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(GTATQ) Added to Nasdaq Threshold Securities List(They are covering the lowest possible Price)
October 22, 2014 9:26 AM EDT
GT Advanced Technologies (OTCBB: GTATQ) has been added to the Nasdaq's Threshold Securities list..As defined in Rule 203(c)(6) of Regulation
http://www.streetinsider.com/Momentum+Movers/GT+Advanced+Technologies+%28GTATQ%29+Added+to+Nasdaq+Threshold+Securities+List/9931385.html?si_email_click=2014102209
GTATQ) Added to Nasdaq Threshold Securities List
October 22, 2014 9:26 AM EDT
GT Advanced Technologies (OTCBB: GTATQ) has been added to the Nasdaq's Threshold Securities list..As defined in Rule 203(c)(6) of Regulation ...
http://www.streetinsider.com/Momentum+Movers/GT+Advanced+Technologies+%28GTATQ%29+Added+to+Nasdaq+Threshold+Securities+List/9931385.html?si_email_click=2014102209
TDA(Trade Architect) and Thinkorswim
For something bought that block after the news, apple with GTAT
The level of short sale activity is in the highest level. It's a risk for the short sellers,after of the good news.
Every cloud has a silver lining.Frozen debt, goodbye to apple, a huge weight! The numbers change in positive to GTAT.
GTAT,AAPL: Apple, GT reach deal to shutter sapphire plant, sell furnaces
In a deal that GT Advanced (NASDAQ:GTAT) lawyer Luc Despins calls an "amicable parting of the ways," Apple (NASDAQ:AAPL) and GT have agreed to wind down Apple's Mesa, AZ plant, once expected to provide sapphire that would be used to protect millions of Apple device screens..
•The plant's sapphire furnaces (owned/operated by GT) will be sold - Fortune's Philip Elmer-DeWitt reports 2,039 will be unloaded - and some of the proceeds used to pay down GT's debt to Apple. Apple made $440M worth of prepayments to GT that were structured as secured debt.
•The deal indicates Apple will be turning to 3rd-party sapphire suppliers to obtain cover glass for the Apple Watch, which is set to ship in early 2015. The regular Apple Watch and the high-end Apple Watch Edition use sapphire cover glass; the Apple Watch Sport doesn't.
•As part of the deal, GT is seeking to have the original court docs (currently sealed) that explained its bankruptcy filing struck from the public record. However, its lawyers state GT will be able to disclose most of the information that's pertinent to its bankruptcy.
•Earlier: GT Advanced nears settlement with Apple
http://seekingalpha.com/news/2046815-apple-gt-reach-deal-to-shutter-sapphire-plant-sell-furnaces?app=1&uprof=44#email_link
Moody's Downgrades Petrobras Ratings -- Update
5:01p ET October 21, 2014 (Dow Jones)
By Jeffrey T. Lewis
SÃO PAULO--Moody's Investor's Service said Tuesday it downgraded Brazil's state-controlled oil company Petroleo Brasileiro SA, or Petrobras, to two levels above speculative debt based on the company's $170 billion in debt, falling oil prices and a weaker local currency.
The move could harm the re-election campaign of President Dilma Rousseff, who is locked in a dead heat with opposition candidate Aécio Neves.
The firm downgraded Petrobras' global foreign currency and local currency debt ratings to Baa2 from Baa1. Moody's maintained its negative outlook for Petrobras.
Petrobras had no immediate comment.
"The oil price can move up and down but this high leverage is not something that's easily reduced," said Nymia Almeida, a vice president at Moodys. "We believe it's going to be a very slow process of deleveraging, across several years."
Petrobras, Brazil's biggest company, is renowned for its expertise in deep water exploration and drilling. But the company has been hamstrung in recent years by what critics say is an interventionist government. In an effort to battle inflation, the government in 2011 started subsidizing the price of fuel, with Petrobras footing the bill, a move that has cost the company billions of dollars.
And while Petrobras has managed to steadily increase oil production in recent months, the fuel subsidy, couple with a weakening Brazilian real, caused Petrobras' debt to increase to $170 billion through this June, up $25 billion from December of 2013, according to Moody's.
Petrobras is also in the middle of an ambitious $220 billion spending program, and aims to be a top five oil producer by the year 2020.
The downgrade comes at a bad time for the government of Ms. Rousseff, who is locked in a tight campaign with Mr. Neves, who is widely considered the more business-friendly candidate and has vowed to improve management of Petrobras, if elected.
Pedro Fassoni Arruda, a political scientist and professor at the Pontifical Catholic University of São Paulo, doesn't think the downgrade will have much impact on voting in this Sunday's polls.
"It is unlikely that the downgrade will somehow help [Mr.] Neves," Mr. Arruda said. "For the average voter, a credit agency downgrade doesn't mean anything.
