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GT Advanced to Sell Sapphire-Related Assets at Online Auctions
DOW JONES & COMPANY, INC. 1:43 PM ET 4/17/2015
GT Advanced Technologies Inc. (GTATQ) won court approval to sell off some assets through an online auction, including machinery, equipment tools and electronics related to its defunct sapphire business.
In an order signed Thursday, Judge Henry J. Boroff said the auctions could begin around May 22 and be managed by Cunningham & Associates Inc., as the company requested. GT is storing the assets in Arizona, Massachusetts and New Hampshire.
The move is the latest in GT's exit from the sapphire-manufacturing business after its much-publicized divorce from Apple Inc.(AAPL) late last year.
Judge Boroff earlier this month approved measures for a $45 million sale of furnaces related to the sapphire business to a Chinese customer.
In December, GT Advanced(GTATQ) won bankruptcy-court approval of a settlement with Apple(AAPL) that wards off the threat of litigation over the failed effort to produce large quantities of scratch- and shatter-resistant smartphone screen materials. That set into motion a plan by GT to withdraw from the sapphire business and remake itself.
The settlement gives GT Advanced(GTATQ) four years to sell off the equipment from the abandoned sapphire manufacturing venture to pay down its $439 million in Apple(AAPL) debt.
The company is pursuing $95 million worth of loans to rehabilitate its business. If those loans are eventually approved by Judge Boroff, the company could exit bankruptcy by early 2016.
GT Advanced (GTATQ) filed for Chapter 11 bankruptcy protection in October, its business in disarray after Apple(AAPL) launched its latest generation of iPhones without GT Advanced(GTATQ) sapphire screens.
In court papers, GT Advanced(GTATQ) had accused Apple(AAPL) of keeping it a "captive" supplier, subject to shifting specifications. GT Advanced(GTATQ) also said it was the victim of Apple's(AAPL) interference in the manufacturing process and found itself in a one- sided deal with a customer that allegedly refused to buy or to bargain.
Apple (AAPL) countered that it was the wronged party, left without sapphire-screen material, vilified as a corporate bully and owed hundreds of millions of dollars.
More than 800 jobs were lost when the company shut down its sapphire-manufacturing operation.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Joseph Checkler at joseph.checkler@wsj.com
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04-17-151343ET
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GT Says Executive Bonuses Will Drive Bankruptcy Survival Bid
DOW JONES & COMPANY, INC. 2:45 PM ET 12/30/2014
Symbol Last Price Change
AAPL 112.4 -1.51 (-1.33%)
GTATQ 0.368 -0.0049 (-1.31%)
QUOTES AS OF 02:25:09 PM ET 12/30/2014
The New Hampshire company that fell into bankruptcy following a failed deal with Apple Inc.(AAPL) is asking to pay millions in bonuses to its senior executives.
GT Advanced Technologies Inc. (GTATQ) says it needs to keep the identities of those in line for bonuses secret to keep its business from being damaged.
Less than a year after announcing it would transform itself from a solar-power and sapphire-producing-equipment maker to a maker of smartphone screen material for Apple(AAPL), GT filed for Chapter 11 bankruptcy protection, blaming Apple(AAPL). Apple(AAPL) has denied it was responsible for GT's collapse.
Pay enhancement is necessary to motivate "the key drivers" in GT's bid to restore its business in bankruptcy, lawyers said. Court filings outlining the bonus proposal say GT's stock, once a major component of executive compensation, is no longer good for motivating performance by company leaders.
More than 800 jobs were lost when the company shut down its sapphire-manufacturing operation, which failed to produce screen material acceptable to Apple(AAPL) at a cost that made sense for GT. Morale is low, and people are leaving, lawyers for GT said in a filing Monday with the U.S. Bankruptcy Court in New Hampshire.
The company is selling equipment from the sapphire venture to pay off its debt to Apple(AAPL), some $439 million, and to fund its revival as an equipment maker.
Because of GT's October bankruptcy filing, its bonus programs need a judge's signature to take effect. The company is asking for a hearing in January and says it expects opposition.
One proposed program covers nine unidentified senior executives, some of whom could double their salaries if top targets are hit, court papers say. GT says it expects to pay $2.275 million to the top-level executives under the bonus program.
A spokesman and an attorney for GT both didn't respond Tuesday to questions about which top executives are qualified to share in the bonuses. As a publicly traded company, GT is required to report the compensation of top-ranking executives in filings with the Securities and Exchange Commission.
A second bonus proposal would benefit 28 people who, according to GT, don't qualify as "insiders." In bankruptcy, classification as a company insider exposes people to a tougher level of scrutiny for pay enhancements. The second program is expected to pay out $1.4 million, court papers say.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
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(END) Dow Jones Newswires
12-30-141445ET
Copyright (c) 2014 Dow Jones & Company, Inc.
GT Advanced Technologies Actively Pursuing ASF(R) Furnace Sales Without Exclusivity Restrictions Following Bankruptcy Court Approval of Settlement Agreement With Apple
GLOBENEWSWIRE 2:09 PM ET 12/23/2014
Symbol Last Price Change
GTATQ 0.386 -0.018 (-4.46%)
QUOTES AS OF 02:09:24 PM ET 12/23/2014
MERRIMACK, N.H., Dec. 23, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc.(GTATQ) today announced that following the Bankruptcy Court's recent approval of its Settlement Agreement with Apple, GT is now pursuing ASF® furnace opportunities for sapphire cover glass applications across the broader smartphone market as well as ongoing opportunities in the LED and Industrial markets.
