Email sent 1/20/16 to Attorney Portnoy (GPM) representing investors of SunEdison, Inc., (SUNE) in a class action lawsuit

January 20, 2016




RE:  (“GPM”) announces the filing of a class action lawsuit on behalf of investors of SunEdison, Inc. ("SunEdison" or the "Company") (NYSE: SUNE); 
SunEdison Inc. (SUNE) and its power-plant holding company, TerraForm Power Inc. (TERP) , agreed to buy closely held First Wind Holdings Inc. for $2.4 billion;
SunEdison Appoints Paul Gaynor As EVP Of North America Utility And Global Wind announced by SunEdison on Feb. 3, 2015:
http://investors.sunedison.com/phoenix.zhtml?c=106680&p=irol-ne...

Dear Attorney Portnoy: 

With regard to Glancy Prongay & Murray LLP (GPM) class action lawsuit filed on behalf of investors that "alleges that SunEdison and certain corporate insiders made materially misleading misrepresentations and omissions regarding SunEdison's business practices and operations...":

I am neither a SUNE nor a TERP shareholder.  I am an incredulous private citizen, taxpayer and ratepayer sympathetic to SUNE/TERP shareholders as I am also burdened by:

"First Wind Cash: Scored over $778 million in stimulus funds"
http://greencorruption.com/two-big-white-house-green-cronies-unite-...

With regard to SUNE, "corporate insiders made materially misleading misrepresentations and omissions", is Paul Gaynor As SunEdison "EVP Of North America Utility And Global Wind", and former CEO of UPC First Wind, a SUNE "corporate insider"?

If the answer is, "Yes", perhaps SUNE EVP Paul Gaynor and former CEO of UPC First Wind should have disclosed their affiliate and subsidiary,  Italian Vento Power Corporation IVPC Director Oreste Vigorito, with partner Vito Nicastri, was the subject of "Gone With the Wind" 2009 investigation by anti-Mafia police into wind energy fraud in order to obtain public subsidies that led to the largest ever asset seizure by anti-Mafia police in Italy. 

This assertion is a matter of Public Record and supported by UPC (First Wind) direct testimony highlighted (4th) below.     

Background: 

When Fox News reported in 2009 that wind projects were failing in Italy, yet developers continued to collect public subsidies, I noted the same thing was happening in upstate NY. 
Fox News.  http://www.foxnews.com/story/2009/05/05/report-mafia-invests-in-sic...

This prompted me to see if there was a connection between Italy's wind projects and the U.S. wind projects by UPC First Wind. 

Evidence that demonstrates UPC First Wind affiliate and subsidiary is Italian Vento Power Corporation (IVPC):


(UPC) FIRST WIND (CEO) Paul Gaynor, the current Executive Vice President-Americas & EMEA Region for SunEdison (SUNE), is the:
  
 
'Hawaii Wind developer tied to Largest-ever asset seizure by anti-Mafia police'
(for wind energy fraud) by Andrew Walden Hawaii Free Press:

By Testimony to MA Department of Public Utilities:

Please note a below reference to "DIA" that translates to Italian anti-mafia Police:  in Italian:  
Direzione Investigativa Antimafia

Background:

Boston-based wind developer First Wind CEO Paul Gaynor is former Massachusetts Governor Deval Patrick’s appointed Co-chair of “The Climate  Protection Advisory Committee” under the Global Warming Solutions Act.  First Wind Paul Gaynor is also co-chair of the Mass Department of Environmental Protection Advisory Committee “Low Carbon Energy Supply Subcommittee.”  UPC First Wind CEO Gaynor is also the 'Hawaii Wind developer tied to Largest-ever asset seizure by anti-Mafia police'

The Worcester Polytechnic Institute News Summer, 2005 reports on the activities of WPI alumnus Gaynor: 
 
"...As president and CEO of UPC Wind Management, located in Newton, Mass., Gaynor was tapped to bring the success of the parent company, UPC Group, to North America. In Europe and North Africa, UPC affiliates—including Italian Vento Power Corporation—have raised over $900 million in financing and installed some 900 utility-scale wind turbine generators (WTGs), with a total capacity of more than 635 megawatts. UPC subsidiary companies, positioned across the United States and in Toronto, are currently pursing some 2,000 megawatts in projects from Maine to Maui..."
http://www.wpi.edu/News/Transformations/2005Summer/windpower.html
UPC founded by Brian Caffyn changed its name to First Wind in 2008.  UPC STEVE VAVRIK direct testimony of 2006, page 5, provides affiliate (IVPC). Italian Vento Power Corporation.  This affiliate, Oreste Vigorito, with associate Vito Nicastri, IVPC, is the subject of Operation "Gone With the Wind", a 2009 wind fraud event.  They are alleged associates of Matteo Messina Denaro Cosa Nostra "Boss of Bosses", still at large and listed by Forbes as FBI World's Ten Most Wanted.
http://psb.vermont.gov/sites/psb/files/orders/2013/2013-12/Cowan-Ro...

