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Form 8-K for GT ADVANCED TECHNOLOGIES INC.
4-Nov-2014
Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed in a Current Report on Form 8-K filed by GT Advanced Technologies Inc. (the “Company”), on October 6, 2014, the
Company and certain of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions in the United States Bankruptcy Court for the
District of New Hampshire (the “Bankruptcy Court”) for reorganization relief under the provisions of Chapter 11 of Title 11 of the United
States Code. The Debtors’ Chapter 11 cases (the “Chapter 11 Cases”) are being jointly administered under the caption In re GT Advanced
Technologies Inc., et al, Case No. 14-11916-HJB.
Adequate Protection and Settlement Agreement
As also previously disclosed in a Current Report on Form 8-K filed by the Company on October 27, 2014 (the “Original Form 8-K”), the
Debtors entered into an Adequate Protection and Settlement Agreement (the “Settlement Agreement”) with Apple Inc. and Platypus
Development LLC (collectively, the “Apple Parties”) to settle certain claims in connection with the Chapter 11 Cases. The Company filed a
redacted copy of the Settlement Agreement as Exhibit 10.1 to the Original Form 8-K, and submitted a Confidential Treatment Request
regarding the same to the Securities and Exchange Commission pursuant to Rule 24b-2 of the 1934 Securities and Exchange Act. The
Confidential Treatment Request was submitted on the same day the Original Form 8-K was filed.
On October 30, 2014, the Bankruptcy Court concluded that the terms of the Settlement Agreement should be publicly available. As a result of
the Court’s order, the Company determined to withdraw its Confidential Treatment Request and is including herewith as an Exhibit 10.1 a
complete unredacted copy of the Settlement Agreement.
Waiver and Amendment Agreement
In addition, on November 3, 2014, the Debtors and the Apple Parties entered into a Waiver and Amendment Agreement (the “Waiver
Agreement”) pursuant to which such parties agreed to waive certain of the conditions of the effectiveness of the Settlement Agreement,
including the condition that a certain declaration submitted to the Bankruptcy Court remain sealed until the Bankruptcy Court enters an order
withdrawing and striking such declaration from the docket. The foregoing description of the Waiver Agreement does not purport to be
complete and is qualified in its entirety by reference to the Waiver Agreement, which is filed as Exhibit 10.2 hereto.
On November 4, 2014, the Company issued a press release announcing the Waiver Agreement, a copy of which is filed herewith as Exhibit
99.1.
http://www.otcmarkets.com/stock/GTATQ/filings
No one is, it's a T-trade, MM's clearing their balances.
Tomorrow is when the real fun starts! Great AH news!
Bad night comming up with little sleep for the shorts LOL!
$GTATQ $GTAT
November 4, 2014
GT Advanced Technologies Inc. Announces Amended Settlement Agreement With Apple(R)
Amendment Keeps Apple Settlement Agreement in Force Despite Release of GT Declaration
MERRIMACK, N.H., Nov. 4, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (OTC Pink: GTATQ) today announced that it has signed an amendment to the Settlement Agreement with Apple under which both parties have agreed to waive the condition that GT's October 8th declaration be kept under seal and expunged. GT has filed a motion seeking Bankruptcy Court approval of the Settlement Agreement and the Bankruptcy Court is scheduled to hear such motion on November 25, 2014.
