I get the feeling that Sumitomo is pressuring not just Apple but GTAT also, hence the claims they make about the furnaces not meeting Apple's standards and their comments about the projected sale price.

If you look at the other court docs, you can see that Sumitomo has been aggressively leveraging to try and get their money asap. They're one of the few companies that filed with the court attempting to argue that they should be paid immediately despite the ch11 proceedings.

This is all according to my interpretation.

Sounds like you've hit the nail on the head.

On the 1st they requested that the deposition be done by telephone on December 3rd, and the request was withdrawn as resolved the day before. Is it possible that the deposition has already taken place? I'm not sure that it would have shown up in the court documents.

Mention was also made in the request of the December 10th deadline, so they're obviously trying to get this deposition as soon as possible so that they can meet that deadline. Seems no reason to me that they wouldn't be able to, since they worked overtime to get through 1000s of documents already and this is just a half-day interview.

EDIT Nevermind, I missed the 5 other answers to this

I'm planning to buy some more myself, but I haven't decided how low I want to aim.

That "clobbering" that you're talking about—happened to me once on this stock before I had L2 data. I definitely won't be letting that happen again!

I sure wish *my* buys would fill below the ask! Lol!

Q3 was 3 months ago now. Take a look at your calendar.

I used to think the "hostile takeover" scenario was crazy, but after reading those emails it really does sound like Apple was trying to sweep GTAT's business out from underneath their feet!

Please share! I want in on the fun :D

Can I just point out that samplescave has finally admitted to high institutional ownership and longs who are holding? Seems he finally agrees with us! :D

Quote:
High institutional ownership and long retail that is holding.

Of course they are!

Lol. Apple hasn't given them money in months and that's a FACT.

I'm assuming that all this means is that Apple has agreed to the deposition. A settlement would be getting my hopes too high :)

It would seem so!

"And it's too bad that GTAT didn't recruit one of them to be Apple's guinea pig."

Now that would have been downright evil ;)

I'm not sure what point you're objecting to, but I just wanted to point out that GTAT did have experience with manufacturing sapphire before the Apple deal. Yes, their main focus is on selling the technology, but they've been operating a moderate sized production facility at their Salem location since before Apple ever came along.

The facility is shown in this video around the 1:00 mark:

Haha :)

Why is it that any time someone suggests that someone else might be a short, their post gets deleted? Got something to hide? Hmmm....

"If nothing else, the e-mails show both parties trying to make the project work, thereby providing some basis for Gutierrez's optimistic early August forecast. This belies the claims, raised here and elsewhere, that GTAT executives sold their stock cynically and early."

That's a really good point. I was actually quite surprised from reading those emails just how close they seem to have been to getting sapphire into the iPhone 6. They were much further along than I had been led to believe until now.

It was also interesting to hear that they were conducting fabrication trials in Asia—this may have been the source of the rumors which blamed the sapphire problems on the Asian suppliers having fabrication difficulties.

I was thinking the same thing. The fabrication problems they're talking about here reminds me of Squiller's claims about Apple choosing their own fabrication machines which weren't suitable for the task. I wonder if the machines mentioned here are the ones he was talking about?

MEANINGLESS. TRY AGAIN. Everything in this document bears the force of law "until further order of this court to the contrary." (Page 3)

There's some really interesting info in this document. Check out all of the emails in the Exhibits.

Court Order restricting equity sales, for those interested: https://www.kccllc.net/gtat/document/1411916141014000000000014

I thought it would be good to get more info on the board about the equity sale restrictions on the "top 5", since certain people continue claiming that the big institutions have been "dumping." Hopefully this will put all these claims to rest, as this document makes it clear that this is highly unlikely. Note that I say "highly unlikely" rather than "impossible," since the possibility remains that these institutions sold on October 6th the day the bankruptcy was announced, which is the only day that they would have been able to sell. If they did not sell off on the 6th, then they would be required to adhere to this court order, as the sale restriction was effective from October 7th onwards (Article 2). Also, as noted by Xena, there have only been two filings for institutional sales since September, and there should be more if the institutions had sold off.

I've been wondering for a while what exactly the terms of this were, so I decided to look through the court documents and find it. These terms apply to "Substantial Equityholders", which include anyone owning more than 4.75% of the stock (Rule a.i). Based on the public 13F numbers from September 30, there were 5 institutions owning more than 4.75% of the outstanding shares, hence the "top 5". FWIW, the notice was actually served directly to 9 different equity holders—see Exhibit C in Court Docket #178, as well as the SEC, transfer agents, 30 largest creditors, and others.

