Perception is everything.
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If it wasn't such an important case you could laugh about it but actually it's becomming sad and pathetic what this fellow is trying to accomplish...his motives are pretty doubtful....selfenrichment...narcissist...
Subpoenas next?
T. Richard Falloh A.K.A. Richard Gamingo now appears to be associated with penny stock manipulators. I suggest you may want to refer this to appropriate investigatory agencies. You will find my reasons for believing this is likely discussed on the GTATQ Investorshub board today.
How about yesterday's Waaree news? Could have brought some speculators in.
Untrue moreover. Instys and insiders still hold majority of shares, probably most of them pre-BK.
For God's sake..Let's hope so!
And another one filed by RG/ TF....
Objection to Management's Incentivization Proposal
https://www.kccllc.net/gtat/document/1411916150114000000000010
Wow, just read that piece of crap...instead of hilarious it's becomming pathetic.. Headdesking and rolling eyes here
LOL! This is hilarious!
"...appears to be considering writing off massive amounts of debt."
Really? Please stay to the facts instead of misleading people here.
Form 8-K Current Report Filed Jan 7, 2015
• The 2017 and 2020 convertible notes with a principal balance of $220M and $214M are recorded at a carrying value of $177M and $123M, respectively. The amount represented in the liabilities subject to compromise is net of $7M of deferred financing costs. The difference between the carrying value and principal balances reflect fair value adjustments.
http://investor.gtat.com/secfiling.cfm?filingID=1628280-15-63&CIK=1394954
Form 10-Q Quarterly Report Filed Aug 7, 2014
http://investor.gtat.com/secfiling.cfm?filingID=1445305-14-3496&CIK=1394954
Just some examples:
Sapphire windows are used in high pressure chambers for spectroscopy, crystals in various watches, and windows in grocery store barcode scanners since the material's exceptional hardness and toughness makes it very resistant to scratching.[45]
It is used for end windows on some high-powered laser tubes as its wide-band transparency and thermal conductivity allow it to handle very high power densities in the infra-red or UV spectrum without degrading due to heating.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=107907428
Let's not forget the aviation industry:
http://investorshub.advfn.com/boards/replies.aspx?msg=107907428
Many more examples to be found...do some DD...
$GTATQ products/ technology will be much needed in the near future!
Enough to go around? Raw materials and limits to growth in solar energy
http://www.pv-tech.org/guest_blog/enough_to_go_around_raw_materials_and_limits_to_growth_in_solar_energy
Some people were thinking that GTATQ had only left 6 mil. in cash. It obviously isn't the case.
$GTATQ $GTAT
UPDATE 1-GT Advanced Tech modifies bankruptcy deal with Apple
By Tom Hals
Dec 15 (Reuters) - GT Advanced Technologies Inc altered its settlement with former partner Apple Inc to produce more near-term cash to support its emergence from bankruptcy, a lawyer for the sapphire maker told a court on Monday.
The new terms should be worth $50 million more than the original settlement, according to an attorney for GT noteholders, providing financing critical to return the business to its pre-Apple focus on selling sapphire furnaces.
The Merrimack, New Hampshire-based company abandoned the furnace business in 2013 when it agreed to begin supplying Apple with scratch-resistant sapphire material for iPhone screens. But Apple then turned to a different material for the screen of its iPhone 6 model.
GT Advanced, which invested heavily into increasing production of sapphire materials for Apple, blamed the supply agreement for forcing it into bankruptcy in October, a move that shocked investors and sent its stock plummeting more than 90 percent to under $1 before Nasdaq suspended the shares.
The stock, now traded over the counter, shot 48 percent higher on Monday to close at 40.8 cents per share after news of the new deal terms.