http://investor.gtat.com/releasedetail.cfm?ReleaseID=880429
https://www.kccllc.net/gtat/document/1411916141104000000000009
ORDER
Whereas, on October 6, 2014, GT Advanced Technologies, Inc., along with certain
of its affiliates2 (together, the “Debtors”), filed voluntary petitions under Chapter 11 of the
United States Bankruptcy Code3; and
Whereas, on October 10, 2014, the Debtors filed the Debtors’ Emergency Motion
for (A) Entry of Order, Pursuant to Bankruptcy Code Section 107(b) and Bankruptcy Rule
9018, Authorizing Filing Under Seal of Unredacted Versions of Supplemental First Day
Declaration, Motion to Reject, Wind Down Motion, Motion to Expedite or (B) Alternatively,
Entry of Order, Pursuant to Bankruptcy Code Sections 105(a) and 107(a) Directing
Debtors to File Unredacted Versions Thereof (ECF No. 92) (the “Motion to Seal
Supplemental Squiller Declaration”); and
Whereas, on October 10, 2014, the Debtors filed the Debtors’ Emergency Motion,
Pursuant to Bankruptcy Code Sections 105(a) and 365(a), for Entry of Order Authorizing
Debtors to Reject Certain Executory Contracts and Unexpired Leases Nunc Pro Tunc to
Petition Date (ECF No. 96); and
Whereas, on October 14, 2014, Apple, Inc. (“Apple”) filed Apple, Inc.’s Ex Parte
Motion for Order Authorizing Filing Under Seal Objection to Debtors’ Motion to Reject
(ECF No. 123) (“Apple’s Motion to Seal Objection”); and
Whereas, on October 20, 2014, the Debtors filed the Debtors’ Ex Parte Emergency
Motion for Entry of Order, Pursuant to Bankruptcy Code Section 107(b) and Bankruptcy
1 The Debtors in these chapter 11 cases, now jointly administered, are GT Advanced Techonogies, Inc.,
case no. 14-11916; GT Equipment Holdings, Inc., case no. 14-11917; GTAT Corporation, 14-11919; GT
Advanced Technologies Limited, case no. 14-11920; Lindbergh Acquisition Corp., case no. 14-11922; GT
Sapphire Systems Group LLC, case no. 14-11923; GT Sapphire Systems Holding LLC, case no. 14-11924;
GT Advanced Cz LLC, case no. 14-11925; GT Advanced Equipment Holding LLC, case no. 14-11929.
2 See fn. 1.
3 See 11 U.S.C. §§ 101, et al. (the “Bankruptcy Code”).
1
Case: 14-11916-HJB Doc #: 437 Filed: 11/04/14 Desc: Main Document Page 1 of 7
Rule 9018, Authorizing and Directing Debtors to File Under Seal Debtors’ Reply to
Objection by Apple to Debtors’ Emergency Motion, Pursuant to Bankruptcy Code Section
105(a) and 365(a), for Entry of Order Authorizing Debtors to Reject Certain Executory
Contracts and Unexpired Leases Nunc Pro Tunc to Petition Date (ECF No. 208) (the
“Debtors’ Motion to Seal Reply”); and
Whereas, on October 21, 2014, the Debtors, Apple, and the Official Committee of
Unsecured Creditors filed the Emergency Joint Motion of Debtors, Apple, and Official
Committee of Unsecured Creditors, Pursuant to Bankruptcy Code Sections 105(a) and
107 and Bankruptcy Rule 9018, for (A) Entry of Order Maintaining Supplemental Squiller
Declaration Under Seal Pending Approval Hearing on Debtors’ Settlement with Apple and
(B) Upon Approval of Settlement, Entry of Order Allowing Withdrawal of Supplemental
Squiller Declaration and Directing Removal from Docket and Destruction of Declaration
in Satisfaction of Settlement Condition (ECF No. 245) (the “Motion to Maintain
Supplemental Squiller Declaration Under Seal”); and
Whereas, on October 28, 2014, Apple filed Apple Inc.’s Motion for Order
Authorizing Filing Under Seal its Statement in Support of Sealing (A) the Squiller
Declaration, (B) Portions of Apple’s Response to the Debtors’ Motion to Reject Contracts
with Apple, and (C) Certain Confidential Information in Those Contracts (ECF No. 342)
(“Apple’s Motion to Seal Statement”); and
Whereas, in connection with the aforementioned motions, the following documents
have been filed with the Court and remain under seal (the “Sealed Documents”):
(A)Supplemental Declaration of Daniel W. Squiller in Support of Chapter 11
Petitions and First-Day Motions (the “Supplemental Squiller Declaration”);
(B)Various agreements, namely:
1. Confidentiality Agreement (Mutual), between Apple Inc. and GTAT
Corporation, dated August 24, 2012;
2. Apple Restricted Project Agreement between Apple Inc. and GTAT
Corporation, dated October 31, 2013;
3. Apple Restricted Information Agreement between Apple Inc. and GTAT
