience.
In February 2014, SolarCity’s stock price peaked at about $85 a share. Today, a share is less than $20. Microaxis gives it a probability of bankruptcy score of 48 percent. Crains reports that it posted a $251 million loss in Q1 2016 and a loss of $230 million in Q2. To “stop the bleeding,” Elon Musk (a donor to both the Obama and Clinton campaigns and the Clinton Foundation), who owns more than 20 percent of the company, announced that Tesla (of which he also owns more than 20 Percent) would purchase SolarCity—this after as many as 15 other potential buyers and investors looked at the company and decided to pass. SolarCity even considered selling the solar panel manufacturing business.
Both SolarCity and Tesla are, according to the Buffalo News, facing a “cash bind”—this despite receiving billions in federal and state grants and tax credits as I’ve previously addressed. Tesla is described as “cash-eating electric vehicle and battery making businesses.” For SolarCity, its model—which finances its solar panel installations, in order to make a profit on a lease that can be as long as 30 years, while it collects the lucrative government incentives worth billions (a practice for which Solar City is currently under Congressional investigation)—requires constantly raising new money from investors. Once the Tesla deal was announced, SolarCity’s lenders started to pull back.
The Buffalo News reports: “Stock in SolarCity…now trades for $4 a share less, or 19 percent less, than what Tesla is offering—a gap indicating that investors are uncertain the deal will be completed.” Additionally, the deal is being challenged by four separate lawsuits—which could delay the deal. Addressing the merger, one analyst said: “We see a lot more that can go wrong than can go right.”
Then there is the manufacturing angle. Originally, the Buffalo plant was going to manufacture high-efficacy solar panel modules developed by Silevo—a company SolarCity bought in 2014. Crain’s reports that it will instead produce complete solar roofs. Something it says “Dow Chemical recently abandoned after five years because it could not find a way to make a profit on the technology.” But then, the Buffalo News says: “The initial production in Buffalo is expected to include photovoltaic cells that SolarCity purchases from suppliers and are used in the products that will be assembled in the South Park Avenue factory.”
Whatever the plant builds or manufactures, getting it operating will be expensive—even with the New York taxpayers owning the building and equipment—and will drain scarce cash from SolarCity at a time when its financing costs have increased.
Buffalo residents wonder if they’ll be stuck with the world’s largest empty warehouse and without the promised jobs.
No wonder the entire project is in doubt. Because of the Cuomo administration corruption allegations, other proposed job-creators, including IBM, have pulled out until the probe is completed.
For now, Cuomo is not a part of the criminal complaint—though his name is mentioned many times—and he claims he knew nothing about it, nor does he think he’s a target of the ongoing federal probe. “It is almost inconceivable the governor didn’t know what was going on,” Doug Muzzio, a professor of public affairs at Baruch College, said. “And if he didn’t know what was going on, you can argue he should have known.”
Bharara has suggested that the better name for the program would be: “The Buffalo Billion Fraud and Bribery Scheme.”
Yep, the Buffalo Billion project is a “symbol” of the political promises and crony corruption—“everything we’re doing”—that takes taxpayers dollars to reward political donors and then walks away when the jobs don’t materialize.
The author of Energy Freedom, Marita Noon serves as the executive director for Energy Makes America Great Inc. and the companion educational organization, the Citizens’ Alliance for Responsible Energy (CARE). She hosts a weekly radio program: America’s Voice for Energy—which expands on the content of her weekly column. Follow her @EnergyRabbit.
America’s Industrial Wind Blight
America’s Industrial Wind Blight – Enriching the .1%
at taxpayer, ratepayer & the environment's expense
“America is being auctioned off to the highest bidder.” – Donald J. Trump
A recent article, NY looks to the wind to replace its fossil fuel diet, by Joe Mahoney, was full of half-truths and misinformation.
There is nothing "free," "clean," or "green" about industrial wind. Quite to the contrary, the true costs of industrial wind development are astronomical. Yet, the wishful thinking of Governor Andrew Cuomo, Attorney General Schneiderman, and ‘green’ ideologues who benefit from this massive taxpayer and ratepayer rip-off, have been repeated unquestioned by many in the media for years now.
Mahoney’s article highlighted Cuomo's approval of the proposed offshore wind factory off of Montauk, NY, saying, "The offshore ‘wind farm’ could be a symbol of how the state can meet Cuomo's ambitious goal of getting half of New York's energy from carbon-free sources by 2030. Now, those sources represent about 23 percent of the state's energy draw."
That statement is inaccurate.
New York State's hydro power supplies approximately 23% of New York State electricity generation all by itself. New York State's emissions-free nuclear power supplies approximately another 30% of New York State's electricity generation. "Other Renewables" (ie: wind, solar, biofuels, geothermal, etc) now provide another 3%, as cited by the U.S. EIA.
Clearly, current hydro and nuclear power supplies alone in New York State are already exceeding Cuomo’s emissions-free target of 50%, but for some reason, emissions-free nuclear is NOT counted towards NY’s “emissions-free” goal.