From the below link comes the following 4/08/2013 story, translated from Italian to English by Google: 
 
https://translate.google.com/translate?hl=en&sl=it&u=https:...

It is incomprehensible to me that SunEdison purchased First Wind.  But I'm not at all surprised that SUNE value plummeted 71.4 % during the three months following this transaction. 

Thank you for your review of this information on behalf of SUNE shareholders that you represent. 

Respectfully,



Barbara Durkin

Views: 496

Comment

You need to be a member of Citizens' Task Force on Wind Power - Maine to add comments!

Join Citizens' Task Force on Wind Power - Maine

Comment by Barbara Durkin on January 20, 2016 at 7:51pm
Comment by Barbara Durkin on January 20, 2016 at 7:44pm

It's convoluted alright.  I would think rezoning would require 2/3 vote at Town Meeting...or be beyond the scope of LUPC.  Thanks for answering, Karen. 

Comment by Long Islander on January 20, 2016 at 6:35pm

Abandoned Eyesores Almost Certain to Proliferate Across the Maine Countryside Unless We Stop Them – and there won’t be adequate money to take them down

http://www.windtaskforce.org/page/abandoned-eyesores

Comment by Karen Bessey Pease on January 20, 2016 at 6:33pm

No.  Actually, even though LURC (now LUPC) is constrained to follow the Law, I believe the Commissioners realize what a catastrophic FAIL this legislation is for rural Maine.  However, the Legislature removed LUPC's jurisdiction over wind projects in the UT's and put the power to deny or approve ALL wind permit apps under the jurisdiction of Maine Department of Environmental Protection (DEP). LUPC's contribution is limited to UT's requests for removal from the Expedited Permitting Area (EPA) and requests for INCLUSION by developers' 'host' land owners into the EPA.  They also have jurisdiction over any request for "rezoning' which might be submitted by wind developers who hope to build within regions NOT within the EPA. But most all regions coveted by wind developers were already included in the EPA, so those requests have been rare (Kossuth for First Wind's Bowers project) However, if many UT's are successful in being allowed to remove themselves from the EPA, we expect there will be more Industry requests for regions within those UT's (i.e. large/paper company land owners who would be potential lease-holders) to be "RE-included". Convoluted, isn't it?  :(

Comment by Barbara Durkin on January 20, 2016 at 6:12pm

I'm trying to remember...did LURC flip?  Was LURC for us before they were against us?  

LURC’s decision Friday to deny a request to withdraw a proposed wind project on Bowers Mountain. The Land Use Regulation Commission voted 5-0 at the Waterfront Event Center to reject First Wind subsidiary Champlain Wind’s

http://bangordailynews.com/2012/04/06/business/lurc-decision-leaves...

IS LURC caught up in the ENRON LABYRINTH?  (with the rest of us?)

Champlain Wind appears to come up as Champlin Wind, too, both associated with GEI...

Champlain Wind, LLC

 

Delaware

 

100%

http://ipo.nasdaq.com/ViewFiling_frames.asp?filename=0001047469-10-...

Na Pua Makani Power Partners1

With Developer Champlin/GEI Wind Holdings, LLC

Mike Cutbirth. Mike was formerly head of Global Finance for Zond Corporation and Enron Wind served 4 years as the first CEO of Clipper Windpower

 CGEI Wind is jointly owned by Good Energies and Champlin Windpower, LLC and is led by Mike Cutbirth.

From this link-

http://www.hawaiifreepress.com/DesktopModules/DnnForge%20-%20NewsAr...

Wednesday, May 16, 2012

Enron Figures Buy Up Hawaii Windfarms
By News Release :: :: Hawaii State News, Hawaii State Politics

a clip-

Western Wind Energy Executes Term Sheet to Acquire 4,000 MW Wind Project Pipeline

VANCOUVER, May 15, 2012 /PR Newswire/ -- Western Wind Energy Corp. (the 'Company' or 'Western Wind') is pleased to announce it has executed a Term Sheet with Champlin/GEI Wind Holdings ('CGEI Wind') to acquire the rights and title to a 4,000 MW wind energy development pipeline, with near term projects in Hawaii and Utah. Additional large projects are in California and throughout the US in niche markets with strong Renewable Portfolio Standards and Power Purchase Agreement pricing.

Cost of the acquisition is $20 Million US, payable by the issuance of 8 Million common shares at a deemed value of $2.50 per share US. The term sheet will be subject to completion of due diligence, formal documentation, board approvals and approval of the TSX and the applicable securities regulatory agencies including applicable escrow provisions.

CGEI Wind is jointly owned by Good Energies and Champlin Windpower, LLC and is lead by Mike Cutbirth. Mike was formerly head of Global Finance for Zond Corporation and Enron Wind and served 4 years as the first CEO of Clipper Windpower. Mike has 16 years of wind energy executive experience including raising over $1 Billion in financings for various wind projects. Mike would join the board of Western Wind if the transaction closes. Good Energies is a private equity fund broadly focused on the North American energy sector. As part of the Bregal Investments' family of funds, it has substantial, long term funding from a 6th generation family foundation that has invested over $10 Billion since 2002. Good Energies has a long term track record of successful previous wind investments including G3 Energy, Ventus and Everpower and continues to hold stakes in Sequoia Energy, Eolectric, Second Wind and 3TIER.