Corporation, dated October 31, 2013;
4. Master Development and Supply Agreement between Apple Inc. and
GTAT Corporation, #C56-13-02947, dated October 31, 2013;
5. Statement of Work #1 to the Master Development and Supply
Agreement between Apple Inc. and GTAT Corporation, #C56-13-02947,
dated October 31, 2013; and
6. Prepayment Agreement between Apple Inc. and GTAT Corporation,
#C56-13-03457, dated October 31, 2013; and
7. Membership Interest Pledge Agreement between Apple Inc. and GTAT
Corporation, #C56-13-03451, dated October 31, 2013;
2
Case: 14-11916-HJB Doc #: 437 Filed: 11/04/14 Desc: Main Document Page 2 of 7
8. Master Equipment Purchase Agreement Between Apple Inc., GTAT
Corporation, and GT Advanced Technologies Limited, #C56-13-02494,
dated October 31, 2013;
9. Equipment Lease Between Apple Inc. and GT Advanced Equipment
Holding LLC, #C56-13-03455, dated October 31, 2013;
10.Intellectual Property Agreement between Apple Inc., GTAT Corporation,
GT Advanced Technologies Limited, GT Sapphire Systems Holding
LLC, GT Sapphire Systems Group LLC, #C56-13-03388, dated October
31, 2013;
11.Conditional Assignment by GTAT Corporation In Favor of Apple Inc.,
#C56-13-03456, dated October 31, 2013;
12.Security Agreement between Apple Inc. and GTAT Corporation, #C56-
13-03453, dated October 31, 2013;
13.Secured Guaranty between GT Advanced Equipment Holding LLC for
the Benefit of GTAT Corporation and In Favor of Apple Inc., #C56-13-
03450, dated October 31, 2013;
14.Loan Agreement between GT Advanced Equipment Holding LLC and
GTAT Corporation, #C56-13-03452, dated October 31, 2013;
15.Equipment Lease Between GT Advanced Equipment Holding LLC and
GTAT Corporation, #C56-13-03454, dated October 31, 2013;
16.Facility Lease Agreement between Platypus Development LLC and
GTAT Corporation, #C56-13-03458, dated October 31, 2013, to which
is attached the Limited Liability Company Agreement of GT Advanced
Equipment Holding LLC, dated October 30, 2013
(together, the “Sealed Agreements”);
(C)Objection by Apple to Debtors’ Emergency Motion Pursuant to Bankruptcy
Code Section 105(a) and 365(a), for Entry of Order Authorizing Debtors to
Reject Certain Executory Contracts and Unexpired Leases Nunc Pro Tunc to
Petition Date (the “Apple Objection”);
(D)Debtors’ Reply to Objection by Apple to Debtors’ Emergency Motion, Pursuant
to Bankruptcy Code Section 105(a) and 365(a), for Entry of Order Authorizing
Debtors to Reject Certain Executory Contracts and Unexpired Leases Nunc
Pro Tunc to Petition Date (the “Debtor’s Reply”); and
(E)Statement by Apple in Support of Sealing (A) the Squiller Declaration, (B)
Portions of Apple’s Response to the Debtors’ Motion to Reject Contracts with
Apple, and (C) Certain Confidential Information in Those Contracts (the “Apple
Statement”);
and
3
Case: 14-11916-HJB Doc #: 437 Filed: 11/04/14 Desc: Main Document Page 3 of 7
Whereas, in addition to the documents filed under seal, this Court also conducted
a sealed hearing on the Debtors’ Emergency Motion for Entry of Order, Pursuant to
Bankruptcy Code Section 107(b) and Bankruptcy Rule 9018, (I) Authorizing Filing of
Motion to Seal Under Seal and (II) Authorizing Related Hearing to be Conducted In
Camera (ECF No. 55)4 (the “Sealed Hearing”); and
Whereas, on October 22, 2014, the Debtor filed the Supplemental Disclosure by
Debtors of Apple Agreements (ECF No. 250), to which is attached:
1. Master Development and Supply Agreement, between Apple Inc. and GTAT
Corporation, #C56-13-02947, dated October 31, 2013;
2. Statement of Work #1 to the Master Development and Supply Agreement,
between Apple Inc. and GTAT Corporation, #C56-13-02947, dated October 31,
2013, with redactions (the “Redacted Statement of Work”);
3. Prepayment Agreement, between Apple Inc. and GTAT Corporation, #C56-13-
03457, dated October 31, 2013;
4. Membership Interest Pledge Agreement, between Apple Inc. and GTAT
Corporation, #C56-13-03451, dated October 31, 2013;
5. Master Equipment Purchase Agreement, between Apple Inc. GTAT
Corporation, and GT Advanced Technologies Limited, #C56-13-02494, dated
October 31, 2013;
6. Equipment Lease, between Apple Inc. and GT Advanced Equipment Holding
LLC, #C56-13-03455, dated October 31, 2013;