Related Quotes
AAPL107.62+0.82%
GTATQ.PK0.48-8.05%
Apple Inc. Watchlist
107.62+0.88(0.82%)
NasdaqGS1:58PM EST
UPDATE 1-GT Advanced Tech modifies bankruptcy deal with Apple
Reuters 38 mins ago
Apple is not the key to this soaring semiconductor
MarketWatch q 1 hr 15 mins ago
More
U.S. Bankruptcy Judge Henry Boroff in Springfield, Massachusetts indicated on Monday he would approve the settlement once the final wording was documented. The deal will allow GT Advanced to raise cash by initiating the sale of about 2,000 sapphire furnaces in Mesa, Arizona.
The furnaces were installed to make sapphire for Apple, which loaned GT $439 million for the project.
Despins told the court he anticipated each furnace would fetch at least $500,000. Apple would receive $169,000 for each of the first 500 furnaces under the modified agreement. Previously, the parties had agreed that Apple would get $200,000 from each of the first 500 furnaces sold.
The new settlement terms also allow GT to store its furnaces in Mesa rent-free for an additional three months, to the end of next year.
Michael Stamer, an Akin Gump Strauss Hauer Feld attorney who represents investors who hold $230 million of GT notes, said the new terms improved the original settlement by at least $50 million, prompting his group to withdraw its objection.
Neil Augustine, a Rothschild Inc financial expert who advised GT's board, testified that the case against Apple offered the potential for a big win, but it might cost $15 million to bring. The company only budgeted $6 million of its $95 million in cash for litigation expenses.
"If we lost, it would be game over for the company," Augustine said. "We concluded we should do the settlement."
The case is In re: GT Advanced Technologies Inc., U.S. Bankruptcy Court, District of New Hampshire, No. 14-11916.
(Editing by Alan Crosby and Jonathan Oatis)
http://finance.yahoo.com/news/1-gt-advanced-tech-modifies-181610882.html
$GTATQ Maria Chutchian @MariaChutchian
$GTAT bankruptcy judge indicates that he will sign settlement order with $AAPL
9:49 PM - 15 Dec 2014
https://twitter.com/search?q=%40MariaChutchian&src=typd
$GTATQ - GT Advanced Tech modifies bankruptcy deal with Apple
By Tom Hals
(Reuters) - GT Advanced Technologies Inc modified its bankruptcy settlement with former partner Apple Inc to produce more near-term cash and winning the support of key creditors, a lawyer for the sapphire maker told a court on Monday.
The new terms should boost liquidity to finance GT Advanced's return to selling sapphire furnaces, GT's lawyer, Luc Despins, told a U.S. Bankruptcy Court.
The Merrimack, New Hampshire-based company abandoned the furnace business in 2013 when it agreed to begin supplying Apple with scratch-resistant sapphire material for iPhone screens. But Apple then turned to a different material for the screen of its iPhone 6 model.
GT Advanced, which invested heavily into increasing production of sapphire materials for Apple, blamed the supply agreement for forcing it into bankruptcy in October, a move that shocked investors and sent its stock plummeting more than 90 percent to under $1 before NASDAQ suspended the shares.
The stock, which is now traded over the counter, shot 30 percent higher on Monday to 36 cents per share after news of the modified bankruptcy deal.
If U.S. Bankruptcy Judge Henry Boroff in Springfield, Massachusetts approves the settlement, it would allow GT Advanced to raise cash by initiating the sale of about 2,000 sapphire furnaces in Mesa, Arizona.
Those furnaces were installed to make sapphire for Apple. The project was funded in part with a $439 million loan from the computer company.
Despins told the court he anticipated each furnace would fetch at least $500,000. Apple would receive $169,000 for each of the first 500 furnaces under the modified agreement. Previously, the parties had agreed that Apple would get $200,000 from each of the first 500 furnaces sold.
The new settlement terms also allows GT to store its furnaces in Mesa rent free for an added three months, to the end of next year.
The modified settlement with Apple resolved the objections of a group of investors that hold GT notes and also the official committee of unsecured creditors, according to Despins. Other objections remain and the hearing was still underway on Monday.
