'SunEdison Shareholder Uncovers Billions Of Dollars In Taxpayer Money Hidden In Bankruptcy'

From Seeking Alpha...First Wind is in the cross-hair of Congressional Investigators.  Buzz words, "ENRON", "Sarbanes-Oxley Act of 2002", "Federal Stimulus"  

'SunEdison Shareholder Uncovers Billions Of Dollars In Taxpayer Money Hidden In Bankruptcy'

Feb. 2, 2017 7:13 PM ET
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49 comments
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About: SunEdison, Inc. (SUNEQ), Includes: GLBL, TERP
Jordan Danelz
Jordan Danelz
Long only, value, special situations

Summary

Congressional investigators are examining the use of tax incentives for solar-power companies.

SunEdison has received "the vast majority" of a $1 billion credit line the Export-Import Bank of the U.S. extended to India.

SunEdison has been successful in bypassing Sarbanes-Oxley regulation that should be a tool to avoid a new Enron scandal.

Clip-

Senate Finance Committee and the House Ways and Means Committee have sent letters to seven foreign and domestic companies involved in solar energy requesting information relating to tax credits and financing. SunEdison is one of the seven companies, but up until now the company has not come up with any public announcement about a reply to this letter. SunEdison's management has also declined to comment.

Another clip-

The majority of the projects and subsidiaries listed under SunEdison in the Good Jobs First's subsidy tracker are actually wind projects or wind-related activities. There is a fair chance that the tracker has not caught all the midsize solar projects that SunEdison has been developing in U.S. The following projects and subsidiaries are listed in the tracker: Milford Wind Corridor Phase I, LLC, Milford Wind Corridor Phase II, LLC, Kawailoa Wind, LLC, Palouse Wind, LLC, Evergreen Wind Power III, LLC, Canandaigua Power Partners, LLC, Evergreen Wind Power V, LLC, Vermont Wind, LLC, Canandaigua Power Partners II, LLC, Stetson Wind II, LLC, Solaicx, SunE B9 Holdings, LLC, Erie Wind, LLC, SunE CPS3, LLC, SunE CPS2, LLC, SunE CPS1, SunE CBRL1, LLC, LLC, Solaicx, SunE Solar VIII, LLC, SunE Solar VIII, LLC, SunE Solar VIII, LLC, MEMC Electronic Materials LLC, Greenray, SunEdison Residential Services, LLC and SunEdison, Inc.

Several subsidiaries appear more than once with a subsidy: "Canandaigua Power Partners LLC" and "Canandaigua Power II Partners LLC " more than 16 times with a grant. The three largest grants paid out to Canandaigua Power are $52,352,334 (federal grant- 2009), $22,296,494 (federal grant - 2009) and $2,617,575 (federal grant - 2010). It indicates that the subsidiary Canandaigua Power Partners should have been developing projects for more than $225 million back in 2010.

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Jordan Danelz

Long only, value, special situations

Link to Seeking Alpha-the article-

http://seekingalpha.com/article/4042276-sunedison-shareholder-uncov...

PS-This article states-

Following the award notification by the Department of Treasury, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu invited Carlos Domenech, COO of SunEdison, to participate in a White House roundtable meeting of select industry executives. They discussed expanding development of clean, domestic sources of energy. Domench was quoted as saying, "We were honored to participate in the roundtable discussion. SunEdison's initial application was approved less than 3 weeks after we submitted our request. Given the streamlined application process, we expect to submit new projects from our pipeline almost weekly."

What the article fails to mention is that Paul Gaynor was present at the White House roundtable mentioned with Carlos Domenech, COO of SunEdison during Sept of 2009-

Wind-power firm in D.C. talks

Posted Sept. 23, 2009, at 9:33 a.m.
Last modified Jan. 30, 2011, at 12:12 p.m.
A Clip-

AUGUSTA, Maine — A company that has two major wind-power projects in Maine and is looking at developing more was represented at a meeting in Washington hosted by Treasury Secretary Timothy Geithner and Energy Secretary Steven Chu.

FirstWind CEO Paul Gaynor participated in the discussion at the White House on Tuesday. Gaynor says FirstWind’s been recognized as a positive example of how federal stimulus money can be spent.

http://bangordailynews.com/2009/09/23/business/windpower-firm-in-dc...

Views: 235

Comment

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Comment by Jim Wiegand on February 3, 2017 at 1:43pm

When you think about wind, think of nothing but self-serving scum and a plague that has decended upon this planet.

Comment by Barbara Durkin on February 3, 2017 at 12:56pm

PS: 

Our failure to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act as a public company could have a material adverse effect on our business and share price.

Page 74.  (Thank you, Alice, the sleuth)

https://www.sec.gov/Archives/edgar/data/1599947/000119312515010671/d827022ds1a.htm

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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