tag:blogger.com,1999:blog-4815867514277794362.post2856016899382566990..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: Sun Edison disclosure practiceJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-4815867514277794362.post-16443374624176410542015-12-01T09:30:39.231+11:002015-12-01T09:30:39.231+11:00Just saw this on another message board. Looks legi...Just saw this on another message board. Looks legit. Can you verify by any chance? Would love to know what they said. Thanks very much.<br /><br />SunEdison: One-on-One with CFO/CEO Brian Wuebbels<br />COMPANY ANALYSIS: 23 NOV 2015, 4:52 PM ET - On a 1:1 call with CFO Wuebbels after the market closed on Friday night, he confirmed there’s no way out of the Vivint Solar acquisition. We also discuss how our view has changed given today's yieldco mgmt shakeup.<br /><br />Anyone with access to this subscription ? Management responded to CreditSights' apparent loss of communication - this was Bronte Capital's deepest concern. Wuebbels opening to an interview did not get reported on by any mainstream media outlet.Guy Wigginshttps://www.blogger.com/profile/16097663715118023993noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-34466068619562577382015-11-19T09:56:58.592+11:002015-11-19T09:56:58.592+11:00Interesting how bearish most of the comments are f...Interesting how bearish most of the comments are from John, yet he still holds. What do you still see in this John? Just using the equity as a call option? Meaning, if it somehow scrambles through next yr it goes 20?<br /><br />On the flip side, it is likely a 0. Huge debt. Complex structure. Terrible management. drawing on expensive credit. falling price. Hedge fund hotel. Bad acquisitions. low energy prices for forseeable future. Lost faith from wallstreet. Yields spiking.<br /><br />Do you just see it as a decent risk/reward on the lotto ticket? 95% chance goes to 0, but 5% it goes to 20?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-54234193815666392522015-11-18T11:47:01.924+11:002015-11-18T11:47:01.924+11:00The company has still not done enough to communica...The company has still not done enough to communicate with anyone let alone their investors. You cannot continue to say "we will be positive in cash-flow in the future" yet continue to take measures in the immediate that contradict that statement. CEO needs to be gone and the business plan needs to be seriously restructured because although the future may look bright long term wayyyy down the road, they will never make it that far if they don't fix something in the immediate.Matthttps://www.blogger.com/profile/17515015949371687486noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-15592639878119383042015-11-18T10:07:15.445+11:002015-11-18T10:07:15.445+11:00Ouch. Who blew out of their position today? Einhor...Ouch. Who blew out of their position today? Einhorn? Did you sell as well?<br /><br />I think there is 99% chance this goes BK. Even if they can avoid bankruptcy until next yr, there is zero chance of the assets covering the cost of debt in the long run. This is going to burn for sure. Probably wise to cut your losses.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-80890208056511819422015-11-18T07:03:35.750+11:002015-11-18T07:03:35.750+11:00As GCJ mentioned, the reclassification of the Exch...As GCJ mentioned, the reclassification of the Exchange Notes for FirstWind is mentioned both in the 10Q and the 3Q Investor Presentation. I'm not sure Management was trying to hide anything, though clearly they could be going out of their way right now to help shareholders. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-39657319784434316272015-11-18T07:00:53.481+11:002015-11-18T07:00:53.481+11:00Have to agree with you. Management needs to go. Have to agree with you. Management needs to go. Anonymoushttps://www.blogger.com/profile/11389112591358530886noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-77596426964233702282015-11-18T03:19:23.524+11:002015-11-18T03:19:23.524+11:00re the exchangeable notes this was already in the ...re the exchangeable notes this was already in the text of the 6/30 10Q so not really "new news": The Exchangeable Notes are fully and unconditionally guaranteed by SunEdison. The Exchangeable Notes and the guarantees are pari passu in right of payment to the SunEdison’s obligations under its outstanding convertible debt.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-18399746312067905622015-11-18T03:11:44.632+11:002015-11-18T03:11:44.632+11:00The reclassification was made clear in the Investo...The reclassification was made clear in the Investor Presentation along with the call. I'm not sure the dropped footnote is that sinister. Material to value, obviously.GCJnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-64452735547644411102015-11-18T01:02:30.676+11:002015-11-18T01:02:30.676+11:00I am also a modest long, having tried to catch the...I am also a modest long, having tried to catch the falling knife. My palm is scarred.<br />The issue needs to be addressed and more openness required.<br />I suspect that there is a lot of table banging going on behind closed doors.<br />Umtaliboyhttps://www.blogger.com/profile/16670520749751938161noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-79038422514272911482015-11-17T20:02:56.494+11:002015-11-17T20:02:56.494+11:00John, I've often admired the brilliance of you...John, I've often admired the brilliance of your analysis, particularly when it comes to discover discrepancies between balance sheets and reality or outright fraud. But catching falling knives is not for nothing strongly warned against. As a (moderate)chess player I avoid lines where my stats are poor. Take care! Wilfriednoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-19368285480322894472015-11-17T20:01:40.349+11:002015-11-17T20:01:40.349+11:00Not to mention Carlos saying they'd be "o...Not to mention Carlos saying they'd be "opportunistic" going forward. Someone needs to tell that guy that "opportunistic" is something you can be when not levered to the hilt after an orgy of M&A. Carlos and Ahmad have got to go. It is absolutely unbelievable that Einhorn et al are not putting serious pressure on the board to get rid of this confederacy of dunces in the C suite. Nemo Incognitohttps://www.blogger.com/profile/07345185457108156269noreply@blogger.com