7. Intellectual Property Agreement, between Apple Inc., GTAT Corporation, GT
Advanced Technologies Limited, GT Sapphire Systems Holding LLC, GT
Sapphire Systems Group LLC, #C56-13-03388, dated October 31, 2013;
8. Conditional Assignment, by GTAT Corporation in favor of Apple Inc., #C56-13-
03456, dated October 31, 2013;
9. Security Agreement, between Apple Inc. and GTAT Corporation, #C56-13-
03453, dated October 31, 2013;
10.Secured Guaranty, by GT Advanced Equipment Holding LLC for the benefit of
GTAT Corporation and in favor of Apple Inc., #C56-13-03450, dated October
31, 2013;
11.Confidentiality Agreement (Mutual), between Apple Inc. and GTAT
Corporation, dated August 24, 2012;
12.Confidentiality Agreement (Mutual), between Apple Inc. and GT Advanced
Equipment Holding LLC, dated October 31, 2013;
4 That motion was Granted in Part and Denied in Part by Order dated October 9, 2014 (ECF No. 88).
4
Case: 14-11916-HJB Doc #: 437 Filed: 11/04/14 Desc: Main Document Page 4 of 7
13.Apple Restricted Project Agreement, between Apple Inc. and GTAT
Corporation, dated October 31, 2013;
14.Apple Restricted Information Agreement, between Apple Inc. and GTAT
Corporation, dated October 31, 2013; and
15.Facility Lease Agreement, between Platypus Development LLC and GTAT
Corporation, dated October 31, 2013;
and
Whereas, “the presumption of public access applies to any paper filed in a
bankruptcy case,” including the Sealed Documents identified above, In re Gitto Global
Corp., 422 F.3d 1, 9 (1st Cir. 2005); 11 U.S.C. § 107(a); and
Whereas, “[o]nce the presumption of public access attaches under § 107(a), the
next step in the inquiry is not to engage in a balancing of the equities, . . . but rather to
determine whether the material at issue falls within a specific exception to the
presumption—namely, into one of the § 107(b) categories,” Gitto Global, 422 F.3d at 10;
and
Whereas, the presumption of public access under 11 U.S.C. § 107(a) and the
narrow exceptions set forth in 11 U.S.C. § 107(b) apply also to the public availability of
the proceedings of the Sealed Hearing, cf. In re Blake, 452 B.R. 1, 8 n. 11 & 13 (Bankr.
D. Mass. 2011); and
Whereas, this Court has an obligation to determine whether documents and
proceedings requested to be sealed fall within one of the exceptions to public access set
forth in § 107(b), regardless of any agreement between the parties, cf. Picciotto v. Salem
Suede, Inc. (In re Salem Suede, Inc.), 268 F.3d 42, 45 (1st Cir. 2001); and
Whereas, the Court has carefully reviewed each of the Sealed Documents as well
as the audio recording of the Sealed Hearing;
The Court FINDS AND RULES as follows:
1. The information redacted from the Redacted Statement of Work constitutes
confidential commercial information within the meaning of 11 U.S.C.
§ 107(b)(1);
2. The material attached to the Apple Statement as Exhibit B-1 constitutes
confidential commercial information within the meaning of 11 U.S.C.
§ 107(b)(1);
3. The Supplemental Squiller Affidavit does not contain any trade secrets or
confidential research, development, or commercial information within the
meaning of § 107(b)(1) and does not contain any statement that is “scandalous
or defamatory” within the meaning of 11 U.S.C. § 107(b)(2), as the statements
therein are neither irrelevant to the Debtors’ bankruptcy cases nor, taken in
context, would they “cause a reasonable person to alter his opinion of an
interested party.” Gitto Global, 422 F.3d at 14; and
5
Case: 14-11916-HJB Doc #: 437 Filed: 11/04/14 Desc: Main Document Page 5 of 7
4. With the exception of the information noted in paragraphs 1 and 2 above, none
of the remaining statements or information contained in the Sealed Documents
constitute trade secrets or confidential research, development, or commercial
information within the meaning of 11 U.S.C. § 107(b)(1) or “scandalous or
defamatory” matter within the meaning of 11 U.S.C. § 107(b)(2); and
5. None of the statements made by the Court or participating counsel at the
Sealed Hearing constitute trade secrets or confidential research, development,
or commercial information within the meaning of 11 U.S.C. § 107(b)(1) or
“scandalous or defamatory” matter within the meaning of 11 U.S.C. § 107(b)(2).
