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Alternative Market Briefing

Activist hedge fund manager David Einhorn to get one board seat at SunEdison

Monday, January 25, 2016

Komfie Manalo, Opalesque Asia:

Activist hedge fund manager David Einhorn will get one board seat at SunEdison in a deal that would give his Greenlight Capital more say in determining the direction of the troubled energy developer, The Wall Street Journal reported.

The appointment is expected this week after SunEdison’s stock collapsed, forcing some of its key officials to leave. Last week, SunEdison lost its chief operating officer and one independent director. The company’s liquidity and business model is under intense scrutiny following the steady drop of its share price since July last year.

Einhorn’s Greenlight owned at least 6% of SunEdison as of Sept. 30. However, his position rose to 8% as of January 11, reaching to about 26 million shares after participating in fundraising that offered warrants to debt investors. Greenlight is expected to appoint a board member from outside the company.

SunEdison’s share prices received a boost last October after Einhorn and Appaloosa's David Tepper threw their support behind the renewable-energy developer despite a three-month nosedive for the shares. The selloff in the world’s biggest renewables developer has "stabilized" as the company allayed fears abou......................

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