Under the Settlement Agreement, all previous exclusivity restrictions have been lifted and GT retains control of its intellectual property as well as ownership of its production, ancillary and inventory assets located in Mesa. GT has been provided with a rent-free lease of the Mesa facility through the end of 2015 and a subsequent rent-free lease of a portion of the facility for storage through 2019, subject to early termination by Apple on 6-months prior notice, which can be issued no sooner than July 1, 2016. Apple has been provided with a mechanism for recovering its $439 million pre-payment made to GT whereby Apple will receive a portion of ASF sales for each furnace that GT sells.
"We are very pleased that the court has approved our Settlement Agreement with Apple, which we believe is in the best interest of all parties," said Tom Gutierrez, GT's chief executive officer and president. "We are focused on executing on our business plan which includes marketing and selling our market-leading ASF sapphire growth technology. Based on the demonstrated field performance of the ASF, GT's technology roadmap and our unmatched sapphire growth expertise, we are confident that GT's ASF platform offers sapphire manufacturers the most cost competitive, scalable and versatile solution for sapphire growth for several applications including consumer electronics. Since we have re-entered the market, interest in our sapphire technology has continued to grow."
Gutierrez concluded, "Since our chapter 11 filing, we have taken several important steps to significantly reduce our cash operating expenses and protect our cash position, which was $96.7 million as of December 19th, while at the same time we have continued to invest in our market leading technologies. We are making good progress in our efforts to secure debtor-in-possession financing which we believe will provide GT with sufficient liquidity to continue to implement our business plan."
About GT Advanced Technologies Inc.(GTATQ)
GT Advanced Technologies Inc. (GTATQ) is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies(GTATQ), please visit www.gtat.com.
Forward-Looking Statements
Some of the information in this press release relates to future expectations, plans and prospects for the Company's business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology. Forward-looking statements include, but are not limited to the following: the Company will pursue ASF® furnace opportunities for sapphire cover glass applications across the broader smartphone market as well as ongoing opportunities in the LED and Industrial markets; the Company will be successful in converting ASF® furnace opportunities for sapphire cover glass applications across the broader smartphone market as well as ongoing opportunities in the LED and Industrial markets into future sales and into revenue; the Settlement Agreement is in the best interest of all parties to such agreement; the Company is focused on executing on its business plan (and will be successful in doing so) which includes marketing and selling its market-leading ASF sapphire growth technology; based on the demonstrated field performance of the ASF, the Company's technology roadmap and its unmatched sapphire growth expertise, the Company is confident that the ASF platform offers sapphire manufacturers the most cost competitive, scalable and versatile solution for sapphire growth for several applications including consumer electronics; the Company continues to invest in its market leading technologies; the Company is making good progress in its efforts to secure debtor-in-possession financing and that this debtor-in-possession financing will provide the Company with sufficient liquidity to continue to implement its business plan. These forward-looking statements are not a guarantee of performance and these statements involve certain risks and uncertainties that may be beyond the Company's control and may cause actual future results to differ materially from our current expectations both in connection with the settlement agreement with Apple, the Chapter 11 filings and the Company's business and financial prospects. Statements of management's expectations, including its ability to successfully restructure, to address its financial challenges, obtain debtor-in-possession financing, the ability to address important issues in an orderly way and to make the Company stronger and more competitive are based on current assumptions and expectations. No assurance can be made that these events will come to fruition. Factors that could affect our results include, but are not limited to: (i) market demand for the Company's equipment tools (including ASFs), (ii) the ability of the Company and its subsidiaries to continue as a going concern, (iii) the ability of the Company to obtain debtor-in-possession financing in adequate amounts; (iv) the ability of the Company and its subsidiaries to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases, (v) the ability of the Company and its subsidiaries to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 cases, and (vi) the effects of the bankruptcy filing on the Company and its subsidiaries and the interests of various creditors, equity holders and other constituents. Other factors that may cause actual events to differ materially from those expressed or implied by the forward-looking statements and various other risks are outlined in GT Advanced Technologies Inc.'s(GTATQ) filings with the Securities and Exchange Commission, including (but not limited to) the statements under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 28, 2014 and the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s(GTATQ) expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc.(GTATQ) anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc.(GTATQ) is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: Media
GT Advanced Technologies(GTATQ)Jeff Nestel-Patt
Jeff.Nestelpatt@gtat.com
603-204-2883
Investors/Analysts
GT Advanced Technologies Inc.(GTATQ)Ryan Flaim
Ryan.Flaim@gtat.com
603-681-3869
Image: GT Advanced Technologies(GTATQ) logo
GT Advanced Tech modifies bankruptcy deal with Apple
REUTERS 2:39 PM ET 12/15/2014
Symbol Last Price Change
GTATQ 0.38up +0.105 (+38.18%)
AAPL 108.6 -1.13 (-1.03%)
QUOTES AS OF 02:50:20 PM ET 12/15/2014
By Tom Hals
Dec 15 (Reuters) - GT Advanced Technologies Inc(GTATQ) modified its bankruptcy settlement with former partner Apple Inc(AAPL) 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(GTATQ) 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(AAPL) with scratch-resistant sapphire material for iPhone screens. But Apple(AAPL) then turned to a different material for the screen of its iPhone 6 model.