Note that the ban on equity sales isn't a complete ban, but it's pretty close:

Rule a.ii & a.iii: Any Substantial Equityholder making any kind of transfer (buying or selling) must give notice to the court at least 20 days in advance of the planned transfer.

Rule a.iv: GTAT and Committee have 15 days after this filing to object to any proposed transfer. If they do object, the transaction cannot occur unless the just intervenes and orders it to be approved (a.iv.1). If they do not object, the transaction may go ahead once the 15 days have passed or once written authorization has been given, and the transaction must be exactly as was described in the original notice (1.iv.2).

Article 3: Until further order of this Court to the contrary, any acquisition, disposition or other transfer in violation of the restrictions set forth herein shall be null and void ab initio as an act in violation of the automatic stay prescribed in section 362 of the Bankruptcy Code and pursuant to this Court’s equitable power prescribed in section 105(a) of the Bankruptcy Code.

Article 5: Any person or Entity acquiring and/or disposing of GT Stock or a Claim in violation of the restrictions set forth herein, or failing to comply with the Procedures, shall be subject to such sanctions as the Court may consider appropriate pursuant to this Court’s equitable power prescribed in section 105(a) of the Bankruptcy Code.

Haha, yeah it keeps freaking me out!

Haha, I didn't even notice GT in there :D. I posted the wikipedia page because (as always) wikipedia has a great summary of the information—I actually was reading mostly from the scholarly abstracts that showed up on Google Scholar...It's a really interesting technology, and seems to hold a lot of promise as an improvement over current radiation therapy. In theory, the technology can target and irradiate individual cancer cells, as opposed to conventional radiation therapy which is like using a shotgun.

Thanks for posting the link to the actual forms. "I don't think either filing has any probative value." I agree.

I don't think these were disposals though—Wouldn't "Initial Statement of Beneficial Ownership" indicate that this is just the first filing on account of them becoming "an officer and/or director" in GTAT? It would seem that they just don't own any stocks yet.

It's still experimental, but Boron Neutron Capture Treatment for cancer is a very real thing. See here: http://en.wikipedia.org/wiki/Neutron_capture_therapy_of_cancer

This form is close to a year old, Xena was just posting it as an example of similar forms that GTAT has filed in the past.

Reading about Boron Neutron Capture Treatment (the treatment Hyperion would be used for), this is BIG. BNCT looks to be very promising technology in the medical field, and there's a lot of research currently going into it.

Also from your article is a significant reason why Apple will likely still want GTAT's technology: Hyperion is the best ion-implanting technology for producing strengthened sapphire, since it is able to implant at up to 50microns depth whereas other technology maxes out below 30microns.

Oh right, of course. I misunderstood you to be saying shareholders would receive a different percentage of shares depending on how many total shares they owned. Eg- 0.7 GTAT shares per 1 GTATQ share if they own 20k shares, vs 0.6 GTAT shares per 1 GTATQ share if they only own 10k shares.

Could you elaborate what you mean by "your distributions will be based on the number of GTATQ shares you own"?

Exactly what I was thinking. If this can be seen to imply anything at all, it's that GTAT has confidence that its shares will retain value.

Person joins board of directors. Person given stock options. Person delegates power of attorney to file required forms with SEC. It's not that hard to understand. Hardly newsworthy.

7k here. Might bump up to 10k in the next few days though.

Hahaha, the desperation here is just too funny. Now that I've had the time to read it over, all this filing does is delegate power of attorney to file Forms 3, 4, and 5 for one John Ray, who was appointed to the GTAT board of directors on November 21. Simple day-to-day proceedings.

Insider trading? Hahaha, you're just too much!

"Initial Statement of Beneficial Ownership"—Can anyone explain to me what this news alert on the board is about?

http://ih.advfn.com/p.php?pid=nmona&article=64627282&symbol=GTATQ

Just curious, how do you estimate this? I'm not very familiar with reading stock metrics.

Yes, I understand that your post was about sapphire. My point, which Xena made pretty well in her reply, is that all we know for sure is that Foxconn is building a new factory for some aspect of display production. All the reports that say it is for sapphire production are based off of a single Chinese report which at this point is nothing more than a rumour.

The rumor isn't that they are building a factory--that part is true. The unsubstantiated rumor is that it's for the purpose of making sapphire display covers. There's a big difference between making the electronic display components and making the glass covers. Foxconn makes the electronics, they have never before made the covers. While it's not impossible that they might begin making sapphire display covers, they're starting out with no furnaces and no experience in the field. Those furnaces are going to have to come from somewhere.

Where do you think Foxconn would have to get the huge number of furnaces they would need for this? Oh, right....GTAT.

And that's only IF these rumors are true, which is a huge if since Foxconn has no experience at all with sapphire.

This post is golden. Nice info.