Ms. Almeida of Moody's considers the company's current level of debt too high to be fixed quickly.
"There is no signal any new government would do anything that would change this significantly in the short term," Ms. Almeida said. "The cash flow seems to be coming. It will come, but it will come in later years on our horizon."
For Frederico Mesnik, a money manager at São Paulo-based Humaitá Investimentos, the downgrade comes as no surprise.
"We expected this," he said. "The [fuel] price subsidies are hurting the company's cash. And the company is not only pressured by the gasoline prices, it is also pressured by the high investments it needs to do."
"I am sure Petrobras will need to issue new shares next year. It can't issue debt anymore," Mr. Mesnik said.
Jeffrey Lewis
and Luciana Magalhaes contributed to this article.
Write to Will Connors at william.connors@wsj.com
Your you can not, it is an interbank transaction. That is why it is bloc. I do not lie, the more I see the transaction on my board
You're afraid of surprises?
After Hour: BUY 1,272,184 Shares in block $0.6054 Green,18:36:25
(GTAT) attorney says consensual accord with Apple reached - Bloomberg
October 21, 2014 4:40 PM EDT
(Updated - October 21, 2014 4:58 PM EDT)
GT Advanced Technologies (Nasdaq: GTAT) (OTCBB: GTATQ) attorney says consensual accord with Apple (Nasdaq: AAPL) reached. The lawyer calls it an 'amicable parting of ways.' The accord will save millions of dollars and solve most issues.
The agreement will be filed with minor redaction.
UPDATE - The lawyer also said Apple will be paid once furnaces in Arizona are sold. There's one confidentiality accord that remains and no claims against Apple will be made.
The company will also be able to wind down operations and pay incentives to certain employees
http://www.streetinsider.com/Insiders+Blog/UPDATE%3A+GT+Advanced+Technologies+%28GTAT%29+attorney+says+consensual+accord+with+Apple+reached+-+Bloomberg/9929009.html?si_email_click=2014102117
(GTATQ) Bankruptcy Judge Denies Request to Pay Critical Vendors
.
October 21, 2014 11:54 AM EDT
(Updated - October 21, 2014 12:26 PM EDT)
GT Advanced Technologies (NASDAQ: GTAT) (OTCBB: GTATQ) judge denies request to pay critical vendors, according to Bloomberg headlines.
UPDATE - U.S. Bankruptcy Judge Henry Boroff denied GT's request to pay up to $25 million to critical vendors.
Boroff said he didn't want any eligible vendors on the creditors' committee, where they would be able to exercise influence over payments. «I am unable to make a sufficient determination without an analysis of, or some specific evidence as to the effect on the debtor if products or services are not made,» the judge said.
The case is In re GT Advanced Technologies Inc., 14-11916, U.S. Bankruptcy Court, District of New Hampshire (Manchester
http://www.streetinsider.com/Corporate+News/UPDATE%3A+GT+Advanced+Technologies%27+%28GTATQ%29+Bankruptcy+Judge+Denies+Request+to+Pay+Critical+Vendors/9927748.html?si_email_click=2014102112
(GTATQ) judge denies request to pay critical vendors - Bloomberg
GT Advanced Technologies (NASDAQ: GTAT) (OTCBB: GTATQ) judge denies request to pay critical vendors, according to Bloomberg headlines
http://www.streetinsider.com/Litigation/GT+Advanced+Technologies+%28GTATQ%29+judge+denies+request+to+pay+critical+vendors+-+Bloomberg/9927748.html?si_email_click=2014102111
GT Advanced 'On the Cusp' of Settlement With Apple -- Update
11:50a ET October 21, 2014 (Dow Jones) Print
GT Advanced 'On the Cusp' of Settlement With Apple -- Update
By Peg Brickley
GT Advanced Technologies has, for the third time, asked a court to push back the deadline for Apple Inc. to state its case for keeping secret the causes of GT Advanced's bankruptcy.
In court papers filed Tuesday, GT Advanced asked for an extension until noon, because "the parties are on the cusp of a consensual global settlement" in the fight for information about what happened between the smaller company and Apple, which had been considering using GT Advanced-made synthetic sapphire material in the screens for its iPhone.
"We're optimistic that in the next hour or so we will have a signed settlement agreement with Apple. Optimistic, no guarantees of that," said Luc Despins, attorney for GT Advanced, speaking at the start of a court hearing. If and when there is a deal with Apple on unsealing key bankruptcy court documents, Mr. Despins said, the terms will be spelled out. The proposed deal, he said, "resolves a lot of the issues before the court" when it comes to explaining why GT Advanced tumbled into bankruptcy.