Therefore, the Court RULES:
1. The Motion to Seal Supplemental Squiller Declaration (ECF No. 92) is DENIED;
2. The Motion to Maintain Supplemental Squiller Declaration Under Seal (ECF
No. 245) is DENIED;
3. With respect to the Statement of Work #1 to the Master Development and
Supply Agreement, between Apple Inc. and GTAT Corporation, #C56-13-
02947, dated October 31, 2013, the request to redact the information identified
in Exhibit B-1 of the Apple Statement is GRANTED, and the unredacted
agreement shall remain under seal;
4. With respect to the Loan Agreement between GT Advanced Equipment Holding
LLC and GTAT Corporation, #C56-13-03452, dated October 31, 2013; the
Equipment Lease Between GT Advanced Equipment Holding LLC and GTAT
Corporation, #C56-13-03454, dated October 31, 2013; and the Limited Liability
Company Agreement of GT Advanced Equipment Holding LLC, dated October
30, 2013, any outstanding request to maintain those agreements under seal is
DENIED;
5. With respect to each of the remaining Sealed Agreements, the request to file
under seal is MOOT, as each has been filed in unredacted form on the public
docket;
6. Apple’s Motion to Seal Objection (ECF No. 123) is DENIED;
7. The Debtors’ Motion to Seal Reply (ECF No. 208) is DENIED;
8. Apple’s Motion to Seal Statement (ECF No. 342) is GRANTED IN PART and
DENIED IN PART inasmuch as only Exhibit B-1 shall remain under seal; and
9. The transcript and audio recording of the Sealed Hearing are to be made
available as part of the public record, subject to any provisions governing
access provided by any applicable Federal or Local Bankruptcy Rule.
In accordance with the foregoing, the Court ORDERS the Clerk’s office to make
available to the public, at 12:00 p.m. on November 7, 2014, the transcript and audio
recording of the Sealed Hearing, subject to any provisions governing access provided by
any applicable Federal or Local Bankruptcy Rule, and to file on the public docket, at 12:00
6
Case: 14-11916-HJB Doc #: 437 Filed: 11/04/14 Desc: Main Document Page 6 of 7
p.m. on November 7, 2014, ALL of the Sealed Documents, EXCEPTING ONLY THE
FOLLOWING DOCUMENTS WHICH SHALL REMAIN UNDER SEAL:
(a) The UNREDACTED Statement of Work #1 to the Master Development and
Supply Agreement between Apple Inc. and GTAT Corporation, #C56-13-
02947, dated October 31, 2013; and
(b) Exhibit B-1 attached to the Apple Statement
Go figure...only 8 months ago they were exploring options to expand the facility.
http://techcrunch.com/2014/03/28/apple-reportedly-looking-to-expand-gt-advanced-sapphire-plant-in-arizona/
"Even Forbes"?. Wrong again, just a silly contributor Chucky "I'm so short GTATQ" Jones.
I encourage you to do some more DD other then reading articles from Chuck Jones. He's not an objective journalist. Heck, I think he probably get's paid by Apple to write these fluff stories. If you ends up every article writing "I believe this stock will go to $ 0,00" then imo your real intentions are very clear.
He mentions that he's long AAPL but imo intentionally forgets to state that he's is short GTAT. He's is nothing more then a close friend of Tim Cook trying to safe his friend's ass .
GTAT is supplying technology enabling Ti:Sapphire crystals to laser experts worldwide for the development of next generation medical treatments.
