SunEdison being investigated by SEC on liquidity concerns

"SunEdison being investigated
by SEC on liquidity concerns"

March 28 (Reuters) - The U.S. Securities and Exchange Commission is looking into SunEdison Inc's disclosures to see if the solar company exaggerated its liquidity last year when it said it had more than $1 billion in cash, the Wall Street Journal reported on Monday, citing people familiar with the matter.


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Comment by Eric A. Tuttle on March 29, 2016 at 4:33pm

Some of these, in the Maine Industrial Farm Complex, were supposedly pre-funded with an escrow account for the day of remediation.

However what will happen to these DEAD ZONES in Maine's landscapes is yet to be seen.

Will "We the People" of Maine be made to bite the bullet and take State "Taxpayer Funded" ownership ? Will "We the People" of Maine as owners get but a fraction of of a cent per kWh as the power is consumed to our south, while trying to pay for a management team to operate these "Trees of Steel" being held hostage by the management Corporation to do so. Will "We the People" of Maine that already have home systems become competitors with a  State owned "Taxpayer Funded" Complex and be Taxed / Assessed yet a 4th time to benefit ISO-NE. 

Comment by Bob Stone on March 29, 2016 at 3:43pm

What is to become of the turbines, towers and blades as they produce their final, expensive kilowatt?  Should the legislature mandate a reserve fund for demolition and reforestation of the scarred mountain tops and ridgelines?

Comment by Eskutassis on March 29, 2016 at 3:29pm

Could this somehow become a concern for when the turbines outlast their usefulness and become obsolete?  Could somehow they remain monuments, forever embedded in the granite hilltops to the greed and misguided "Green" Movement?  Kind of reminds me of the opening of "Planet Of The Apes" opening where we can see how we destroyed our world.

Comment by Long Islander on March 29, 2016 at 2:19pm

So does this come back and somehow bite the First Wind folks who sold that house of cards to SunEdison? Does it affect S. Donald Sussman who gave longtime First Wind owner D.E. Shaw its start by staking it $28 million? Does this perhaps cause the Maine media to start publishing stories about the financial instability of wind companies and why Mainers should be rightfully very concerned about a future Maine landscape of rusting monuments to greed, stupidity and our rigged system?

Comment by Barbara Durkin on March 29, 2016 at 12:09pm

Liquidity concerns indeed!

ENRON’s former execs hail from UPC First Wind-

APEX EVP of business development Steve Vavrik is also listed as Apex Clean Energy, Inc., Chief Commercial Officer.  Vavrik was VP of First Wind, and Vice President of Risk Management for UPC in 2006 that changed its name to First Wind in 2008. Vavrik was with ENRON in London in a project development and gas trading capacity. His role at ENRON included trading natural gas forward contracts and negotiating structured power deals.

Vavrik is/was Chair Managing Director of SunPower Corp.  Loss to investors, taxpayers, and ratepayers approaches $10 Billion dollars combining ENRON and SunPower losses

UPC First Wind President Michael Alvarez is responsible for First Wind operations and assets.  After beginning his energy career with GE Capital, he joined ENRON in London.

"Deepwater Wind is an offshore wind development company formed by Newton-based First Wind Holdings Inc. and other investors."

 

http://www.masshightech.com/stories/2008/09/22/daily59-First-Wind-s...

From this SEC link see First Wind "Investment".

Click here: http://www.sec.gov/Archives/edgar/data/1434804/00010474...

DeepWATER WIND Board of managers

DeepWater Wind Board Member Brian Redmond is Founder of Paragon Energy Holdings, LLC; former President of Houston Pipe Line Company and President of Louisiana Resource Company, Managing Director of ENRON, and Executive Director of UBS Warburg Energy

Michael Alvarez

http://dwwind.com/about/board-of-directors

is President of Kenetech Energy Systems (that formed EcoElectrica)

http://www.sec.gov/Archives/edgar/data/807708/0000807708-98-000020.txt

 
EcoElectrica is a Bermuda limited partnership formed by affliates of KENETECH Energy Systems, Inc. (KES) and Enron Development Corporation (Enron).  EcoElectrica’s general partners are KES Bermuda, Inc., and Buenergia, B.V., each which holds one percent interest.  Ecoelectric’s limited partners are KES Puerto Rico, L.P. and Buenergia Enron de Puerto Rico, C.V., which are both indirect wholly-owned subsidiaries of KENETECH Corp., which also owns KES.  Buenergia B.V. and Buenergia Enron de Puerto Rico, C.V. are both indirect wholly-owned subsidiaries of Enron Corporation, the Parent Company of Enron Development Corporation. 

http://www.fossil.energy.gov/programs/gasregulation/authorizations/...

 

Buenergia B.V. by SEC 10-K is featured in EXHIBIT 21 that shows ENRON subsidiaries

ENRON CORP - 10-K - 19970328 - EXHIBIT_21

google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?...

... Buenergia Gas & Power Ltd. (Cayman Islands)(99%) Buenergia Enron de Puerto Rico Ltd. (Cayman Islands) Buenergia Ltd. (Cayman Islands) Buenergia B.V. ...

 

http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFili...