GT Advanced and lawyers for the official committee of unsecured creditors in GT Advanced's bankruptcy didn't respond to questions Tuesday about who is involved in the "global settlement." The continued sealing has been challenged by Dow Jones & Co., publisher of The Wall Street Journal, by U.S. Trustee William Harrington of the Department of Justice and by New Hampshire Attorney General Joseph Foster. A representative of the U.S. Department of Justice said Tuesday Mr. Harrington isn't a party to the potential settlement.
In a filing earlier, the official creditors committee indicated it had reached a deal with Apple on the sealing issue. The panel said it had "recently negotiated a comprehensive confidentiality agreement with the major stakeholders that will provide the Committee with full access to all necessary information." Lawyers for the committee haven't responded to requests for more details on the agreement with Apple on the sealing.
At Tuesday's hearing, GT Advanced adviser William Campagna said "two or three" of the vendors that hold seats on the official creditors' committee are in line for a share of a proposed $25 million "critical trade" payment fund, designed to keep important suppliers happy. GT Advanced has asked to keep secret the names of the businesses that will receive immediate payment on back bills, but said it would share the names with the official committee.
Apple could be a prime target in GT Advanced's Chapter 11 case, one where debts top $1.3 billion and the plan is to exit the business that has brought in some 60% of the revenue, the manufacture of synthetic sapphire screen material. That depends on what is in routine court filings setting out the causes of GT Advanced's sudden tumble into Chapter 11 bankruptcy.
What little is known is that Apple was involved in a $578 million financing arrangement that set GT Advanced up in the business of making the screen material. Instead of GT Advanced's sapphire, however, the new generation of iPhones was sent out with screens made from a Corning Inc. material.
GT Advanced's move to get out of the sapphire business, with planned plant closures in Massachusetts and Arizona, is also set for decision at Tuesday's hearing. Apple has said it would like to preserve jobs at the Arizona manufacturing operation. Mr. Despins, speaking in court, said the proposed settlement with Apple would ease the second half of Tuesday's hearing, which includes both the plant closures and the continued secrecy.
In a closed-door session earlier this month, Judge Henry Boroff ordered key bankruptcy documents sealed, bowing to GT Advanced's arguments that public discussion of its arrangement with Apple could bring a $50 million damage award down on GT Advanced's head. After conferring with Apple and GT Advanced, with a lawyer from the Justice Department present, the judge permitted GT Advanced to file under seal a supplemental declaration explaining the bankruptcy. Monday, he allowed GT Advanced to push back Apple's deadline for explaining the need for confidentiality, from noon to 5 p.m. Papers that were supposed to be filed at 9 a.m. will now be filed at noon, hours into the hearing that has begun in the U.S. Bankruptcy Court in New Hampshire.
Write to Peg Brickley at peg.brickley@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
CNBC, GTAT,on the cusp of settlement with Apple
14:46 GMT
GT Advanced 'On the Cusp' of Settlement With Apple
10:43a ET October 21, 2014 (Dow Jones) Print
GT Advanced 'On the Cusp' of Settlement With Apple
By Peg Brickley
GT Advanced Technologies has, for the third time, asked a court to push back the deadline for Apple Inc. to state its case for keeping secret the causes of GT Advanced's bankruptcy.
In court papers filed Tuesday, GT Advanced asked for an extension until noon, because "the parties are on the cusp of a consensual global settlement" in the fight for information about what happened between the smaller company and Apple, which had been considering using GT Advanced-made synthetic sapphire material in the screens for its iPhone.
"We're optimistic that in the next hour or so we will have a signed settlement agreement with Apple. Optimistic, no guarantees of that," said Luc Despins, attorney for GT Advanced. If and when there's a deal with Apple on unsealing key bankruptcy court documents, Mr. Despins said, the terms will be spelled out. The proposed deal, he said, " resolves a lot of the issues before the court" when it comes to explaining why GT Advanced tumbled into bankruptcy.
GT Advanced and lawyers for the official committee of unsecured creditors in GT Advanced's bankruptcy didn't respond to questions Tuesday about who is involved in the "global settlement." The continued sealing has been challenged by Dow Jones & Co., publisher of The Wall Street Journal, by U.S. Trustee William Harrington of the Department of Justice and by New Hampshire Attorney General Joseph Foster.
In a filing earlier, the official creditors committee indicated it had reached a deal with Apple on the sealing issue. The panel said it had "recently negotiated a comprehensive confidentiality agreement with the major stakeholders that will provide the Committee with full access to all necessary information." Lawyers for the committee have not responded to requests for more details on the agreement with Apple on the sealing.
Apple could be a prime target in GT Advanced's Chapter 11 case, one where debts top $1.3 billion and the plan is to exit the business that has brought in some 60% of the revenues, the manufacture of synthetic sapphire screen material. That depends on what is in routine court filings setting out the causes of GT Advanced's sudden tumble into Chapter 11 bankruptcy.
