Sun Edison Disclosure Practice
I stimulate got - on the grapevine - been sent a enquiry written report from Credit Sights on Sunday Edison. "The title: Sunday Edison in addition to Terraform: Dual 10Q cut. Recourse?"
It is consummate amongst the park proposition that at that topographic point is debt at Sunday Edison that is both (a) recourse to the bring upwards fellowship in addition to (b) does non stimulate got sufficient in addition to allocated cash left to settle it.
That is the primal enquiry amongst Sunday Edison. Bears advise that Sunday Edison has bring upwards fellowship debt that they produce non stimulate got the wherewithal to pay. The fellowship has steadfastly denied this. They field all debt is either (a) non-recourse or (b) has good determined cash flows that volition live on used to pay it. Alas surely debts stimulate got shifted from the non-recourse to the recourse column.*
I confess I am concerned amongst the Credit Sights note. I ain Sunday Edison stock which I purchased inward distress (about $9). This was afterward it lost 2 thirds of its value.
Proving my might to alternative stocks that halve it halved again.
The describe inward the Credit Sights written report that concerns me most withal is non assertions nigh recourse versus non-recourse. That is the bet I stimulate got taken.
My concern is this:
Credit Sights is a highly reputable (if somewhat bearish) debt enquiry shop.
Not returning their calls is exactly unacceptable. The management of Sunday Edison (as this weblog has stated) stimulate got to showtime sounding similar in addition to behaving similar the management of a mortgage REIT.
They are non doing so. Financial institutions produce non ignore the people who analyse their debt.
So Mr Ahmad Chatila (CEO Sunday Edison), how nigh you lot supply Credit Sights' telephone call?
Or, failing that, volition the board of Sunday Edison delight burn downwards the CEO now.
John Hempton
Disclosure: Long Sunday Edison (unfortunately)
* One reclassified debt: a margin loan on Terraform stock was in 1 lawsuit classified equally non-recourse in addition to is instantly classified equally recourse.
It is consummate amongst the park proposition that at that topographic point is debt at Sunday Edison that is both (a) recourse to the bring upwards fellowship in addition to (b) does non stimulate got sufficient in addition to allocated cash left to settle it.
That is the primal enquiry amongst Sunday Edison. Bears advise that Sunday Edison has bring upwards fellowship debt that they produce non stimulate got the wherewithal to pay. The fellowship has steadfastly denied this. They field all debt is either (a) non-recourse or (b) has good determined cash flows that volition live on used to pay it. Alas surely debts stimulate got shifted from the non-recourse to the recourse column.*
I confess I am concerned amongst the Credit Sights note. I ain Sunday Edison stock which I purchased inward distress (about $9). This was afterward it lost 2 thirds of its value.
Proving my might to alternative stocks that halve it halved again.
The describe inward the Credit Sights written report that concerns me most withal is non assertions nigh recourse versus non-recourse. That is the bet I stimulate got taken.
My concern is this:
SUNE stopped returning our emails in addition to telephone calls over a calendar month agone then nosotros are unable to confirm this novel recourse condition amongst the fellowship equally the missing 1 missive of the alphabet footnote could exactly live on a typo.Sunday Edison is a fiscal institution. It requires the trust of fiscal markets to produce business.
Credit Sights is a highly reputable (if somewhat bearish) debt enquiry shop.
Not returning their calls is exactly unacceptable. The management of Sunday Edison (as this weblog has stated) stimulate got to showtime sounding similar in addition to behaving similar the management of a mortgage REIT.
They are non doing so. Financial institutions produce non ignore the people who analyse their debt.
So Mr Ahmad Chatila (CEO Sunday Edison), how nigh you lot supply Credit Sights' telephone call?
Or, failing that, volition the board of Sunday Edison delight burn downwards the CEO now.
John Hempton
Disclosure: Long Sunday Edison (unfortunately)
* One reclassified debt: a margin loan on Terraform stock was in 1 lawsuit classified equally non-recourse in addition to is instantly classified equally recourse.
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