Sunedison Inc (SUNE) Plunges 15% As Appaloosa’s David Tepper Sues To Block Acquisition

January 13, 2016 by

wall-street-etfTyler Durden:  The ongoing drama between Sunedison Inc (NYSE:SUNE) and Terraform Power and Appaloosa’s David Tepper just escalated yet again.

The stock plunged 15% after an initial halt but is now halted once again as Tepper says “immediate action is needed” as he sues the firm to block the firm’s ‘nepotistic’ deal to acquire Vivint assets, having previously warned SUNE is “self-dealing.”

As Reuters reports,

David Tepper-led hedge fund Appaloosa Management LP sued to prevent SunEdison Inc’s yieldco from taking over some of Vivint Solar Inc’s assets after SunEdison acquires the rooftop panel installer.

The yieldco, TerraForm Power Inc, is to acquire Vivint’s residential solar rooftop portfolio after SunEdison completes its acquisition of Vivint.

And the result.

 

This article is brought to you courtesy of Tyler Durden From Zero Hedge.

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