What little is known is that Apple was involved in a $578 million financing arrangement that set GT Advanced up in the business of making the screen material. Instead of GT Advanced's sapphire, however, the new generation of iPhones was sent out with screens made from a Corning Inc. material.
In a closed-door session earlier this month, Judge Henry Boroff ordered key bankruptcy documents closed, bowing to GT Advanced's arguments that public discussion of its arrangement with Apple could bring a $50 million damage award down on GT Advanced's head. After conferring with Apple and GT Advanced, with a lawyer from the Justice Department present, the judge permitted GT Advanced to file under seal a supplemental declaration explaining the bankruptcy. Monday, he allowed GT Advanced to push back Apple's deadline for explaining the need for confidentiality, from noon to 5 pm. Papers that were supposed to be filed at 9 am will now be filed at noon, hours into the hearing that has begun in the U.S. Bankruptcy Court in New Hampshire.
Write to Peg Brickley at peg.brickley@wsj.com.
GT Advanced Technologies (GTATQ) will have a settlement accord with Apple - Co. Attorney
October 21, 2014 10:28 AM EDT
GT Advanced Technologies (NASDAQ: GTAT) (OTCBB: GTATQ) will have a settlement accord with Apple (Nasdaq: AAPL), according to Bloomberg headlines, citing the company's attorney with the news.
The accord should be reached within the hour
http://www.streetinsider.com/Litigation/GT+Advanced+Technologies+%28GTATQ%29+will+have+a+settlement+accord+with+Apple+-+Co.+Attorney/9927404.html?si_email_click=2014102110
Sutor Technology Plans To Present Its Plan Of Compliance To Nasdaq As Soon As Practicable
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8:06a (Dow Jones)
Is The End Of The Oil Price Slump In Sight?
Greetings from London.
Oil prices continued to fall this week on ample supply and signals from OPEC members Saudi Arabia and Kuwait that they can deal with lower prices and are unlikely to reduce output.
On Monday, Brent crude futures dropped further to $87.74 a barrel—the lowest level since December 2010--while WTI futures were down to $84.68 a barrel. Saudi Arabia, for its part, has suggested it could handle $80/barrel prices. On Tuesday, Brent crude prices slipped further, to $87.03.
Kuwait has also said that it will not be cutting output and predicted prices falling to as low as $76 a barrel before winter sets in and prices start to rise again.
The next OPEC meeting is scheduled for 27 November, when the organization will consider targets for 2015.
But it’s not about whether high oil prices or low oil prices are good—it’s about maintaining the proper balance (as is everything).
When oil prices fall below $100 a barrel, the OPEC countries have a hard time balancing their budgets, which are largely dependent on oil revenues.
There has also been some confusion in the ranks this week, with Saudi Prince Alwaleed bin Talal al-Saud publishing an open letter on his website expressing disbelief at media reports that Saudi Arabia would allow oil prices to fall below $90 a barrel. The Prince--most fondly known for dwarf-tossing parties and his investments in Apple, Time-Warner, and News Corp.--warns that 90% of Saudi Arabia’s budget is reliant on oil revenues and that a continued fall in prices would be catastrophic.
In the meantime, OPEC-member Venezuela has been on the other side of the output-cut divide, calling for an emergency meeting of the group to respond to falling prices. But Kuwait and Saudi Arabia aren’t budging.
While Kuwait and Saudi Arabia can clearly survive a couple more months of low oil prices—hence their unwillingness to cut output—Russia will find it more difficult. As the Economist notes this week, while Russia’s economic growth is already poor, “further drops in the oil price could be very painful. After all, oil and gas make up 70% of Russia’s exports and half of the federal budget.”
The ample supply is largely due to surging production from Russia and the US, and the American shale boom has been threatening to overtake Saudi Arabia’s own output. With this in mind, Saudi Arabia has less incentive to reduce output to boost prices.
Back at the pump in the US, the falling oil prices are cause for celebration, though.
This week, the average retail price of gasoline fell 0.9 cents a gallon to $3.177—the lowest since February 2011--according to AAA. Overall, gas prices have fallen more than 50 cents this year.
In many states, prices have dropped below $3 a gallon, with Missouri coming in the lowest at $2.877 a gallon on average, as of this week. Experts predict that up to 30 US states could see gas prices fall under $3 a gallon in the coming weeks.
But it is unclear how long the party will last. Several major investment banks predict the decline in oil prices will soon come to a halt, with a likely floor price of around $80 per barrel. The rebound could already be underway, with both WTI and Brent trading in positive territory after hitting lows on Thursday. WTI briefly dropped below $80 per barrel. But oil was back up on Friday after Goldman Sachs said that oil markets are not oversupplied. “Prices have likely overshot to the downside,” the bank wrote in a research note.