 

EMPLOYMENT AGREEMENT with KENETECH MICHAEL U. ALVAREZ the “Executive”

 

THIS  EMPLOYMENT  AGREEMENT is entered into and  effective as of this 1st day of December  1997,  by  and  between  KENETECH  Energy  Systems,  Inc.  a  Delaware corporation (the "Company"),  KENETECH Corporation (the "Parent"),  KES Penuelas Holdings,  Inc., KES LNG,  Ltd.;  KES Penuelas Ltd., KES Puerto Rico,  L.P., KES Bermuda, Inc. (collectively  referred to as the "Subsidiaries"),  and Michael U. Alvarez, an individual currently employed by the Company (the "Executive").

http://www.secinfo.com/dXKxj.7d.d.htm#1stPage

 

http://www.techagreements.com/agreement-preview.aspx?title=Kenetech...

 

Kenetech Energy Systems and ENRON Development Corporation formed EcoElectrica

James V. Derrick, Jr., is listed as Primary Officer EcoElectrica L.P.  This is the same James V. Derrick, Jr., who served as executive VP of ENRON

 

https://www.sce.com/NR/sc3/tm2/pdf/1452-E.pdf

 

March 21, 2000

James V. Derrick, Jr. was named executive Vice President of Enron in 1999 and member of Enron’s Management Committee

http://www.apfn.org/enron/derrick.htm

Southern CA Edison “SCE” (Manager of Southern California Edison is  Manuel Alvarez 1997 – Present (17 years) , SCE:

In accordance with Decision No. 97-12-088 (D.97-12-088), Appendix A, Rule VI.B, adopted December 16, 1997, Southern California Edison Company (SCE) hereby submits this notice regarding implementation of the California Public Utilities Commission's (Commission) Affiliate Transaction Rules for four recently-createdaffiliates:  Italian Vento Power Corporation 4 S.r.l. (Italian Vento), EcoElectrica L.P. (EcoElectrica), ISAB Energy s.r.l. (ISAB Energy), and CPC Cogeneration LLC

http://www.apfn.org/enron/derrick.htm

 

KENETECH Corporation                       

500 Sansome Street, Suite 410               

San Francisco, CA  94111                   

Tel: (415) 984-8585                        

Fax: (415) 984-8100                        

Attention:        Michael U. Alvarez       

          Vice President and

               Chief Financial Officer

http://www.secinfo.com/dXKxj.6a.a.htm

 

KES PUERTO RICO L.P.                                                           

 

By:      KES LNG, Ltd.,                                                        

its General Partner                                          

 

By:                                                                            

Name:    Michael U. Alvarez                                                    

Title:   President    

 

KENETECH ENERGY SYSTEMS, INC.                                                   

 

By:                                                                            

Name:    Michael U. Alvarez                                                    

Title:   President

 

KES BERMUDA, INC.                                                               

 

By:                                                                            

Name:    Michael U. Alvarez                                                    

Title:   President 

http://www.secinfo.com/dXKxj.6a.a.htm

Michael Alvarez Elected Edison International Vice President Of Strategic Planning

http://newsroom.edison.com/releases/michael-alvarez-elected-edison-...

Michael Alvarez Manager Southern California Edison1997 – Present (17 years)

Kenetech ORDER GRANTING LONG-TERM AUTHORIZATION TO IMPORT LIQUEFIED NATURAL GAS DOE/FE ORDER NO. 1042 APRIL 19, 1995

DOE ORDER 1042

http://www.fossil.energy.gov/programs/gasregulation/authorizations/...

 

Michael Alvarez Elected Edison International Vice President Of Strategic Planning

http://newsroom.edison.com/releases/michael-alvarez-elected-edison-...

Enron formed Clipper Wind (forced into bankruptcy) supplied First Wind with wind turbines-with a TRADE SECRET—they fail. 

Nixon Peabody law firm Trade Secret request regarding Clipper Wind Liberty 2.5 MW wind turbines to be used in Hawaii by First Wind: (this trade secret subject regards received a $117 million stimulus grant.

"...This information is not publicly available, and would, if disclosed, cause Clipper substantial competitive injury. As a result, we would ask that this information be treated as a trade secret or information which, if disclosed, could cause injury to Clipper's competitive position pursuant to Public Officer's Law Sections 87.2(d) and 89(5) and 16 NYCRR Section 6-1..."

http://documents.dps.state.ny.us/public/Common/ViewDoc.aspx?DocRefI...

Mike Cutbirth is former head of Global Finance for Zond Corporation and ENRON Wind.  He served 4 years as the first CEO of Clipper Windpower formed by ENRON.   

The first customer of the $40 million dollar, publicly-funded, Charlestown, MA Wind Turbine Testing Center was Clipper Wind, founded by ENRON Director James Dehlsen.  Clipper Wind has since been forced into bankruptcy protection.  MA Wind Turbine Testing Center Executive Director  Rahul Yarala is a staffer at MA Clean Energy Center (MassCEC), and the former Director of Engineering at Clipper Windpower, Inc., formed by ENRON.   

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.  

ENRON Energy Services Chris Wissemann is Fishermen’s Energy Chief Executive Officer and General Manager of Freshwater Wind.  Wissermann is Chief Operating Officer of Winergy Power, LLC and the Founder of DeepWater Wind, and past President of Garden State Offshore Energy.  Wissermann spearheaded legislation to create long term power purchase agreements for DeepWater Wind which he founded. 

http://www.fishermensenergy.com/leadership.php

 

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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