In an updated filing, David Einhorn (Trades, Portfolio)’s Greenlight Capital reported cutting its stake in SunEdison (SUNE) by 75% April 15, selling more than 15.8 million shares. Greenlight is left with a little over 5 million shares in the solar energy company.
SunEdison has been entangled in a legal mess over its attempt to acquire Vivint Solar (NYSE:VSLR) for $2.2 billion. SunEdison, which regularly sells projects to TerraForm Power (NASDAQ:TERP), would pass its current portfolio of rooftop solar products to one of TerraForm’s subsidiaries under the agreement. The situation was pummeled when David Tepper (Trades, Portfolio)’s Appaloosa Management, which held a large stake in TerraForm, sued SunEdison for breach of fiduciary duty, writing a letter questioning the value of the portfolio and whether it benefited only SunEdison. Continue Reading »