- Undeterred by a Delaware court's decision to deny an injunction request on TerraForm Power's (TERP +11.3%) planned purchase of Vivint Solar's (VSLR -0.5%) rooftop solar portfolio, David Tepper's Appaloosa Management is seeking an expedited trial against SunEdison (SUNE -12.4%).
- As part of its effort, Appaloosa plans to pressure a $1B Goldman loan to SunEdison, arguing its "“take/pay [arrangement] would be unenforceable if it was not “entirely fair” to TerraForm."
- SunEdison sold off today after rising 79% last Thursday and Friday amid news of the injunction denial, while TerraForm rose. In spite of the denial, Judge Andre Bouchard says Appaloosa raised legitimate questions about the TerraForm/Vivint deal, and that the process used by SunEdison to secure the support of TerraForm's board for the deal was "inherently suspect."