GT Advanced (GTATQ), which invested heavily into increasing production of sapphire materials for Apple(AAPL), 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(GTATQ) 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(AAPL). 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(AAPL) would receive $169,000 for each of the first 500 furnaces under the modified agreement. Previously, the parties had agreed that Apple(AAPL) 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(AAPL) 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(AAPL) 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(AAPL) 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."
The case is In re: GT Advanced Technologies Inc.(GTATQ), U.S. Bankruptcy Court, District of New Hampshire, No. 14-11916. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Alan Crosby)
House of Cards: Why Digital Ally Shares are Bound to Collapse
BY Jack Mohr
12/08/14 - 02:11 PM EST |
http://www.thestreet.com/story/12977986/1/house-of-cards-why-digital-ally-shares-are-bound-to-collapse.html?puc=yahoo&cm_ven=YAHOO
New York (TheStreet) -- President Obama's call last week to spend $75M to outfit America's police departments with body cameras has set the companies which make the body cameras on fire. In fact, their stocks have been on a tear ever since the Ferguson tragedy in mid-August. The parabolic rise is most glaring in shares of Digital Ally (DGLY) , which is up nearly 400% in the past 3 months alone, even though it is more than 22 times smaller than its largest competitor Taser International (TASR) . While I do believe police body cameras will in time become the new norm, Digital Ally is not positioned to capture this tailwind, and is already getting stomped out by its larger, more powerful competitors which have the scale, networks, distribution channels and customer relationships necessary to dominate the industry. This is a true house of cards situation, and I would not be surprised to see this company collapse under the weight of its own financial missteps.
Digital Ally isn't just in bad financial health. It's on its metaphorical death bed, propped up by an unmanageable debt load. The company has yet to turn an operating profit this year, let alone at any point in the last five years. It has been unable to convert recent publicity into sales, and only managed to grow revenue by 3.7% in the latest quarter. In the same quarter, the company lost over $6M while its long-term debt swelled over 280% sequentially. This imbalance is startling, and a deeper dive into its financials tell an even sadder story.
In 2011 the company borrowed $2.5M with a May 2012 maturity date. Come May 2012, however, the company didn't have the cash to pay off the balance, forcing it to extend the maturity out another year. This pattern has repeated itself over and over again since then, with the payment date extended out to 2015. Each time it modifies the loan agreement, Digital Ally is forced to offer its lenders additional sweeteners that further compromise its financial health.
As Digital Ally keeps kicking this $2.5M can down the road, it is taking on additional debt to pay off its old debt and cover interest payments. It is, in the most classic sense, robbing Peter to pay Paul. The company raised an additional $4M this past quarter through a convertible debt offering just so it could cover its massive loss and stay afloat. This convertible raise is not only expensive for the company, it also has the potential to dilute shares by nearly 17%. Digital Ally is practically begging its lenders to fund them, and as a result of its mounting losses, its capital suitors are few and far between. The company directly admits in its filings that it is unable to secure a bank loan given its "recent operating losses, current banking environment and the Convertible Note, which may adversely affect our ability to finance our business, grow or be profitable".
As Taser, Veivu and other large players in the police protection market rack up deal after deal in light of the Michael Brown and Sam Garner incidents, Digital Ally hasn't picked up a new order in nearly a month and a half. Unfortunately for them, they don't have the luxury of time. Unless sales multiply at exponential speeds over the coming months and the company finally figures out a way to turn around its margins, it is doomed to collapse under its own weight.
-- Written by Jack Mohr in New York
GT Advanced Creditors Want More Information On Apple Deal
DOW JONES & COMPANY, INC. 2:33 PM ET 12/8/2014
Symbol Last Price Change
GTATQ 0.36up -0.0094 (-2.54%)
AAPL 111.92down -3.08 (-2.68%)
QUOTES AS OF 02:31:57 PM ET 12/08/2014
Creditors of GT Advanced Technologies Inc.(GTATQ) , who are investigating the sapphire-maker's crucial settlement with former customer Apple Inc.(AAPL) , are demanding more information about the deal before it goes before a judge.
In a Friday filing with U.S. Bankruptcy Court in New Hampshire, lawyers for GT's official committee of unsecured creditors said they are concerned that the settlement will "significantly impact creditor recoveries" and needs to be more transparent.
"Given the limited factual analysis presented in the settlement motion, it is left to the committee to try to determine which party is responsible for the failure of a billion dollar project touted as a game changer for the debtors," the creditors said in their filing.
The creditors are also worried about a provision of the settlement that may stop them from being able to pursue legal action against Apple(AAPL) in the future.
The creditors are officially objecting to the settlement, saying they need more information to determine whether they may have any legal claims against Apple(AAPL) in the future.
An Apple(AAPL) spokesman didn't immediately respond to a request for comment.
The settlement at issue is designed to allow Apple(AAPL) to collect the money it advanced to GT to transform itself from a manufacturer of equipment to a manufacturer of sapphire that Apple(AAPL) could use for its iPhone screens, with the funds coming from the sale of GT equipment. GT would get a share of the sale proceeds under the proposed arrangement.
In court papers, GT has said it can't afford to fight Apple(AAPL) and wants to put the soured relationship behind it.