Two days of advances allowed WTI and Brent to regain some lost ground, despite a third consecutive week of falling prices. WTI was up 42 cents to $83.12 in intraday trading on Friday, and Brent picked up 12 cents to reach $85.94.
This week’s report (below) is written by one of our traders Jim Hyerczyk, from Inside Markets and takes a detailed look at the crude oil and natural gas markets. This is a must read if you who wish to see what could happen next week in the markets.
Before you read the below article please do take a look at Oilprice Premium. Our traders and analysts are the best in the business and they help give our subscribers a huge advantage when investing in and analyzing the energy markets. You can start a 30 day free trial by clicking here.
That’s it from us this week. I hope you enjoy the report below and have a great weekend.
Best regards,
James Stafford
Editor, Oilprice.com
Top 4 Small-Cap Stocks In The Steel & Iron Industry With The Highest EPS
October 02, 2014 4:37 AM
Below are the top small-cap steel & iron stocks on the NYSE and the NASDAQ in terms of earnings per share.
The trailing-twelve-month earnings per share at Insteel Industries (NASDAQ: IIIN) is $0.77. Insteel Industries' revenue for the same period is $390.10 million.
The trailing-twelve-month earnings per share at Synalloy (NASDAQ: SYNL [FREE Stock Trend Analysis]) is $0.73. Synalloy's PEG ratio is 1.88.
The trailing-twelve-month earnings per share at Olympic Steel (NASDAQ: ZEUS) is $0.56. Olympic Steel's ROE for the same period is 2.10%.
The trailing-twelve-month earnings per share at Sutor Technology Group (NASDAQ: SUTR) is $0.47. Sutor Technology's operating margin for the same period is 5.00%.
Posted-In: EPS small-cap Steel & Iron IndustryTrading Ideas
http://www.benzinga.com/trading-ideas/14/10/4893250/top-4-small-cap-stocks-in-the-steel-iron-industry-with-the-highest-eps
Surprise at any time. You be patient!
Raymond James Drops Coverage of GT Advanced (GTAT) (GTATQ) Following Delisting; Reiterates Equity Likely 'Worthless'
October 16, 2014 11:10 AM EDT
Raymond James analyst Pavel Molchanov is dropping coverage on GT Advanced Technologies (OTC: GTATQ) - prior (NASDAQ: GTAT) - as NASDAQ is de-listing the shares today following the company's Chapter 11 bankruptcy filing last Monday. GT Advanced Technologies is not appealing the NASDAQ's ruling on this matter. As a result of the de-listing, the firm is dropping coverage of the stock.
"As we wrote last week after the bankruptcy filing, it remains our view that the equity will be worthless at the end of the bankruptcy process," Molchanov said.
http://www.streetinsider.com/Analyst+Comments/Raymond+James+Drops+Coverage+of+GT+Advanced+%28GTAT%29+%28GTATQ%29+Following+Delisting%3B+Reiterates+Equity+Likely+%27Worthless%27/9916765.html?si_email_click=2014101611
It is in premaket, right now
(StreetInsider.com)10/8/2014
With GT Advanced Technologies (NASDAQ: GTAT) filing for Chapter 11 bankruptcy protection Monday, NASDAQ rules govern how long the stock can remain trading on the exchange before it gets shuffled down to the lowly pink sheets or OTCBB.
According to NASDAQ rules: When a company announces that it has filed for bankruptcy protection, or that filing is imminent, NASDAQ will impose a news dissemination halt. Generally, trading will be allowed to resume 30 minutes following release of the news. Shortly following the resumption of trading, NASDAQ will issue a delisting letter to the company, which will indicate that the company will be delisted in nine calendar days from the date of the determination letter unless it requests a hearing within seven calendar days. The company is required to publicly disclose that it has received this letter as soon as possible, but in no event later than four business days from receipt of the letter. If the company requests a hearing, trading will usually continue until the Panel issues its determination. Hearings for bankrupt companies are generally scheduled within 25-30 days of the date of NASDAQ's delisting letter.
So assuming NASDAQ fired off the letter yesterday and assuming GT Advanced doesn't appeal the delisting, which will likely be the case, shares could be delisted as soon as October 14th.
The stock will likely start trading under the ticker symbol "GTATQ" (with the Q indicating bankruptcy) following the delisting
GT bankruptcy hearing delayed; Apple grilled over secrecy requests • 8:54 PM
Seeking Alpha
A hearing over GT Advanced's (NASDAQ:GTAT) request to shut down its sapphire manufacturing ops and keep many details about its Chap. 11 filing sealed that was originally set for today has been pushed back to Oct. 21, the day after Apple's FQ4 report.
