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Um, no it did not LOL. Check the MOR's. stock compensation is from their pre-ch.11 incentive bonus' (MIP or another compensation program)
Right but wait, what exactly is he saying? has it not always been known that the convertible bonds could walk away with shares of the new company, which would dilute us current shareholders?
Again, they won't get shares of GTATQ, they will get shares of "New GTAT company"
And we already know that the debtors, creditors, and note holders have said there will be nothing left for shareholders, which would mean the "New GTAT company" would go to them in a POR...
Wait wait what? The company isn't going to be valued based on its stock price in BK.....
it's going to be valued based on how the professionals value it / value battle it out. A high stock price could help shareholders by giving us negotiation leverage to be included in the POR...
Check what happened with AAMRQ. Closed around 11 the day the stock got cancelled and shareholders got their initial 6% shares. 94% dilution still...( they are at 25% dilution now however) The stock price helped shareholder parties negotiate a spot on the POR..
Ding ding spot on,
Now.... If you are a bondholder you are hoping that they will get shares.
The best thing for shareholders is that the bonds get reinstated maybe at a higher coupon
GTATs biggest creditor that is senior to equity are its convertible bonds. It's not "news" that convertible bonds can be payed back in new stock of the reorganized company. The debtors, note holders, and creditors might undervalue the company in a POR in which shareholders will receive nothing.
This is why an equity committee will drastically help shareholders chances. They may be able to negotiate a settlement, or enter into a full on valuation battle against the other parties. The equity committee motion is due for hearing October 16.
Err....it's always been known that debt for equity swaps were on the table. Creditors can't get paid in cash so they will get paid based on the value of the company in shares.
I think this is spot on Satellite. I agree with this opinion.
Just because they have shareholders best interest in mind does not mean they are qualified to lead the EC. Not once have we seen a resume of any sort from either of the people Bunny listed. (except Williams)
Even on the current Ad Hoc, the only suited players would be Wilingham and maybe Southard (due to his legal experience.) William's would be great for the EC but he is not on the Ad Hoc, apparently he has been contacted though.
What do Xena / Larry / Cents do or have experience of to be on the official equity committee that will lead Shareholders to having our rightful recovery? That is something not many people know on IHUB unless Xena, Larry, or Cents told people in PM to various users. Maybe Bunny knows something I don't? Because it has never been made public on the board.
I, and many other shareholders I bet, invite anyone qualified to reach out to the UST with their reasoning on why they should be on the EC if they feel so fit.
Leaders based off of what? Why should the people you listed be the head of the EC committee? I wanna know your reasoning. Maybe I will agree.
He ain't bashing lol. Just giving us his opinion, he is basing it on last performance of BK stocks.
Yeah and only a few parts are redacted like the sale price for ASF furnaces to be bought from GT HK to GT US.
That isn't a BK court order or even part of the BK case. It seems to be the SEC allowing the concealing of certain information from the public.
"For the commission(SEC)...by Brent j. Fields..secretary"
Um that wasn't a "Pr" and that confidential order is just concealing certain parts of the inter company settlement that was not disclosed to the public due to "commercially sensitive info" It's very ordinary course of business for companies to seal documents / excerpts of documents like this.
This ran due to the prospects of an equity committee being on the table. (safe assumption since this ran the Monday after the hearing) why would this drop ( or why would the prediction be a drop) right before the equity committee hearing? Makes no sense.
I'm not saying it can't happen but you are saying "this will drop because thats what always happens" but are blatantly ignoring what is going on with the actual chapter 11 case and why this ran in the first place..
Yep. that date will decide how this "play" ends. Some people are in it for the POR but a positive outcome will be beneficial for POR + the "Q play" obviously.
Shareholders will have a stake in the company with an official equity committee IMO. and GTATQ will rise higher before a POR.
Someone said it a few days ago, can't remember, gonna repeat it again. I now believe that a higher GTATQ price in ch.11 will leverage negotiations for our spot in a POR. EC Is HUGE for all shareholders
Meh fundamentals have not changed but equity has a chance to have official representation in the bankruptcy case. This will run / hold until the October hearing, and if an equity committee is appointed then this will RUN IMO.
If not then it will crash.
Who's they. What are you talking about ?
Not to mention the new set of bonds and the Apple repayment amount..Apple dea slaughtered GTAT, but that isn't news
Looks like the intercompany sales agreement dated July 20th. Ordinary course of business to conceal documents like this.
Meh, I was wrong, obviously my opinion has to change since an extension was filed and granted today.
"LMAO"
That's not how it works, the 16th is just a hearing on appointing an equity committee or not. However it is safe to assume that if we do not get an official equity committee, equity is toast inside a POR which will come early Next year
Shares will still trade until a POR regardless of outcome. If an equity committee is declined the 16th, share price is going to get rocked IMO. If it is approved, share price will react positively
Well of course it was the Court'd decision. What I am saying is it would be interesting to see what Boroff had to say to back up his change from the 15th to the 16th. As I said, It's safe to assume it could have to do with the EC motion. However it could also/only have to do with the motion filed yesterday to change the wording of the claim transfers final order, which is also scheduled for that date.
