Billionaire activist investor David Tepper of Appaloosa Management is solidifying his involvement in TerraForm Power Inc (NASDAQ:TERP). As a newly-amended filing with the US Securities and Exchange Commission showed, Appaloosa owns 10.88% of SunEdison’s yieldco TerraForm Power, the position amassing 8.71 million shares, which compares to 7.60 million shares held previously. Aside from raising its exposure to TerraForm Power, Appaloosa added in the filing that it had filed an amended complaint against SunEdison.
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The amended complaint requested the adoption of several reforms, including the removal of TerraForm Power Inc (NASDAQ:TERP)’s members of the Corporate Governance and Conflicts Committee and their replacement with members elected by the company’s publish shareholders, as well as the removal of the CEO Brian Wuebbels, who, resigned on Wednesday. In addition, the investor requested the appointment of a director or monitor to TerraForm’s board of directors, who will represent the interests of the public shareholders.
Heading into 2016, a total of 24 of the hedge funds tracked by Insider Monkey were bullish on TerraForm Power Inc (NASDAQ:TERP), down by 23% on the quarter. Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital holds the biggest position, which contains 9.17 million shares as of the end of 2015. Some other hedge funds and institutional investors with similar optimism include Phill Gross and Robert Atchinson’s Adage Capital Management, D. E. Shaw’s D E Shaw and Christian Leone’s Luxor Capital Group.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Appaloosa Investment Limited Partnership I | 3,724,799 | 3,724,799 | 3,724,799 | 4.65% | ||
| Palomino Master Ltd | 4,983,909 | 4,983,909 | 4,983,909 | 6.23% | ||
| Appaloosa | 8,708,708 | 8,708,708 | 8,708,708 | 10.88% | ||
| Appaloosa Capital Inc | 8,708,708 | 8,708,708 | 8,708,708 | 10.88% | ||
| Appaloosa Management | 3,724,799 | 3,724,799 | 3,724,799 | 4.65% | ||
| Appaloosa Partners Inc | 3,724,799 | 3,724,799 | 3,724,799 | 4.65% | ||
| David A. Tepper | 8,708,708 | 8,708,708 | 8,708,708 | 10.88% |
Page 1 of 12 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON,
D.C. 20549
_________________________
SCHEDULE
13D (Rule 13d-101)
INFORMATION
TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE
13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 4 )*
| TERRAFORM POWER, INC. | ||||
| (Name of Issuer) | ||||
| Class A Common Stock, $0.01 par value | ||||
| (Title of Class of Securities) | ||||
| 88104R100 | ||||
| (CUSIP Number) | ||||
| Ken Maiman Appaloosa 51 John F. Kennedy Short Hills, New Jersey Tel. No.: (973) 701-7000 | with a copy to: Lawrence M. Rolnick, Esq. Steven E. Siesser, Esq. Lowenstein Sandler LLP 1251 Avenue of the Americas, 17th Floor New York, New York 10020 | |||
| (Name, Authorized to Receive Notices and Communications) | ||||
| March 29, 2016 | ||||
| (Date of Event Which Requires Filing of this Statement) | ||||
If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
[ ]
Note: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom
copies are to be sent.
*The remainder of this cover page shall be
filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of
this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Exchange Act”) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to
all other provisions of the Exchange Act (however, see the Notes).