The creditors have recently beefed up their probe of the settlement, the details of which haven't been fully disclosed to the public. On Wednesday, GT plans to seek bankruptcy-court approval of the agreement, which GT says will speed its financial rehabilitation and end a business relationship that the smaller company says made it a "captive supplier" to Apple(AAPL). The computer giant has said generally it had "bent over backward" to help GT succeed.
Apple (AAPL) had refused to offer a key executive to be deposed by the creditors, but the company then changed its mind. That executive is scheduled to be deposed on Monday.
In general, the creditors want assurances that the deal is in the best interest of GT.
Creditors have cited several possible grounds for legal action against Apple(AAPL) that could be forfeited if the settlement is approved. Those include breach of the covenant of good faith and fair dealing.
Additionally, lawyers for GT's creditors have said Apple's(AAPL)$439 million secured claim could be reduced to an unsecured claim.
--Peg Brickley contributed to this article.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Joseph Checkler at joseph.checkler@wsj.com
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(END) Dow Jones Newswires
12-08-141433ET
Copyright (c) 2014 Dow Jones & Company, Inc.
GT Advanced Creditors Want to Question Apple Executive
DOW JONES & COMPANY, INC. 1:19 PM ET 12/2/2014
Symbol Last Price Change
GTATQ 0.422up -0.0086 (-2%)
AAPL 115.19 +0.12 (+0.1%)
QUOTES AS OF 01:19:30 PM ET 12/02/2014
Creditors of GT Advanced Technologies Inc.(GTATQ) want the right to question an Apple Inc.(AAPL) executive over his role in a crucial settlement in GT's bankruptcy case.
In a Monday filing with U.S. Bankruptcy Court in New Hampshire, GT's official committee of unsecured creditors and a group of bondholders said Apple(AAPL) Senior Vice President of Operations Jeff Williams should be made available for a " short, half-day deposition."
"Based on documents produced by Apple(AAPL), it is clear that Williams played an important, substantial and hands-on role in managing the relationship between GTAT and Apple(AAPL) in connection with the matters that are directly relevant to the Apple(AAPL) settlement motion," the creditors said in the filing.
Apple (AAPL) didn't immediately respond to a request for comment. In their court filing, the creditors said, "Apple(AAPL) declined to produce Williams for a deposition of any length under any circumstance."
The request to question Mr. Williams comes as the creditors beef up their probe of the settlement, the details of which haven't been fully disclosed to the public. Later this month, GT plans to seek court approval of the agreement, which GT says will speed its financial rehabilitation and end a business relationship that the smaller company says made it a "captive supplier" to Apple(AAPL). The computer giant has said generally it had "bent over backward" to help GT succeed. Creditors, who were given details of the settlement, want assurances that the deal is in the best interest of GT.
Bondholders and other creditors have cited several possible grounds for legal action against Apple(AAPL) that could be forfeited if the settlement is approved. Those include breach of the covenant of good faith and fair dealing. Additionally, lawyers for GT's creditors have said Apple's(AAPL)$439 million secured claim could be reduced to an unsecured claim.
The settlement is designed to allow Apple(AAPL) to collect the money it advanced to GT to transform itself from a manufacturer of equipment to a manufacturer of sapphire, with the funds coming from the sale of GT equipment. GT would get a share of the sale proceeds under the proposed arrangement.
In court papers, GT has said it can't afford to fight Apple(AAPL) and wants to put the soured relationship behind it.
Peg Brickley contributed to this article.
Write to Joseph Checkler at joseph.checkler@wsj.com
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[WSJ]- The Real Story Behind GTAT’s Flawed Sapphire Boules - FWIW
http://news.softpedia.com/news/The-Real-Story-Behind-GTAT-s-Flawed-Sapphire-Boules-WSJ-465466.shtml
A new report from the Wall Street Journal cites a letter from Apple to GT Advanced’s creditors revealing that the main problem behind the duo’s failed partnership was, in fact, the lack of experienced personnel and poor management.
About a year ago, Apple and GTAT entered into an agreement where the former would foot some bills and the latter would churn out some sapphire boules.
Nature takes millions of years to produce the exotic material, but humans have invented a technology that can replicate the process in a lab. And in a greatly reduced time frame. It still takes a while to make the heavy sapphire cylinders, also known as “boules,” but at least we’re no longer at the mercy of Mother Nature.
GTAT promised to supply good quality boules to Apple in a timely fashion with good yield rates. The sapphire was for the next-generation iPhone’s display, but things happened and GTAT was unable to deliver. The two companies ended up embroiled in a lawsuit.
The media looked at the case from every angle, and most reports favored GTAT because it had been said that Apple was to blame for putting too much strain on the sapphire maker. These reports sounded credible because Apple has been, for most of its existence, a control freak. However, that’s no longer the case under Tim Cook’s tenure, and it certainly wasn’t the case of Apple and GTAT, as the WSJ now reveals.
Apple’s side, this time on a more serious note
The iPhone makers in Cupertino, California, put blame “squarely at the feet of GTAT’s own management,” according to a letter to GT’s creditors intercepted by the WSJ. The story goes like this:
GT had no experience with mass production. The company’s first 578-pound sapphire boule proved to be “flawed and unusable.” Some of the people hired to operate the furnaces were “paid overtime to sweep floors repeatedly, while others played hooky.” Apple tells the WSJ, “‘We never wavered from our commitment to make the project successful.’”
Doesn’t sound too far-fetched, does it?
It’s certainly more believable than any argument put forth by GTAT so far, not to mention that the company’s boss retracted some of his statements when he was faced with court papers.
