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Here are a couple of interesting articles on the GTAT bankruptcy.
These are somewhat associated with the latest suit against Gutierrez and Squiller.
The latest suit looked to be initiated by the Bankruptcy court but it was started by the "litigation trustee" and not the "bankruptcy trustee"
I do not understand the implication.
The case number
1:2014cv00147 in the First District Court. The details are available thru Pacer.
Also there has been some concern about Eugene Davis and his position as the litigation trustee.
THe two articles are listed below.
http://www.nhbr.com/March-4-2016/GTATs-bankruptcy-plan-draws-fire-from-creditors/
http://www.nhbr.com/April-1-2016/GT-Advanced-Technologies-emerges-from-bankruptcy/
I bought bonds in the "old" gtat.
Traffic has been real light as most people have moved on.
Wonder what happened to LARRY ASHY and XENA LIVES ? They were real frequent posters.
How / why did you get bonds / equity in the "new' GTAT.
Where are you based? I am in NH and worked at GT for 10 + years.
Missed the final chapters as I left....voluntarilly!! in 2013.
They are still operational and adding staff slowly. Some ex employees are actually going back. They sold the building in Merrimack, NH and leased back some space.I believe the focus is Hi Cz ......not sure about DSS, Sapphire or Si Reactors or SiC.
They replaced Dave Keck's expertiese someone out of ASIMI .Havlor Kamrud
Good find. I figured you found that information a different route. I usually just google search for the latest news and keep up with court documents on kccllc.
The link was not in the article. It is another Internet tool to find court docket info. I looked there to see if there was additional info and entered Guiterriez and voila!!!!
So I went 50/50 getting shares and bonds. After the final failure to get an equity committee I bought a few more bonds... Right now I have a place holder for those bonds in e-trade and a place holder for warrants. I should be getting some shares, money from the litigation trust and will be able exercise warrants. All of this is waiting on "prosecution or resolution of preference claims, and finalize claims reconciliation processes and distribution calculations"... I may not have much in warrants, cash and shares, I dont know (that's fine if that is the case but really curious how this ends up, if any one knows let me know). I'm sure the institutional bond holders who were able to participate in the DIP financing and exit financing are going to do well... Does anyone have any guesses how a non institutional bond holder or creditor who had a claim will do? Maybe just get 15% back or 1% back or 30%? I dont know.
Thanks.
I read the 1 billion dollar law suit from the bankruptcy trustee on Friday. I didnt see the link of the other 14 independent law suits. Damn.
It will be at least that long.
This is hot off the press.
http://www.nhbr.com/April-28-2017/Bankruptcy-trustee-files-1-billion-suit-against-two-ex-GTAT-executives/
plus there are about 14 independent suits in federal court naming Gutierrez and others
https://dockets.justia.com/search?parties=thomas+gutierrez&cases=mostrecent&state=new_hampshire
Looks like it will be another 3-6 months
Court Docket: #4161 Email
Document Name: Post-Confirmation Quarterly Summary Report Filed by GT Advanced Technologies, Inc. for the Quarter Ending April 1, 2017
Link: https://www.kccllc.net/gtat/document/1411916170421000000000001
"1. Projected date of Application for Final Decree: The Reorganized Debtors estimate that it will take approximately 3-6 months to close these chapter 11 cases, but such estimate is subject to change based on the amount of time necessary to complete prosecution or resolution of preference claims, and finalize claims reconciliation processes and distribution calculations"
A lot of claims being disallowed:
https://www.kccllc.net/gtat/document/list/3940
From what I read, in about 2 months GTAT will wrap up the BK with the creditors (any idea on how much the creditors will get back in percentage of what was owed?).
I really would not be surprised if GTAT gets bought by someone in a few months. Maybe Dow Chemical or someone else. Maybe a company that wants to get into the industry.
GT has sold the building they were occupying in Merrimack NH and leased about 25% to 30% of it. Consolidated all operations to a 20,000 sq ft office area and another 10K +/- high bay area for furnace work. I believe that the now have 20 or so employees there and have rehired a few prior employees. Focus seems to be on continuous feed CZ Silicon furnaces.