Or it could be something completely different. Safe assumptions all around though IMO.
The U.S. is about to enter a solar boom
sapphire is in demand.
I agree with points #1 and #2. Would LOVE to see a transcript on what the discussion was on why they moved the date one day back. Personally the October hearing transcript will be more important though. IMO it is safe to make the assumptions you made for #1 and #2 Xena.
As for #3, meh. That idea is outdated and IMO long gone. GTAT will be just fine in the future from a revenue standpoint, but not in the short term or during the end of this ch.11.
Order approving Debtor's period of exclusivity -
https://www.kccllc.net/gtat/document/1411916150917000000000003
Correct me if I am wrong about TXT, but GTAT is trying to dispose of the 20 mil or so in claims on the basis that if TXT does not pay back the 7 million GTAT payed TXT in the "preference period" before BK, there only legal action is to dispose of the 20 mil claims, correct?.
If I am right, and GTAT is successful, that would be huge for the balance sheet in terms of the general unsecured debt, not counting bond debt.
Hold for POR!
Or just hold
Ty Xena for the Audio for the hearing, glad to know the Ad Hoc has a very well spoken lawyer. (Mcglynn)
Interesting tidbit from Lens' Semi annual report regarding their financing for Sapphire,
Companies will seize market opportunities, expand sapphire, 3D curved glass related R & D, design and manufacturing capability to meet the rapid growth in intelligent terminal product markets sapphire, 3D surface of the glass market demand, continue to maintain domestic smart terminal product protection glass industry lead. This non-public offering of stock issues has been China Securities Regulatory Commission accepted, and made the "China Securities Regulatory Commission administrative license application processing notice" [No. 152,168], the company will strive for the early completion of work on non-public offering of stock, and timely disclosure of progress Happening.
Thanks Pdetti. you da man
Nice Tidbit from that flyer Hunter posted,
Standardizing sapphire manufacturing operations on the ASF platform will allow companies the ability to utilize GT’s current volume production 165 kilogram technology today knowing their investment is protected as GT introduces subsequent generations of future ASF furnaces with the capability to produce even larger boules.
Nice find, where did you get it? can't find it on the site under ASF.
Do you know when this flyer came up on the site?
EDIT: http://www.gtat.com/resources-white-papers.htm
Found it, not sure when they were posted though. It'll be interesting to know when it was made. 5 months ago?? 1 month ago? few weeks ago? etc..
This is the PC connection 503(b)(9) claim amount
Going off on this, boroff has said in court a few times now that the reason for GTATs bankruptcy was a "misstep" by GTAT and they must now "pivot" back to their original business. So bringing up Apple as primary liable for GTATs bankruptcy will be tough and hence why I say I'm not sure of the legal angle
As I said before, qualified claimholders could in fact own half of GTAT at the least in a POR ( not counting apple debt) this means NOL's will be fine. However it is not known at this time. Only the 2012 bonds that were not traded in the 18 month period before BK and trade payables can qualify for qualified claimholders status. (So something like a little more than half of the total debt besides Apple debt) A POR might give more info and negotiations during and leading up to POR time will tell more.
If not, then the only way to save NOL's is if shareholders are not diluted 50% of GTAT+1 share.
IMO NOL's can be seen as 150 mil in value..this is something the ad hoc committee should focus on as well as other routes to recovery (if qualified claimholders would not satisfy the NOL requirements)
Creditors will own the company at this rate without settlement with an equity committee, which means they will own IP post Ch.11. Hyperion might be sold off in BK tho, before creditors have a major say (they can object in court if the terms are out of the ordinary course of business etc)
Of course, thats why a group of pre-bk shareholders have a lawsuit against GTAT execs + Apple.
Not sure if it will hold any ground though. Including an official committee of equity holders suit against Apple. Apple has a good defense in the whole fiasco.
It is something an official committee of E. Holders might want to look into though, as a last attempt to bring back value to GTAT shareholders (Absolute Priority rule has to be followed still, so value back to creditors), IMO.
But then why has the Official Creditor Committee been sort of silent regarding Apple? Besides their objections to the Apple settlement, which were resolved.
The Apple path to value could just be a dead end
not 500 mil, something more like "unliquidated"..
In all seriousness, that is an option for the official committee of equity holders (if applicable) could have.
Fabrication equipment, Apple contractors dictating how the plant was run in a sense, loss of back up power (although this factor was not a big factor in GTAT not being able to produce 260kg boules efficiently)
these are factors that ruined GTAT that directly relate to Apple.
Not sure what the legal angle is for equity holders is though.
Can't wait..