GT, Apple, and a committee of creditors agreed to the push-out. Also delayed: A ruling on Apple's objections to GT's attempt to free itself of certain contracts and leases.
Nonetheless, the day wasn't without fresh drama. Bankruptcy judge Henry Boroff grilled Apple over its extensive secrecy requests, questioning how much proprietary info was actually included in many of the docs it wants kept private. "I've got a foot-high stack of documents, and it can't be that it all must be sealed."
Boroff also provided a colorful analogy for the dispute between Apple and its would-be supplier. "I’m seeing what looks incredibly like a construction suit, where a homeowner says to the contractor, 'It didn't come out the way I wanted to,' and the contractor says, 'Well, it would have come out that way if you didn't continue to change the specifications.'"
Previous: GT suggests it could sue Apple
It is the apple warranty. But GTAT can sue apple because it can prove that the contract of apple made ?? lose money to GTAT
Filing for bankruptcy protection is only to freeze debts. Cuestion, how can be on OTC?, if the judge did not approve chapter eleven?
Again, it is a very special case, dangerous for long and short investors.
The judge decides to liquidate the company, lose the long and short investors.
The judge decides a good term because Apple Settles with GTAT, short investors will pay the debt when they have to cover a very high price.
It is a dangerous game and can be surprises
last report of the day. Where talking about the Q?
GT Advanced Confidentiality Hearing With Apple Delayed -- Update
4:11p ET October 15, 2014 (Dow Jones)
By Peg Brickley
SPRINGFIELD, Mass.-- Apple Inc. supplier GT Advanced Technologies Inc. has delayed a challenge to a court order cloaking information about the troubles believed to be responsible for the sapphire producer's bankruptcy.
In a closed-door session earlier this month in Manchester, N.H., U.S. Bankruptcy Judge Henry Boroff ruled GT could file under seal a declaration believed to contain details of what went wrong between Apple and GT, which Apple said it was considering using as a supplier of sapphire screen material for its newest smartphones.
At a Wednesday court hearing in Springfield, Mass., Judge Boroff told an Apple lawyer that after reviewing the confidential documents, he is "having some difficulty" understanding what should be kept confidential in the documents.
"Tell me what it is that you think can hurt Apple," the judge said in ordering the company to argue why the documents should remain sealed. The judge added he was leaning toward unsealing as much as he could.
Apple offered $578 million worth of financing for GT to manufacture the material. But instead of GT-manufactured sapphire, Apple sent its new iPhones out with Corning Inc.'s Gorilla Glass. GT filed for Chapter 11 bankruptcy protection, giving only a sketchy explanation for the surprise move.
With nearly 900 jobs and $1.3 billion worth of liabilities on the line in the bankruptcy case, GT said it couldn't detail its troubles with Apple publicly without risking having to pay $50 million in damages for violating confidentiality agreements.
However, the company said it is closing its Arizona and Massachusetts factories and seeking court permission to walk away from "oppressive and burdensome" contracts with Apple.
Apple sought permission to file its reply to the contract-rejection motion under seal, "in order to protect the confidential commercial information contained therein and to comply with the terms of its confidentiality agreements with GTAT."
Dow Jones & Co. Inc., the publisher of The Wall Street Journal, has moved to challenge the secrecy in the case, as have U.S. Trustee William Harrington, a Justice Department employee who oversees the bankruptcy courts, and New Hampshire Attorney General Joseph Foster.
Wednesday, just hours before the matter was set to be heard, GT, Apple and the newly appointed official committee of GT's unsecured creditors agreed to delay the substantive parts of the secrecy challenge to Oct. 21.
Judge Boroff said Wednesday Mr. Harrington's office could look at documents that have been filed confidentially, as long as he keeps them private. The judge didn't do the same for the state of New Hampshire attorney general, saying he would have to wait until the judge makes a ruling.
"The state of New Hampshire is an awful lot of people," the judge said.
The committee representing unsecured creditors has hired Kelley Drye & Warren LLP to represent it. Members of the committee include Manz AG, U.S. Bank National Association as bond trustee, Fidelity Financial Trust: Fidelity Convertibles Securities Investment Fund, Elmet Technologies, Inc., Meyer Burger AG, SGL Carbon LLC, and Sanmina Corp.
The hearing was still scheduled for Wednesday afternoon, but the only items remaining on the agenda were "certain stipulations" to three of the six adjourned matters.
Write to Joseph Checkler at joseph.checkler@wsj.com and Peg Brickley at peg.brickley@wsj.com
Seven days later, when the judge makes a decision. This is a different case because there is a postponement of the judge. It can not be GTATQ, if the judge does not decide the future of the company.
The Q had to be today, seven days after the filing. Because today was the decision of the judge. As the judge postponed the meeting for 21, no Q.