The letter to GT’s creditors further reveals that it took a whole month to make a single boule and the costs associated with one cylinder ran in the tens of thousands of dollars.
Adding insult to injury, more than half of the boules were of poor quality and therefore couldn’t be used to make iPhone screens, people familiar with the matter say.
Finally, the same sources tell the paper that “GT stored unusable cylinders in rows in an area of the Mesa factory that employees labeled the ‘boule graveyard’.”
Business Lessons from Apple Suppliers
DOW JONES & COMPANY, INC. 9:29 AM ET 11/20/2014
Symbol Last Price Change
AAPL 114.67 0 (0%)
GTATQ 0.491up 0 (0%)
QUOTES AS OF 04:15:00 PM ET 11/19/2014
As Apple's(AAPL) sapphire supplier GT Advanced Technologies(GTATQ) filed for bankruptcy, many of Apple's(AAPL) suppliers in Asia have watched with bemusement, not fear.
To these long-time suppliers, GT is a reminder of two lessons they learned long ago: Don't rely too heavily on Apple(AAPL) and don't make promises you can't keep. Follow these, they say, and you probably won't end up like GT.
"Something like GT would not happen to us," said Charles Lin, chief financial officer of Pegatron, which manufactures iPhones.
When Pegatron started making iPhones in 2011, it wasn't that good at it. It lost money for more than a year making iPhones, because too many coming off the conveyor belt were not up to standard, people familiar with the matter said. In industry-speak, there were "yield-rate problems." But since Pegatron had a strong personal-computer making business, it could subsidize the iPhone production until it was up to speed. Now iPhones are a major earner for the company, analysts say.
Taiwan lies at the heart of Apple(AAPL) supply chain. The island's firms not only assemble iPhones and other Apple(AAPL) devices, but they also supply much of the guts, including the processors, camera lenses and metal casings. These suppliers made their fortunes on Apple's(AAPL) massive orders, but they've learned not to take their client at its word. For one thing, Apple(AAPL) changes its sourcing periodically, so suppliers try to keep enough other customers so they can stay afloat if Apple(AAPL) drops them. They are also careful about expanding their factories against predicted iPhone sales.
"Apple(AAPL) always asks the suppliers to expand their manufacturing facility to meet the rush demand for its new product, but we have to make our own judgment as the big orders only last for a few months," said a manager at an Apple(AAPL) supplier. "For example, Apple(AAPL) might want us to increase 100 production lines, but we would only add 50 to 60 gradually."
Taiwanese touch screen maker Wintek is one example of a company that over-expanded on Apple(AAPL) hopes. Long a secondary touch screen supplier for Apple's(AAPL) iPhones and iPads, the company expanded its facilities on the prospect of growth, but ended up losing new orders when Apple(AAPL) shifted to new technology to make screens thinner, people familiar with the matter said. The company has languished for the past few years in operating losses.
Some suppliers said they refused similar arrangements as the one GT took, as they did not want to give up their autonomy.
"I know some suppliers took Apple's(AAPL) offer to reduce investment in machinery but the equipment can only be used to manufacture Apple's(AAPL) product," an executive at a different Apple(AAPL) supplier said. "This is a risky arrangement as it limits the supplier's ability to adjust its manufacturing resources when Apple's(AAPL) orders decrease."
Long-time suppliers also try to limit their promises to Apple(AAPL) to protect themselves. "Japanese suppliers tend to be more conservative in what they will promise Apple(AAPL) than GT was," said a supply chain manager familiar with the matter.
There's also the fact that in some ways it's becoming more difficult to be an Apple(AAPL) supplier. For one, Apple(AAPL) has built up an army of supply chain managers over the past few years to squeeze costs, people familiar with the matter said. Many of these were hired directly from suppliers, so they know exactly where suppliers' costs are. Apple's(AAPL) contract manufacturers have seen their profits margins shrink as Apple(AAPL) flexes its muscle on component pricing, the people said. Apple(AAPL) has also tightened its oversight of factory conditions, which means higher costs for suppliers who have to comply with the measures.
Apple (AAPL) wasn't immediately available for comment.
Still, Apple(AAPL) remains the most coveted client for many suppliers.
"Despite Apple(AAPL) being a super demanding customer, we still love working with Apple(AAPL) as its innovative design and eagerness to adopt new technology also helps improve our development capability," said a person at an Apple(AAPL) supplier.
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(END) Dow Jones Newswires
11-20-140929ET
Copyright (c) 2014 Dow Jones & Company, Inc.
The Daily Docket: Madoff Bankruptcy Trustee Strikes Another Clawback Deal
DOW JONES & COMPANY, INC. 9:33 AM ET 11/19/2014
Symbol Last Price Change
DISH 73.91up +6.06 (+8.93%)
AAPL 114.32down -1.15 (-1%)
GTATQ 0.519up +0.032 (+6.57%)
QUOTES AS OF 10:57:13 AM ET 11/19/2014
An investment fund that parked all of its money with Bernard Madoff has agreed to give up $95 million for the benefit of Mr. Madoff's victims in the second major settlement announced this week by the court-appointed official tracking down money tied to the biggest Ponzi scheme ever. Read Sara Randazzo's Daily Bankruptcy Review story in The Wall Street Journal.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage , scroll to the bottom and click "try for free." )
Philip Falcone 's Harbinger Capital Partners is urging a Colorado judge not to throw out its lawsuit against Dish Network Corp.(DISH) and Dish Chairman Charlie Ergen, saying they "fraudulently deprived Harbinger of control of LightSquared when it was needed most," writes DBR's Joe Checkler in the Journal.