Boroff must find the agreement is fair in light of the potential legal claims that GT might have against Apple in the sapphire maker's bankruptcy.
Neil Augustine, a Rothschild Inc financial expert who advised GT's board, testified that pressing its legal claims against Apple offered the potential for a big win.
However, "there is no certainty of winning, and if we lost it would be game over for the company," Augustine said. "We concluded we should do the settlement."
GT voluntarily filed for bankruptcy on Oct. 6, saying it was not going out of business and that the process was "the best way to reorganize, protect our company and provide a path to our future success."
http://finance.yahoo.com/news/gt-advanced-tech-modifies-bankruptcy-194024329.html
Then I guess this guy will be working at the $GTATQ case now.
Wednesday, December 10, 2014
HOULIHAN LOKEY EXPANDS ITS DISPUTE RESOLUTION & FINANCIAL EXPERT OPINIONS PRACTICE WITH NEW HIRE
Richard Lee Joins the Firm’s New York Office as a Managing Director
Over the course of his career, Mr. Lee has conducted forensic accounting, economic damages, and valuation engagements in hundreds of matters, including breach of contract, intellectual property, employment, ownership, bankruptcy, mergers & acquisitions, and other business disputes. He has served as a consulting and testifying expert and provided expert reports in U.S. federal and state court cases, as well as ICC, AAA, and JAMS arbitrations. He has also performed many business and intangible asset appraisals in a broad range of industries for a variety of purposes, including buyside due diligence, sellside advisory, financial reporting, tax compliance, and strategic alternative assessment.
http://hl.com/us/press/pressreleases/4913.aspx
Doc #: 699 - 12-04-2014
OBJECTION OF SUMITOMO (SHI) CRYOGENICS OF AMERICA, INC. TO
DEBTORS’ MOTION, PURSUANT TO BANKRUPTCY CODE SECTIONS 105, 361,
363(b), 364, AND 365 AND BANKRUPTCY RULE 9019, FOR ENTRY OF ORDER
APPROVING TERMS OF, AND AUTHORIZING DEBTORS TO ENTER INTO,
ADEQUATE PROTECTION AND SETTLEMENT AGREEMENT WITH APPLE
https://www.kccllc.net/gtat/document/list/3940
$GTATQ will be a "black swan".
Anatomy of the “100 cent+” case
Recovery to common equity holders in a bankruptcy is rare. Yet there have been numerous bankruptcies where equity holders obtained not only a recovery, but a substantial one. These were cases in which all creditors and preferred shareholders recovered 100 cents on the dollar. More importantly, common equity holders received a substantial ownership interest in the reorganized entity. We call these the 100 cent+ cases - a black swan - in the world of corporate bankruptcies. So what’s different about these cases? Are they merely random events, or is there more to it?
http://ow.ly/d/2IAI
$GTATQ - GT also announced the formation of a Restructuring Committee of the Board comprised of the two new directors, Mr. Newsted and Mr. Ray, along with Mr. Massengill. The primary role of the Restructuring Committee is to lead the Company's efforts in seeking and implementing a value-maximizing path to emergence from Chapter 11.
Value-maximizing. For all stakeholders that is. Commons will get out "whole".
All imo of course!
http://finance.yahoo.com/news/richard-e-newsted-john-j-191809735.html
Nice post!
Already any reaction from institutionals? If you really want to make a stance I would guess you need the support of some of those as they hold 80% + .
Using Justia Patent search combined with USPTO is a great tool. Here are a couple of links:
http://patents.justia.com/search?q=GT+Advanced
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=%22GT+ADvanced%22&OS=
$EWRL * Deployable is the keyword.
Really? According to Nasdaq GTATQ is still suspended not delisted. No form 25 as of today has been filed. Meaning we could be back in a heartbeat.
https://listingcenter.nasdaqomx.com/IssuersPendingSuspensionDelisting.aspx
Richard, have you already been in contact with one or more of the institutionals?