Most infuriating for New York State taxpayers and ratepayers is the fact that New York State was ALREADY GETTING approximately 50% of its electricity from emissions-free sources (19% from hydro + 29% from nuclear + 1% from "Other Renewables") back in 2000 - BEFORE Governor Cuomo & Co began throwing $BILLIONS of taxpayer and ratepayer dollars into the wind, plastering rural NY with these bird-slaughtering lemons, as reported here.
'Clean' Power Plan Problem - Wind Power Destruction in New York State:
Scientific Proof MIA
As our government officials continue to throw $Billions of dollars into the wind, the key question that needs to be asked by everyone is this:
~ Where is the Scientific PROOF that wind energy is a NET societal benefit?
The answer is that there is NO such scientific proof. None. Nada.
However, there IS much proof that development of sprawling, unreliable, industrial wind factories has been vastly detrimental across the nation and the world. So much so, President Obama had to approve 30-Year EAGLE-KILL permits specifically to accommodate the bird-slaughtering wind industry.
Governor Cuomo’s pie-in-the-sky ‘green’ energy policy is bereft of any realistic assessment of the expensive lessons already learned in Europe and elsewhere as a result of pushing these ‘renewable’ energy policies. Results include, but are not limited to: “skyrocketing” electricity rates, industries fleeing, 2 – 4 jobs lost for every ‘green’ job created, destroyed habitats and countryside, birds and bats slaughtered, lost property values, health issues, utter civil discord, and increasing numbers of people being thrust into ‘energy poverty.’
All this as a result of the same ‘green’ mess Governor Cuomo, President Obama, and Hillary Clinton continue to push. While they demonize fossil fuel use and promise to rid us of it, the truth is that the availability of reliable, affordable power thanks to fossil fuels is directly correlated with greatly improved health and longevity here in the U.S., as explained by Alex Epstein in his book, The Moral Case for Fossil Fuels.
“It’s all about the money!”
WHY do they continue to push such an obvious failure as industrial wind, you ask? Simple: “It’s all about the money!’
Manhattan Institute scholar, Robert Bryce, recently reported that the wind industry has garnered $176 BILLION of crony-capitalism here in the U.S. It’s no wonder the American Wind Energy Association spends over $20 Million per year lobbying for more of the same! Big Wind and the Big Banks who back them are playing the system to tap into taxpayers’ and ratepayers’ wallets, while the crony-politicians who enable the whole dastardly deal get hefty ‘campaign donations’ in return. The greatest Ponzi Schemes of all time pale in comparison to the eco-heist these ‘Green Gangsters’ are pulling off.
Industrial wind was initiated in the U.S. by ENRON as a tax shelter generating scheme. Nothing about that has changed. Big Wind enriches the .1% at taxpayers' and ratepayers' expense. Just ask Warren Buffett, who said, "We get tax credits if we build 'wind farms.' That's the only reason to build them. They don't make sense without the tax credits."
Republican Presidential candidate Donald Trump was absolutely correct when he said in regard to our nation’s economic demise, “America is being auctioned off to the highest bidder.” The Industrial Wind blight across America exemplifies this sad reality!
Contact your Congressional Representatives, and tell them to STOP wasting OUR money on the environmentally destructive CONSUMER FRAUD that is industrial wind energy. If they won’t, vote the bums out!
Mary Kay Barton
Mary Kay Barton is a retired New York State-certified Health Educator, Cornell-certified Master Gardener, and a tireless advocate for scientifically sound, affordable, and reliable electricity for all Americans. She has served over the past decade in local Water Quality organizations and enjoys gardening and birding in her National Wildlife Federation “Backyard Wildlife Habitat.”
NY AG Schneiderman working to shut down free speech
|Scientific silencers on the left - led by NY AG Schneiderman - are trying to shut down climate skepticism|
George Will is right--and worse, these attorneys general may be committing a felony, violating 18 U.S.C. Sec. 241:
"If two or more persons conspire to injure, oppress, threaten, or intimidate any person in any State, Territory, Commonwealth, Possession, or District in the free exercise or enjoyment of any right or privilege secured to him by the Constitution or laws of the United States, or because of his having so exercised the same; or
If two or more persons go in disguise on the highway, or on the premises of another, with intent to prevent or hinder his free exercise or enjoyment of any right or privilege so secured—
They shall be fined under this title or imprisoned not more than ten years, or both; and if death results from the acts committed in violation of this section or if such acts include kidnapping or an attempt to kidnap, aggravated sexual abuse or an attempt to commit aggravated sexual abuse, or an attempt to kill, they shall be fined under this title or imprisoned for any term of years or for life, or both, or may be sentenced to death."
Read the article here:
S.O.S. writes NY AG Schneiderman
The citizens' grassrooots group - Save Ontario Shores, has written to New York State Attorney General Schneiderman to request that he investigate the corrupt practices of the Big Wind LLC - APEX, who is working to ASSAULT their Lake Ontario shores communities with 625' industrial wind LEMONS, absurdly sited among peoples' homes. Read their letter to AG Schneiderman here:
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