The insider-trading trial of former Brazilian billionaire Eike Batista began Tuesday with law officials contending it could be a step forward in the country's efforts to protect shareholders from abusive practices, WSJ reports.
Apple Inc. (AAPL) has told officials in Mesa, Arizona, that it's committed to bringing jobs and manufacturing to the area even after the bankruptcy of GT Advanced Technologies Inc.(GTATQ), a supplier that was going to make sapphire screens for iPhones in the city, reports Bloomberg.
San Bernardino has six months to come up with a detailed plan to exit bankruptcy or its case will be thrown out of court, the San Bernardino Sun reports.
The Roman Catholic Diocese of Helena has filed a bankruptcy reorganization plan that proposes a $16.4 million settlement for hundreds of people who said clergy members sexually abused them for decades while the church covered it up, the Associated Press reports.
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com. Follow him on Twitter at @PatFitzgerald23.
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(END) Dow Jones Newswires
11-19-140933ET
Copyright (c) 2014 Dow Jones & Company, Inc.
GT Advanced Technologies to Present Merlin(TM) Interconnect System at Intersolar India in Collaboration With Waaree Energies Limited India
HUGIN 1:01 PM ET 11/17/2014
Symbol Last Price Change
GTATQ 0.4601down +0.0051 (+1.12%)
QUOTES AS OF 01:00:23 PM ET 11/17/2014
MERRIMACK, N.H., Nov. 17, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies(GTATQ) today announced that it will present its innovative Merlin(TM) solar module interconnect technology at the Intersolar India show in collaboration with Waaree Energies Limited India. The company will be exhibiting a variety of Merlin-based advanced technology modules at Waaree's booth in Hall 6, Stall C02 from November 18 to November 20, 2014.
In addition, Venkatesan Murali, senior vice president and general manager, GT's Advanced Solar Systems, will deliver a presentation at 11:00am on Thursday, November 20 where he will outline the unique Merlin value proposition for new module form factors. Merlin enables a variety of module designs that are otherwise not achievable with standard module architectures. This includes frameless, lightweight modules, which are especially beneficial in India's solar market given sensitivity to weight in rooftop installations.
"We are very pleased to be exhibiting with Waaree, a leading solar panel and module manufacturer in India," said Murali. "Merlin technology delivers lower costs and improved field reliability over standard module architectures. We believe there is significant potential in continuing to work with Waaree to leverage our innovative Merlin technology to manufacture solar panels with form- factors that uniquely address the Indian market's diverse needs."
About GT Advanced Technologies Inc.(GTATQ)
GT Advanced Technologies Inc. (GTATQ) is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies(GTATQ), please visit www.gtat.com.
About Waaree Energies Limited.
Waaree is one of India's leading "multi-technology" companies, headquartered in Mumbai. Founded in 1989, Waaree successfully developed cutting edge technologies to become one of the most preferred brands in the field of instrumentation. The company's major business lines are solar energy, industrial valves, petroleum equipment and process control instrumentation. Over the years Waaree has rapidly expanded, combining organic growth with selective acquisition policies. The primary objective is to be at the forefront of industrial development by being commercially and technologically advanced. Waaree has presence in over 68 countries. For additional information about Waaree Energies Limited, please visit www.waaree.com.
CONTACT: Media
GT Advanced Technologies Inc.
(GTATQ)
Jeff Nestel-Patt
Jeff.Nestelpatt@gtat.com
603-204-2883
Media
Waaree Energies LimitedHiten G. Parekh
hitenparekh@waaree.com
+91 91677 99366
Investors/Analysts
GT Advanced Technologies Inc.(GTATQ)Ryan Flaim
Ryan.Flaim@gtat.com
603-681-3869
This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: GT Advanced Technologies(GTATQ) via GlobeNewswire [HUG#1872228]
2nd Update - 3:04 PM ET 11/7/2014 - GT Advanced Accuses Apple Of 'Bait and Switch' Strategy
DOW JONES & COMPANY, INC.
[FIDELITY FEED]
Symbol Last Price Change
GTATQ 0.496down -0.0408 (-7.6%)
AAPL 108.994 +0.294 (+0.27%)
QUOTES AS OF 03:05:15 PM ET 11/07/2014
GT Advanced Technologies Inc. (GTATQ) said it sought bankruptcy protection last month because Apple Inc.(AAPL), a key customer, engaged in a "classic bait and switch" strategy that left the company stuck in "an onerous and massively one-sided deal."
GT Advanced's (GTATQ) Oct. 6 bankruptcy filing stunned investors and creditors because it came less than a year after the company announced a major deal to supply Apple(AAPL) with sapphire screens for its devices. Initially, court papers gave little hint of what, exactly, went wrong after Apple(AAPL) financed $439 million worth of GT's transformation from a maker of machines to a grower of synthetic sapphire.
The new details emerged Friday in a scathing declaration by GT Chief Operating Officer Daniel Squiller. The declaration had previously been filed under seal, but bankruptcy judge Henry Boroff ordered it released.
Mr. Squiller wrote Apple(AAPL) had turned GT into a "captive supplier" by "constant interference" and changes in product specifications, for which it didn't compensate GT.