GTAT’s business needs dictate its conditional consent for two principal reasons.
First, since the disclosure of the Apple Settlement Agreement, GTAT has been approached by several potential customers to acquire ASF furnaces. As the Court will recall, a cornerstone of the Apple Settlement Agreement is the ability to sell ASF furnaces to any party, regardless of the terms of the exclusivity provisions contained in the Apple Agreements (as defined in the Settlement Motion). GTAT’s marketing and sales efforts will be severally impaired unless
GTAT can promptly advise potential buyers that because the Apple Settlement Agreement has been approved by the Court, GTAT is free to sell ASF furnaces.
The success of GTAT’s reorganization depends on commencing to sell ASF furnaces promptly.
Second, as the court is aware, GTAT is in the process of soliciting offers from
various financing sources to provide debtor in possession (“DIP”) financing to GTAT. Promptly obtaining DIP financing is critical to any debtor and GTAT is no exception to this rule. In this case, the consensual priming of Apple’s alleged secured claim over the 2,036 ASF furnaces located in Mesa, Arizona is a gating item for the various financing sources who are in the process of conducting a due diligence review of GTAT to determine on what terms they will advance the
DIP financing sought by GTAT. Commitments for such financing are due currently on December 5, 2014 and GTAT will need to postpone such deadline until there is clarity on whether there will be a consensual priming of Apple pursuant to the terms of the Apple Settlement Agreement. Such postponement, however, would have a detrimental impact on GTAT’s reorganization efforts unless it is limited in duration.
$GTATQ - Study: Solar PV plus storage will grow tenfold by 2018
By Herman K. Trabish | November 17, 2014
http://www.utilitydive.com/news/study-solar-pv-plus-storage-will-grow-tenfold-by-2018/334152/
Signing the deal and make it official during today's started Intersolar India Conference would be sweet!
$GTATQ - Nice find! Like I said before, it's just business as usual except SG production. GTATQ is still selling products and services in a niche market and make a profit off that. And that's why I think common's will survive in whole in the end.
Anatomy of the “100 cent+” case
Recovery to common equity holders in a bankruptcy is rare. Yet there have been numerous bankruptcies where equity holders obtained not only a recovery, but a substantial one. These were cases in which all creditors and preferred shareholders recovered 100 cents on the dollar. More importantly, common equity holders received a substantial ownership interest in the reorganized entity. We call these the ?100 cent+? cases — a ?black swan? in the world of corporate bankruptcies. So what’s different about these cases? Are they merely random events, or is there more to it?
http://ow.ly/d/2IAI
$GTATQ - They sure do. The question remains how will they get the saphire needed if this will eventually get into production? Will GTATQ has a part in it or not? Take your shot!
http://www.patentlyapple.com/patently-apple/2014/09/apple-invents-a-second-sapphire-glass-strengthening-process.html
You're damn right. People need to learn how to read and comprement filings instead of predicating pure nonsense.
In at 0,147, just based at the 15 min chart I expect a bounce. Lot's of trading around 0,16 now. Shorts covering maybe at this level. If so, 0,20 end of day not impossible.
Of course, all IMO.
The beginning of the end, of the "empire".
$GTATQ - A peek into the black box that is Apple’s strength at the bargaining table.
Apple's secret weapon: Leverage
Thompson’s article is a brilliant companion piece to Squiller’s bitter declaration. Both open up a black box that Apple works hard to keep locked.
http://fortune.com/2014/11/09/apples-secret-weapon-leverage/?xid=yahoo_fortune
$GTATQ - Apple Suppliers Shunned as GT Bankruptcy Sparks Selloff
Investor confidence in Apple Inc.’s suppliers and vendors is wavering in the stock market after the bankruptcy of GT Advanced Technologies Inc. last month wiped out 92 percent of its value in a single day.