The key is the 21, all depends on the judge. I still think they are cooking something.
There is always one that is bad and the other good thing about the film:
GT Advanced Confidentiality Hearing With Apple Delayed -- Update
4:11p ET October 15, 2014 (Dow Jones) Print
GT Advanced Confidentiality Hearing With Apple Delayed -- Update
By Peg Brickley
SPRINGFIELD, Mass.-- Apple Inc. supplier GT Advanced Technologies Inc. has delayed a challenge to a court order cloaking information about the troubles believed to be responsible for the sapphire producer's bankruptcy.
In a closed-door session earlier this month in Manchester, N.H., U.S. Bankruptcy Judge Henry Boroff ruled GT could file under seal a declaration believed to contain details of what went wrong between Apple and GT, which Apple said it was considering using as a supplier of sapphire screen material for its newest smartphones.
At a Wednesday court hearing in Springfield, Mass., Judge Boroff told an Apple lawyer that after reviewing the confidential documents, he is "having some difficulty" understanding what should be kept confidential in the documents.
"Tell me what it is that you think can hurt Apple," the judge said in ordering the company to argue why the documents should remain sealed. The judge added he was leaning toward unsealing as much as he could.
Apple offered $578 million worth of financing for GT to manufacture the material. But instead of GT-manufactured sapphire, Apple sent its new iPhones out with Corning Inc.'s Gorilla Glass. GT filed for Chapter 11 bankruptcy protection, giving only a sketchy explanation for the surprise move.
With nearly 900 jobs and $1.3 billion worth of liabilities on the line in the bankruptcy case, GT said it couldn't detail its troubles with Apple publicly without risking having to pay $50 million in damages for violating confidentiality agreements.
However, the company said it is closing its Arizona and Massachusetts factories and seeking court permission to walk away from "oppressive and burdensome" contracts with Apple
Apple sought permission to file its reply to the contract-rejection motion under seal, "in order to protect the confidential commercial information contained therein and to comply with the terms of its confidentiality agreements with GTAT."
Dow Jones & Co. Inc., the publisher of The Wall Street Journal, has moved to challenge the secrecy in the case, as have U.S. Trustee William Harrington, a Justice Department employee who oversees the bankruptcy courts, and New Hampshire Attorney General Joseph Foster.
Wednesday, just hours before the matter was set to be heard, GT, Apple and the newly appointed official committee of GT's unsecured creditors agreed to delay the substantive parts of the secrecy challenge to Oct. 21.
Judge Boroff said Wednesday Mr. Harrington's office could look at documents that have been filed confidentially, as long as he keeps them private. The judge didn't do the same for the state of New Hampshire attorney general, saying he would have to wait until the judge makes a ruling.
"The state of New Hampshire is an awful lot of people," the judge said.
The committee representing unsecured creditors has hired Kelley Drye & Warren LLP to represent it. Members of the committee include Manz AG, U.S. Bank National Association as bond trustee, Fidelity Financial Trust: Fidelity Convertibles Securities Investment Fund, Elmet Technologies, Inc., Meyer Burger AG, SGL Carbon LLC, and Sanmina Corp.
The hearing was still scheduled for Wednesday afternoon, but the only items remaining on the agenda were "certain stipulations" to three of the six adjourned matters.
Write to Joseph Checkler at joseph.checkler@wsj.com and Peg Brickley at peg.brickley@wsj.com
I also see it, the intraday. To buy and sell on the day.
The main chart says it is oversold. If there is no problem having a large enough range to climb
The main chart RSI(14)16.51 Oversold!!GTAT have to climb to the moon!!
http://stockcharts.com/h-sc/ui?s=GTAT&p=D&b=5&g=0&id=p26099102557&a=264845671
Analyst Ratings Network, today:Price Target: 9.19
Price Metrics•52 Week Range: $0.38 - 20.54
•Market Cap: $57.1M
•50 Day Moving Average: $11.1089
•200 Day Moving Average: $15.0051
•P/E Ratio: N/A
•P/E Growth: N/A
•Consensus EPS: $-0.08 per share
•Consensus Price Target: 9.19
You are right. Why have not withdrawn their recommendation?
Now I understand the downgrades by analysts. Very generous!
They know something we do not?What are cooking?
Analyst Ratings Network:Last Thursday
9/10/2014 Dougherty & Co Downgrade Buy -> Sell
9/10/2014 Piper Jaffray Downgrade Overweight -> Neutral $16.00
9/10/2014 Goldman Sachs Downgrade Buy -> Neutral $20.00 ->$14.00
9/10/2014 Cowen and Company Lower Price Target $19.00 -> $18.00
9/10/2014 Canaccord Genuity Lower Price Target Hold $16.00 -> $13.00
Your position is good. I want to clarify something. I am neither long nor short. I am an investor and follow market trends.