An Apple(AAPL) spokesman declined to comment.
In a motion seeking to keep Mr. Squiller's declaration under seal, Apple(AAPL) said the filing was intended to "vilify Apple(AAPL) and portray Apple(AAPL) as a coercive bully." Apple(AAPL) said Mr. Squiller's statements were untrue and defamatory.
Apple (AAPL) also said it didn't trick GT, which it said is a "sophisticated publicly traded company" with its own lawyers. The iPhone maker also noted the deal didn't work out well for Apple(AAPL) either, as it loaned $439 million and doesn't have the sapphire it had wanted.
Mr. Squiller's declaration may expose Apple(AAPL) to challenges from other creditors as it tries to collect on debts owed by GT and other potential legal complications. GT and the committee representing unsecured creditors in its bankruptcy had previously warned that suing Apple(AAPL) would be too expensive to contemplate.
The bleak picture painted by Mr. Squiller stands in contrast to earlier statements by GT executives who trumpeted the Apple(AAPL) deal and stressed that the company had sufficient funds even if it failed to meet Apple's(AAPL) requirements for the sapphire factory.
According to Mr. Squiller's account, the problems with Apple(AAPL) started even before the October 2013 agreement between the companies. At the time, GT made furnaces for producing sapphire, and Apple(AAPL) initially expressed interest in buying furnaces.
After months of negotiations, the iPhone maker proposed a different deal: GT would make the sapphire itself, and Apple(AAPL) would lend GT money to produce more than 2,000 furnaces, Mr. Squiller wrote.
Apple (AAPL) had no obligation to buy GT's sapphire but would restrict the company from selling sapphire to other consumer-electronics manufacturers.
GT thought the deal was one-sided, Mr. Squiller said, but executives felt like they were "out of options" after months negotiating with Apple(AAPL).
"Knowing that GTAT had no practical choice at that stage other than to concede to Apple's(AAPL) terms, Apple(AAPL) forced a set of agreements on GTAT, that in combination with Apple's(AAPL) economic leverage, put Apple(AAPL) in de facto control of GTAT," wrote Mr. Squiller. Elsewhere in the declaration, he described the relationship as "heads I win, tails you lose" proposition for Apple(AAPL).
Mr. Squiller said Apple's(AAPL) main legal negotiator in its talks with GT was a bankruptcy specialist. He said the choice "speaks volumes about Apple's(AAPL) perspective on the transaction that it was about to enter into."
When GT's managers expressed concerns about some provisions of the contract, Mr. Squiller said Apple(AAPL) responded that all of its suppliers agree to such terms and there was no room for negotiation. Mr. Squiller quotes Apple(AAPL) as having said: "Put on your big boy pants and accept the agreement."
When GT started operating the sapphire plant in Mesa, Ariz., in December 2013, Mr. Squiller said Apple(AAPL) employees assumed a level of authority that was "disruptive and prevented GTAT from managing its operations as it saw fit."
He said Apple(AAPL) dictated what tools to use at the factory and prevented GTAT from speaking to the suppliers involved with the fabrication process of cutting and shaping the sapphire. Mr. Squiller said it cost 30% more than expected to make the sapphire, but Apple(AAPL) wouldn't take responsibility for the increase.
He also said Apple(AAPL) constantly changed the specifications to GT, but never compensated the company for losses associated with those changes.
Mr. Squiller also rejected Apple's(AAPL) contention that it was surprised by GT's bankruptcy. He said GT's senior management informed Apple(AAPL) as recently as a few weeks before the bankruptcy filing that it was losing substantial amounts of money on the sapphire project and it would run out of cash in a few weeks.
Write to Daisuke Wakabayashi at Daisuke.Wakabayashi@wsj.com and Peg Brickley at peg.brickley@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
11-07-141504ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Form 8-K GT Advanced Technologies For: Nov 06
10K WIZARD 2:08 PM ET 11/6/2014
http://archive.fast-edgar.com/20141106/AJKTWG2CZ222QZZD22292ZZP686NZC22Z262
Filed on: November 6, 2014
GT Advanced Technologies Inc. Announces Amended Settlement Agreement With Apple(R)Amendment Keeps Apple Settlement Agreement in Force Despite Release of GT Declaration
[From FIDELITY NEWS FEED - 4:12 PM ]
GLOBENEWSWIRE 4:12 PM ET 11/4/2014
Symbol Last Price Change
GTATQ 0.5369 -0.0431 (-7.43%)
QUOTES AS OF 03:59:39 PM ET 11/04/2014
MERRIMACK, N.H., Nov. 4, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc.(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.
About GT Advanced Technologies Inc.(GTATQ)
GT Advanced Technologies Inc. (GTATQ) is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies(GTATQ), please visit www.gtat.com.
CONTACT: Media
GT Advanced Technologies Inc.(GTATQ)Jeff Nestel-Patt
Jeff.Nestelpatt@gtat.com
603-204-2883
Investors/Analysts
GT Advanced Technologies Inc.(GTATQ)Ryan Flaim
Ryan.Flaim@gtat.com
603-681-3689Image: GT Advanced Technologies(GTATQ) logo
2014 GlobeNewswire, Inc.
This can happen sometimes after a BANKRUPTCY restructuring!