Shares of 21 companies that get at least 20 percent of their revenue from Apple have fallen 2.8 percent since the Oct. 6 bankruptcy filing by GT Advanced, which had a contract with the iPhone maker to supply synthetic sapphire that was never used in its devices. The drop, affecting $135 billion of equity, compares with a 4.5 percent gain for the Standard & Poor’s MidCap 400 Index
http://www.bloomberg.com/news/2014-11-07/apple-suppliers-shunned-as-gt-bankruptcy-sparks-selloff.html
I think there will come a solution in everyone's best interest. Apple needs urgently large quantities SG which at this time little to no other producers then GTAT can deliver.
http://www.businessinsider.com/apple-lawyer-statement-gtat-2014-11
Here's what Apple's lawyers had to say about that in the unsealed filing:
Contrary to the picture painted by the Debtors in the Supplemental Declaration, Apple has bent over backwards to work with the Debtors, including making payments to the company notwithstanding the company's failure to meet performance milestones, in the hope of obtaining usable, economically viable sapphire from the Debtors.
Far from the villain in these chapter 11 cases, Apple is the largest victim of the Debtors' failure to perform under the agreements it negotiated at arms' length and with advice of counsel.
Largest victim? LOL!! The arrogance!! Hey Tim Cook, how about all the personnel losing their job, the unsecured creditors and other stockholders losing almost their entire capital?
at arms' length?? Really?? Let's wait and see if the judge agrees with that!! I'm sure he doesn't feel that way!
$GTATQ - Deal with the iDevil
http://www.fool.com/investing/general/2014/11/08/apple-incs-latest-supplier-negotiating-tactics-wit.aspx
It should go without saying that getting into iBed with Apple (NASDAQ: AAPL ) cuts both ways. Investors are easily hyped at the prospect of a company becoming an Apple supplier due to the potential upside. At the same time, it's common knowledge that Apple squeezes its suppliers in unforgiving ways.
I'm not sure whether or not this has been posted already but the writer in the following article describes the process leading up to ending filing CH 11 from a procurement standpoint pretty well.
Read the part "Learning From This Cautionary Tale of the Wrong Type of “Source to Settle” from the following article:
http://spendmatters.com/2014/10/29/could-proper-procurement-have-saved-apple-and-gt-advanced-a-cautionary-tale-of-the-wrong-type-of-source-to-settle/
Custom Sapphire Windows protect sensors on aircraft.
http://news.thomasnet.com/fullstory/custom-sapphire-windows-protect-sensors-on-aircraft-616025
Plane Windows
http://rmico.com/plane-windows
That's one possibility but keep in mind that we're in the process of CH 11, or so to speak "business as usual". Don't be surprised that one day we could be surprised by receiving a NR like this one:
March 11, 2014
GT Advanced Technologies Signs Agreement to Supply $336 Million of Equipment and Technology for a 25,000 MTA Polysilicon Production Facility in Sarawak, Malaysia
http://investor.gtat.com/releases.cfm?Year=&ReleasesType=&PageNum=2
Just saying...anything's possible!
https://www.kccllc.net/gtat/document/1411916141104000000000016
SUPPLEMENT TO DEBTORS’ MOTION, PURSUANT TO BANKRUPTCY
CODE SECTIONS 105, 361, 363(b), 364, AND 365 AND BANKRUPTCY
RULE 9019, FOR ENTRY OF ORDER APPROVING TERMS OF, AND
AUTHORIZING DEBTORS TO ENTER INTO, ADEQUATE PROTECTION
AND SETTLEMENT AGREEMENT WITH APPLE
SUPPLEMENT
1. GTAT attached a slightly redacted version of the Settlement Agreement to the
October 27 Motion.
2. At the October 30, 2014 hearing, the Court instructed the Debtors to file an
unredacted version of the Settlement Agreement. In accordance with the Court’s instructions,
the Debtors are attaching as Exhibit A to this Supplement an unredacted version of the
Settlement Agreement.3