DSS and Sapphire business in China is apparently dead and that was 99% of their business prior to BK. Would guess someone will buy them long before they even think about another IPO. There were several cos. mentioned here in earlier posts. There seems to be little activity in GT's original core competencies of semiconductor crystal growth.
They are apparently running the Salem NH plant growing Sapphire for some optical applications...not LED as I understand it.
Do not know about the Missoula operation but Dave Keck ..the prior CEO founded it and made it work and work well.
AS I understand it all the current BK activity is associated with the old GTAT estate and independent of the new operation. Any proceed from claw back activity will go to the creditors of the old GTAT and there is no benefits flowing to the new entity. Please correct this if that is not the case.
Looks like GTAT continues to win in court:
Final Order By District Court Judge Paul Barbadoro, Re: Appeal by Tera Xtal Technology Corp.. Bankruptcy's Court Judgment is Affirmed and Signed on February 14, 2017
https://www.kccllc.net/gtat/document/1411916170214000000000001
I wonder if you got him to believe that -
I think it will if it doesn't get bought by another company before it goes public.
Interesting. Will this ever trade again?
Dow Corning Corporation hereby submit this stipulation of dismissal.
https://www.kccllc.net/gtat/document/1411916170206000000000004
new co? Eh...
https://www.merlinsolar.com
So about sometime in late April they expect to "close these chapter 11 cases".
Document Name: Quarterly Post-Confirmation Summary Report for the Quarter Ending December 31, 2016
Link: https://www.kccllc.net/gtat/document/1411916170120000000000001
"Lots of funny things going on in Mesa these days"
-True.
Hey, does anyone know what apple did with all of those furnaces Apple got to keep?
For no other reason than your assumption of it being sold....
Keep your eyes on Applied Materials.
Lots of funny things going on in Mesa these days.
I am getting the feeling that GT is going to sell its self to someone by the time they are finished dealing with the $200 million in clawbacks. You would first think maybe Corning would buy it... Corning has a lawsuit on GT that started near the end of the bankruptcy. I cant find enough details about that though.
The new CEO was part of what was reffered to as the "turn key group"
At one time GT was selling the service to set up a client with a fully functioning solar cell / panel operation....including all equipment needed but not made by GT....wire saws, wash stations, silk screen stations etc.
They would source the equipment, set it up and train the client.
It never made much ...if any...money. The margins on the non GT equipment was meager and the first call was to gt and not the OEM if something went south. GT eventually realized that this was not one of their strengts and exited the activity and most of the team was layed off including the to be CEO.
Another CEO bites the dust!
I do not blame him, not the happy place it used to be.
And not looking good for their vendor relations either. The litigation trust has filed over 200 avoidance transfer type filings.
Makes me wonder if more companies like MKS will refuse to do business with them.
Such a shame.
Lots of action right now regarding claims...
https://www.kccllc.net/gtat/document/list/3940
Looking at GT's pacermonitor it looks like things are starting to wrap up.
https://www.pacermonitor.com/case/4778095/GT_Advanced_Technologies,_Inc_and_GT_Advanced_Equipment_Holding_LLC
ALL Equity Holders obviously were in extreme self denial: WIPED OUT despict all the long running arguments about valuable assets.
And a year later, and the iPhone has clearly decelerated like I indicated along with the most critical competitive development to very expensive Sapphire Glass:Gorilla Glass of Corning
http://www.bbc.com/news/technology-36863055
GOOD FOR THEM! (...grin...) Living the American Dream after ripping off
thousands of Clueless Shareholders.
(...grin...)
No risk no reward what a Major Discharge
The company should do well - thats what BK is for - reorganize, shed some debt, ditch the pesky shareholders, start fresh!!! A breath of fresh air!!