Jeff Ciachurski, CEO of Western Wind states, ' We are excited to negotiate a term sheet with CGEI Wind Holdings. With a 4,000 MW pipeline and near term projects in Hawaii and Utah, this complements the consistent Western Wind strategy of executing and completing projects in niche markets with high level renewable energy policies and aggressive pricing. (Lawyer-speak for high electric rates.) Mike is a well respected leader in the US wind business and complements the aggressive vision at Western Wind.'

Mike Cutbirth, CEO of CGEI Wind states 'Western Wind has an impressive track record of growth over the last several years and we believe the market has not yet recognized the value of its stock. Our portfolio will help continue to fuel the growth plans of Western Wind. Our portfolio is complementary to Western Wind's holdings with projects in key niche markets and there should be significant synergies to the acquisition and merger of our holdings into Western Wind. We are excited to become a part of Western Wind and help further increase the value of the Company.

About Western Wind Energy Corp.

Comment by Karen Bessey Pease on January 20, 2016 at 5:03pm

Yep.  I am sure you won't be surprised to learn that the ONLY way to get this bill passed was to 'negotiate' with the industry. The final bill that passed was a shadow of the original two versions. Not only are there sharp constraints on time, but wind developers and land-owners can still request a 'substantive review' by LURC of the petitions and the UT's significance in meeting the State's 'goals'....which means the UT isn't automatically removed after the 45 day period and may, in fact, be denied.  AND (this is a boon for the industry) they can STILL have the lease-holder/land-owner request that LURC move their portion of the UT BACK into the EPA if the UT is successful in getting removed!  It's a cluster-*** and rigged, no matter how you look at it.  The BEST thing to come out of this effort is that many, many legislators learned first hand (and 'up close and personal') the types of intimidation tactics the Renewables lobby is prepared to use.  Many Dems were appalled to be on the receiving end of 'twist your arm' tactics by Leadership, last year.  And several brave Representatives said so in the floor debate. Their eyes are being opened to the lack of fairness within our laws and the excesses of power by this particular lobby.

Comment by Barbara Durkin on January 20, 2016 at 4:38pm

Great job!  It's tragic that you et al had to claw back rights sWINDled by Big Wind, complicit and conflicted politicians.  I think there's a saying about exercising our rights or losing them.  I hope others take notice that the clock is ticking...

From your link, Karen, this clip-

Residents of Highland and Pleasant Ridge plantations and Lexington and Concord townships have been trying to regain their right to participate in wind power siting decisions for the last four years. Their efforts included a 2011 meeting with Governor LePage and the 2013 initiation of a bill to remove the communities from the EPA. After two sessions of legislative deliberations, the Maine House and Senate couldn’t reach agreement on the bill.

Finally, in 2015, the 127th Maine Legislature unanimously passed a law which now gives the affected communities a means to petition for removal from the Expedited Permitting Area. Petitioning must be accomplished between Jan. 1 and June 30, 2016. If a community is successfully removed, wind development could still take place in that community if the LUPC grants a request for rezoning. Prior to the 2008 expedited permitting law change, two wind projects in the Unorganized Territory received operating permits after completing the rezoning process.

Comment by Karen Bessey Pease on January 20, 2016 at 4:15pm

Heh...thank you.  That reminds me of this article, which I meant to post earlier.  The next chapter in a very long and drawn-out battle.  :)

http://www.theirregular.com/news/2016-01-13/Front_Page/Locals_prese...

 

Comment by Barbara Durkin on January 20, 2016 at 3:55pm

Thank you, too, Karen!!!    http://pinetreewatchdog.org/legislature-and-lepage-agree-rural-resi...

Thank you to all sacrificing their time and energy to fight this sWINDle on behalf of the complacent, uniformed and misinformed!!!

Very Best,

Barbara

Comment by Karen Bessey Pease on January 20, 2016 at 3:36pm

Thank you (AGAIN!) Barbara!  :)  Respectfully and gratefully, Kaz

 

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/

Not yet a member?

Sign up today and lend your voice and presence to the steadily rising tide that will soon sweep the scourge of useless and wretched turbines from our beloved Maine countryside. For many of us, our little pieces of paradise have been hard won. Did the carpetbaggers think they could simply steal them from us?

We have the facts on our side. We have the truth on our side. All we need now is YOU.

“First they ignore you, then they laugh at you, then they fight you, then you win.”

 -- Mahatma Gandhi

"It's not whether you get knocked down: it's whether you get up."
Vince Lombardi 

Task Force membership is free. Please sign up today!

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/

© 2024   Created by Webmaster.   Powered by

Badges  |  Report an Issue  |  Terms of Service