Applications
HEM Ti:Sapphire's wide emission range, (660 nm to 1180 nm), high-power density pumping capability along with excellent crystalline structure enable today’s high intensity laser platforms. The high intensity platforms utilize Ti:Sapphire because of high peak-power, short pulses, increasing repetition rates and excellent beam quality and control. These facilities are creating the next generation of laser based applications such as radio therapy, proton therapy, accelerator physics, nuclear physics, infrared spectroscopy and materials characterization. GT Crystal Systems works closely with its customers to promote new designs and technology for the advancement of high intensity lasers.
http://www.gtat.com/products-and-services-HEM-Tisapphire.htm
August 11, 2014
GT Advanced Technologies Announces Merlin(TM) Metallization and Interconnect Technology
http://investor.gtat.com/releasedetail.cfm?ReleaseID=865530
"We are in active discussions with select lead customers who continue to validate the unique value proposition of Merlin as it is substantially differentiated from the traditional three busbar-based modules as well as the various flavors of multi-wire busbar solutions," continued Murali. "Our comprehensive testing of Merlin goes beyond what is traditionally required for such a product. We are taking this approach in order to ensure a smooth and seamless integration into our customers' manufacturing lines when we roll this out in 2015."
The company estimates that if Merlin achieved a market penetration in the eight to twenty percent range by 2018 it could represent a $400 million to $1 billion business. The company has already begun shipping sample quantities of Merlin grids to its lead customers and remains on track to commercially release Merlin in early 2015.
Introducing GT Advanced Technologies Hyperion(TM) 4 Ion Implanter Technology which enables Proton Induced Exfoliation (PIE), as well as, other applications.
17 mrt. 2014
N-type mono is coming, but when? 14. July 2014
Finally, in June GT Advanced Technologies announced a deal to supply its HiCz ingot pullers to Qatar Solar Energy, which the company will use to produce n-type wafers for production of high-efficiency PV at an integrated factory in Qatar.
GTM Research Analyst Shyam Mehta says that while there has been increased interest in n-type technologies lately, many companies have been pursuing high-efficiency PV designs based on n-type mono wafers for a number of years without significant success.
"People have been talking about the shift to n-type for a while, and we see it as part of a number of company's roadmaps," explains Mehta. "But in terms of actual market adoption so far, it's still pretty niche."
Read more: http://www.pv-magazine.com/news/details/beitrag/n-type-mono-is-coming--but-when_100015728/#ixzz3Hnm2KUX1
http://techcrunch.com/2014/02/25/apple-sapphire-supplier-gt-advanced-talks-new-customers-expanding-to-other-part-segments/
Per GT Advanced CEO Tom Gutierrez from the official release:
Our arrangement to supply sapphire materials to Apple is progressing well and we started to build out the facility in Arizona and staff the operation during the quarter. We are pleased to have Apple as a sapphire customer and to be in a position to leverage our proprietary know-how to enable the supply of this versatile material. While our primary focus during the balance of the year is to continue to execute on our commitments in Arizona, our aim is to position GT not only as an exceptional sapphire supplier to Apple but also as an unparalleled world-class supplier of sapphire material and equipment to a variety of customers.
That makes it sound like Apple has a lockdown on GT Advanced’s business for at least the next year (which could help Apple ship the first iPhones with sapphire displays), but all bets are off beyond then, which could mean we see the manufacturing company chart a trajectory similar to Corning’s with Gorilla Glass. Apple basically resuscitated Gorilla Glass, bringing it from interesting outlier tech to the defacto standard of premium smartphone manufacturing.
GT Advanced also hinted that it won’t stop at sapphire, but will also expand its manufacturing capabilities into a range of other types of materials for use in gadget construction. The company sees the sapphire business as an ‘in’ to the supply market, with no shortage of other possibilities for the end of 2014, ramping up considerably through next year.
[O]ur entry into sapphire materials may enable us to expand into other materials segments once we have fully ramped the operation in Arizona. The many diversification and investment seeds we have planted over the last several years in the LED, power electronics, advanced solar and industrial markets are expected to begin to bear fruit over the next 18 months. We are seeing significant interest in our new products and now expect equipment orders from these initiatives to be received during the latter part of 2014, with meaningful revenue recognition beginning in early 2015.
GT Advanced expanding into new technologies could have implications for its ongoing partnership with Apple, too. Apple has been moving to bring more of its manufacturing and supply chain to the U.S. in the past couple of years, including basing assembly of its new Mac Pro computers in Fort Worth, Texas, at a Flextronics partner facility. Apple continues to shift its supplier mix in general, with ongoing efforts to move away from dependence on Samsung.