PR just released. Looks like they are making some sales.
http://investor.gtat.com/releasedetail.cfm?ReleaseID=976047
GT Advanced Technologies Announces Multiple Orders for Polysilicon Production Equipment and Technology
MERRIMACK, N.H., June 16, 2016 (GLOBE NEWSWIRE) -- GTAT Corporation (GT), the principal operating arm of GT Advanced Technologies group, announced that it has received several new orders for polysilicon equipment and technology from customers in Asia since exiting Chapter 11 in March. These orders include its latest hydrochlorination Fluid Bed Reactor for the production of Trichlorosilane (TCS), which supports more than 12,000 MTA polysilicon equivalent. Also included are upgrades to existing hydrochlorination Fluid Bed Reactors and polysilicon CVD reactors. GT's hydrochlorination upgrade can increase production of TCS by over 25%. GT's latest generation CVD upgrade can reduce power consumption by up to 25%. These improvements, coupled with GT's suite of technologies, enable the production of polysilicon at a cost below $10/kg.
"We are pleased to be able to provide further solutions for driving down the cost of manufacturing polysilicon," said Dave Keck, CEO of GT. "Our next generation equipment gives our customers a competitive advantage in terms of manufacturing costs while maintaining or improving product quality."
About GT Advanced Technologies
The GT Advanced Technologies group is a diversified technology provider with innovative crystal growth equipment and solutions for the global solar, LED and electronics industries. Our products accelerate the adoption of new advanced materials that improve performance and lower the cost of manufacturing. For additional information about GT Advanced Technologies, please visit www.gtat.com.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 15
CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF
THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER
SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
This goose has been cooked.
"Someone should do a postmortem on this board correcting some of the misconceptions that were opined over the last 15 months.
My favorites:
- shorts have to cover, they don't however.
- worth noting, the mere existence of convertible bonds results in higher short interest due to bond holders hedging!!
- fraud and insolvency are very technical and legal terms, you probably shouldn't use them if you don't know what they mean.
- be aware that bankruptcy starts with liquidation values as a base (they can adjust up)"
-Thanks for the insight. My broker says some shares in the new company will be publicly traded. Any idea when that will start and if that is true?
Thanks
I think GTAT will be back. I just don't know when it will be available publicly...
Hey! What happened here!?
Shareholders of GTATQ have been completely wiped out.
Those who dumped just before bankruptcy walk away with fat pockets. Those fat pockets watched their company and shareholders be eaten alive.
Congrats to all the insiders! They had to take a shit on the shareholders, but f em!
“We are pleased to provide the photovoltaic market with the latest generation of multicrystalline ingot production equipment,” said Keck. “The DSSTM20M allows producers to drastically improve operational efficiency and productivity by nearly doubling production output versus the current generation furnaces.”
http://m.pv-magazine.com/news/details/beitrag/gt-advanced-technologies-to-release-new-multicrystalline-furnace-at-snec_100024497/
GTATQ ticker no longer listed on Scottrade
best of luck, all
Still have the email?
According to my broker, some shares in the new company will be public (if that is the case then there will be an opportunity to buy early)... I thought I read everything is going private.
GT Advanced Technologies will rise again!
Agree shorts slept like babies through the whole thing.
Someone should do a postmortem on this board correcting some of the misconceptions that were opined over the last 15 months.
My favorites:
- shorts have to cover, they don't however.
- worth noting, the mere existence of convertible bonds results in higher short interest due to bond holders hedging!!
- fraud and insolvency are very technical and legal terms, you probably shouldn't use them if you don't know what they mean.
- be aware that bankruptcy starts with liquidation values as a base (they can adjust up)
yup. Private. Now Whoever provided the financing to allow it to exit will prop up the remaining company and dress it up as best they can for the next couple of years. Then either sell off its assets/technology if possible, or do another IPO and between that and slowly diluting the shares get 10X their return. Leaving the pre bankruptcy shareholders with nothing.
Thanks GTAT management. Thanks Apple. Thanks bankruptcy court.
Totally Shut Down. (((grin)))
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