It is very true and the second hearing is tomorrow. Keep in mind, they can make the decision to suspend of the market(GTAT) Tomorrow at 10:00 am.
Today had to be with the Q. This is not good, because tomorrow may suspend to GTAT, of market at 10 am.
After hours are by borrowing shares.
You are in 45% down, for buy on Friday. Tomorrow $ 0.01 / 0.03.Good price to buy!
Oil Panic Puts Export Debate Back On The Table
Greetings from London.
Note: This weeks Premium is a must read for energy investors. Dan Dicker looks at the current panic in the oil markets and why as a trader this produces huge opportunities for the bold. He mentions two stocks hammered along with virtually every other energy company, with little respect for their particular portfolios and balance sheets. Martin takes a look at European oil companies, Jim looks at the chart action for crude, natural gas and also Exxon and our analysts look at other opportunities falling oil prices offer investors. Click here to read it today and receive the next 4 weeks research for free.
American drillers are fretting over an oil boom that is out-pacing demand and pushing prices down, feeding the export ban debate and pushing it critically forward.
This week, while Bloomberg reports that domestic fields will add “an unprecedented 1.1 million barrels a day of output,” while consumption is expected to shrink to its lowest level since 2012, the New York Times insists that a crude oil tanker that left Texas in late July, bound for South Korea, is a sign of the changing times.
The tanker, Singapore-flagged and leaving quietly from the port in Galveston, Texas, was carrying 400,000 barrels of crude oil and was apparently the first “unrestricted export of American oil to a country outside of North America in nearly four decades.”
The two stories are certainly related—even if there is a months-long gap in the timing. West Texas Intermediate crude, the US benchmark, is down 24% since mid-June, and on 2 October, it fell below $90 per barrel for the first time in 17 months.
Drillers are panicking over the specter of declining operating capital, and being able to export crude is the only outlet if oil prices continue to fall, while demand weakens.
”If prices go to $80 or lower, which I think is possible, then we are going to see a reduction in drilling activity,” Bloomberg quoted Ralph Eads, vice chairman and global head of energy investment banking at Jefferies LLC, as saying. “It will be uncharted territory.”
Ben van Beurden, CEO of Shell, isn’t buying into the panic, however. He says he is confident that oil will return to “very robust” pricing in the long-term.
Others are banking on a particularly harsh winter, supply cuts from OPEC countries, and continued geopolitical volatility in the Middle East and North Africa to bring oil prices back towards $100 a barrel.
For those not eyeing the prospects of freezing and conflict, though, exports are the saving grace.
And as the Wall Street Journal reports, “the share-price boom at U.S. energy firms has gone bust, due to slumping global growth and tumbling crude prices.”
Rex Tillerson, ExxonMobil’s CEO, says the ban on exports of US crude oil—which grew out of the oil shortages suffered by the United States in the 1970s--is no longer necessary.
The export of oil to South Korea “symbolizes a new era in US energy and US energy relations with the rest of the world,” NYT quoted energy historian Daniel Yergin as saying.
Under the ban of crude exports, refineries benefit from the processing largesse, but there is growing support to lift this ban in a changing world—and in light of the shale revolution, which has led to an increase in drilling by around 70% over the past six year.
While supporters of the ban say that crude exports could lead to a rise in gasoline prices and heating costs, critics of the ban say it would help stabilize oil prices.
The next word on the issue will come in about a month, when the Energy Information Administration (EIA) releases a much-anticipated report on the potential impact of lifting the ban. It won’t be the final word, but it is expected to determine the shape of this debate and to significantly influence its outcome at a time when oil prices are tumbling and confidence of a rebound is shaky.
This week’s report comes from the Intelligence Notes in Premium and covers the most important geopolitical events that took place over the last week, alongside industry news, conflicts and other reports of interest to investors. The full report is below. (Make sure you don’t miss the weekly intelligence this report provides and start a free trial to OP Premium.)
I hope you enjoy the report below and have a great weekend.
Best regards,
James Stafford
Editor, Oilprice.com
On Tuesday, GTATQ. It may fall to $ 0.01/0.05 premarket. Short sellers want to cover when you reach the bottom of the sea. Buy in $0.02/$0.05
I always end in cash on Fridays. You never know what could happen.
I sold at $ 1.07, I bought at $ 0.77 and sold at $0.85
Now they are selling short. If someone reads, do not buy. First, the collapse, then buy
GT Advanced Technologies: Nowhere To Go But Zero (And Yes, I'm Shorting It Here)
http://seekingalpha.com/article/2551905-gt-advanced-technologies-nowhere-to-go-but-zero-and-yes-im-shorting-it-here?app=1&uprof=44