GT Advanced serves a variety of customers, including large industrial and solar industry clients, so there are plenty of other opportunities for it to expand its business outside of Apple. Still, interesting to consider the company’s future potential as the next Corning of the smart devices industry, or as a player which has more to offer Apple beyond display tech.
PLEASE TAKE FURTHER NOTICE that if no objections are timely filed and served
with respect to the Motion, GTAT may, on or after the Objection Deadline, submit to the
Bankruptcy Court an order substantially in the form of the proposed order annexed to the Motion,
which order may be entered with no further notice or opportunity to be heard offered to any party.
Dated: October 31, 2014
You nailed it again Bob! Thumbs up for you!
Exactly my thoughts. Exciting week ahead for us with a lot of speculation! What a great stock and story to follow. And in the meantime a learn a lot about CH 11 / BK without following a $ 20k course for it!
I agree! But my damn IH L2 still doesn't work! Hate this!
He sure would...And now Apple is stuck with Tim Cock...eeh... I mean Cook..LOL!!
My thoughts exactly!
Thanks for posting that link. Very informative.
2014 Gasification Technologies Conference
October 26-29, 2014 Washington, DC
http://www.gasification.org/events/2014-conference/
I'm buying the fear today! LOL!
I prefer this one.... the past is the past... the future is what counts now! I follow the AROONS's...downside minimal....AROON will probably turn positive Monday...latest Tuesday then we burst through the psychological $ 1 barrier without any significant resistance, that is, from a technical standpoint. As always, fundamental events can change the whole picture in a heartbeat, whether be good or bad (depending on your position, long or short). Personally, I'm confident common shareholders will come out unharmed is this case. Remember that +80% of the O/S is held by institutions. They won't accept a "wipe out" if all the details of the BK/ Chapter 11 being kept secret / under seal. Only if the common's will be kept intact the won't proceed and that's, imo, what's going to happen. Time will tell but my gut feeling tells me this is a once in a lifetime chance to bank exponentially in a relative short period with a Chapter 11/ Q play. So, if you come out of the weekend with some poker gains left I would recommend to throw some "Moolah" in here ;)
So in other words... I rest My Case! 'Nuff Said!!
I will settle for half of that
Despite it's an SA writer I do like his opinion in this case!
The company is a manufacturer of high-tech equipment for the Solar Industry and millions of dollars of business in the pipline. One such contract is with Qatar Solar ( investor.gtat.com/releasedetail.cfm?ReleaseID=854427 ) for over $300 million in Solar manufacturing equipment. The company possesses the potential to exercise an enormous capacity to supply the Sapphire industry, which is set to explode as Sapphire screens become the standard for Smartphones. GT Advanced offers important efficiency increases and cost-cutting investments to the Solar Industry and their technological advancements are potentially going to lead the way to Solar-Powered Smartphones.
The way their balance sheet is projected to shape-up after the Apple obligations have been accounted for will provide a strong argument for the stakeholding parties to sign-off on a non-equity dilutive credit agreement that appropriately represents the interests of those stakeholders as well as equity investors who have been enduring a financial risk with an uncertain payoff during a tumultuous holding period rich with fear and portentions of doom.
A final settlement of the Chapter 11 proceedings which includes a non-dilutive equity plan that appropriately regards GT Advanced's gainful financial prospects as a going concern as it emerges from bankruptcy is a wholy appropriate goal of the Court and other interested stakeholders. And it is an attainable goal so long as Apple and GT Advanced come together to sign-off on their proposed settlement that will clean up GT's balance sheet and excess operations expenses.
Finally, stakeholders can be glad that no liquidation of productive assets has been required to take place to cover on-going expenses.
http://seekingalpha.com/instablog/32340785-richard-gamingo/3395525-the-180-spin-gt-advanced-won-from-apple
Have a good weekend all! Next week should be fun again!
Just filed. Imo ongoing disccussions with the unsecured creditors could lead to a settlement like the Apple-deal!
Court Docket: #0294
Document Name: Order Granting Ex Parte Motion to Extend Time to File Response or Objections to the Retention Applicaitons to October 27, 2014
ORDER
For good cause shown, and no further hearing being required, and based on the Debtors’
assent, the Court hereby grants the United States Trustee’s Motion for an Extension to File
Responses or Objections to the Retention Applications. The United States Trustee may have until
October 27, 2014 to file Responses or Objections to the Retention Applications of Paul Hastings
LLP (Doc. No. 160); Nixon Peabody LLP (Doc. No. 162); Ropes & Gray LLP (Doc. No. 163);
Rothschild Inc. (Doc. No. 164); Alvarez & Marsal North America, LLC (Doc. No.165); and
Quinn Emanuel Urquhart & Sullivan, LLP (Doc. No. 167).
DATED this 24-10-2014
It has been filed now. No worries though.. can still be dismissed for other reasons!
https://www.kccllc.net/gtat/document/list/3940?
Court Docket: #0287
[url]287 On October 17, 2014, A notice of Dismissal was issued in this
case (Doc. No. 170 & 180) requiring the debtor to satisfy a
deficiency or the case would be dismissed.The deficiency listed
in the Notice was satisfied on 10/22/2014 by the submission of
the required declaration re: electronic filing. The case will not be
dismissed for the reason listed in that Notice. (gll) (Entered:
10/24/2014)
There are some people out there who can see prospects:
This is an article from 1 August:
http://seekingalpha.com/article/2368255-gt-advanced-technologies-patented-solar-beast-hyperion-is-commercially-available
I am currently modeling Hyperion sales of $100m in 2015 and $800m in 2016 with a 45% gross margin. I expect Hyperion to contribute $0.18 in EPS in 2014 and $1.45 in 2016. I believe GTAT's Hyperion business ALONE is currently worth $24 per share, or $3.6 billion in market cap, based on my enterprise forward P/E of 16.62 times my FY 2016 EPS estimates.
But everyone is entitled to his own opinion.
It seems that CSTI has first to cover his shortposition. They will use all their tricks like we've been witnessing the last few sessions! Hold on to your shares!
Now then! Come on! Push Push!!!
Okay! Here we go! Next attempt to break through 0,85.
Are we having fun today?
Bingo! Peeps don't know or don't want to acknowledge that GT has more in store then saphire.
I like this part in particular:
I believe GTAT's Hyperion business ALONE is currently worth $24 per share, or $3.6 billion in market cap, based on my enterprise forward P/E of 16.62 times my FY 2016 EPS estimates.
http://seekingalpha.com/article/2368255-gt-advanced-technologies-patented-solar-beast-hyperion-is-commercially-available
Haha! We're golden here! Read this man's twitterfeed from court. $ 4 minimum and common shareholders will do fine!
@thelab2013 @renaudandco business sans Apple 4+
— Nathan Cottrell (@nathcot) October 21, 2014
Thanks for the update. Sounds all positive to me so far. Reorganize and back to original core business. Tomorrow should be green! Perfect trading stock!
Hearing just started I believe. I wonder how long it takes before there are some leaks! We will probably see it soon enough if volume spikes.
Today's court schedule:
Apple's deadline, October 21, 2014, (9:00 a.m. (ET))
Amended agenda of Matters, October 21, 2014, (10:00 a.m. (ET))
Continued First Day Hearing, October 21, 2014, (2:00 p.m. (ET))
https://www.kccllc.net/gtat
Hell Yeah! Billy Paul, one of my all time favourites! Power Hour will push us towards $ 1 here! This is soooo funny to watch!
Just got home from work...nice surprise but not unexpected! Would be nice if can close above $ 1 today.
What Scares Apple About Its GTAT Contracts? Forbes 10/19/2014 @ 3:11PM
Apple has asked the judge in GTAT’s bankruptcy filing to keep a large number of documents sealed. In a recent court hearing covered by Fortune’s Philip Elmer-DeWitt the judge said he was ‘having some trouble’ finding any trade secrets or commercial interests to justify a blanket seal. He added ‘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 hadn’t changed the specifications.’ The judge has asked Apple to provide page by page and line by line details on what should remain sealed.
So why would Apple not want to have its GTAT agreements be public besides Apple’s culture of secrecy? There is another hearing on Tuesday, October 21, the day after Apple announces it September quarter results, so while we may learn more then I doubt the documents will be released that day since the judge will have to rule on the information provided by Apple’s attorneys.
http://www.forbes.com/sites/chuckjones/2014/10/19/what-scares-apple-about-its-gtat-contracts/?partner=yahootix
Hear hear. I traded CEMQ (now CHMT) back in 2009. That one did pay off very well .