Sometimes "toast", Occasionally some companies bounce back (SEE CHART:)
http://stockcharts.com/h-sc/ui?s=EGLE&p=D&b=5&g=3&id=p07771384209
Eagle Bulk Shipping, Inc. (EGLE) 52wk Range: 0.60 - 17.43
http://finance.yahoo.com/q?s=egle&ql=1
GT Advanced Unsealing Ruling Could Scuttle Apple Accord
By Dawn McCarty Oct 30, 2014 1:19 PM ET - BLOOMBERG NEWS
http://www.bloomberg.com/news/2014-10-30/gt-advanced-unsealing-ruling-could-scuttle-apple-accord.html
GT Advanced Technologies Inc. lost a bid to keep an executive’s description of the circumstances surrounding its bankruptcy under seal, putting a settlement with Apple Inc. (AAPL) in danger.
The company and Apple, with which it had an agreement to supply the synthetic sapphire used in screens of mobile devices, had asked to keep the executive’s statement under wraps. U.S. Bankruptcy Judge Henry Boroff today said he intended to unseal it while letting some pricing information remain confidential.
Boroff said he will go through the statement by Chief Operating Officer Daniel Squiller and probably issue an unsealing order next week.
“At the moment, I believe I will completely unseal the so-called Squiller declaration,” Boroff said. “From there, those parties disappointed with that ruling are free to take what best suits their needs.”
Under the settlement, Apple would release all claims against GT Advanced, including damages that Apple said “would total in excess of $1 billion,” according to court papers filed this week. Failure of the settlement could derail GT Advanced’s reorganization and spur costly litigation with Apple.
Exclusivity Agreements
The settlement would free GT Advanced from former exclusivity agreements with Apple, give it control of its sapphire-growing patents, and let it retain ownership and sales rights for its more than 2,000 production furnaces at Mesa, Arizona, for the next four years, according to the court papers.
Luc Despins, an attorney for GT Advanced, told the judge at the hearing today in Manchester, New Hampshire, that Apple might terminate the agreement if the declaration is unsealed.
“Let us live another day,” Despins told Boroff, seeking until Nov. 25 to show the potential value of the settlement before he ruled on unsealing.
Boroff questioned whether Apple would want the negative publicity if it walked away from the deal.
“The public has access to all substantive information,” Bruce Meyer, an attorney for Apple, told the judge. He said portions of Squiller’s declaration are “untrue in Apple’s view and probably included to pressure Apple.”
Kristin Huguet, a spokeswoman for Cupertino, California-based Apple, didn’t immediately respond to a request for comment on the ruling.
The case is In re GT Advanced Technologies Inc. (GTATQ), 14-11916, U.S. Bankruptcy Court, District of New Hampshire (Manchester).
To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware, at dmccarty@bloomberg.net
To contact the editors responsible for this story: Andrew Dunn at adunn8@bloomberg.net Joe Schneider
FWIW - GT Advanced Spent Big on Sapphire Development
Market Talk
DOW JONES & COMPANY, INC. 1:59 PM ET 10/28/2014
Symbol Last Price Change
AAPL 106.59 +1.48 (+1.41%)
QUOTES AS OF 01:59:38 PM ET 10/28/2014
13:59 EDT - As GT Advanced Technologies says in fresh court filings it needs to settle disputes with Apple(AAPL) because "protracted litigation...would be challenging and expensive,"
it also discloses it spent $900M trying to produce "sapphire in quantities, size and quality never before achieved" to AAPL's specifications.
The filing contends AAPL financed less than half the cost of GT's attempts to make "a product that Apple(AAPL) would accept." Bankruptcy will allow GT to end its relationship with AAPL and free the company to get back into the business of selling sapphire furnaces to other producers of electronic consumer products. (peg.brickley@wsj.com)
(END) Dow Jones Newswires
10-28-141359ET
Copyright (c) 2014 Dow Jones & Company, Inc.
GT Advanced Says It Can't Afford to Fight Apple, Must Settle
DOW JONES & COMPANY, INC. 12:26 PM ET 10/28/2014
(NEWS ON FIDELITY FEED)
Symbol Last Price Change
GTATQ 0.686 -0.084 (-10.91%)
AAPL 106.295 +1.185 (+1.13%)
QUOTES AS OF 12:26:48 PM ET 10/28/2014
GT Advanced Technologies Inc. (GTATQ) said it needs to settle disputes with Apple Inc.(AAPL) because "protracted litigation against one of the largest corporations in the world with over $100 billion of cash would be challenging and expensive."
Jilted by Apple(AAPL) as a supplier of sapphire screen material for iPhones, GT Advanced(GTATQ) filed for Chapter 11 protection earlier this month and moved to put under seal the explanation of what went wrong between the two companies.
Papers filed near midnight Monday say Apple(AAPL) is threatening to crush the small, distressed company with "numerous liquidated damages provisions in the Apple Agreements pursuant to which Apple(AAPL) would likely assert millions, if not billions, of dollars in secured and unsecured claims against certain of the Debtors," lawyers for GT Advanced(GTATQ) wrote.
Apple (AAPL), which signed the pact, didn't respond Tuesday to questions about the settlement.
Court filings spell out why GT Advanced(GTATQ), less than a month into a bankruptcy that shocked shareholders and creditors, decided to cut a deal with Apple(AAPL), which financed its entry into the sapphire material making industry but declined to use the company's products when the new iPhones rolled out.
GT Advanced (GTATQ) believes it could win contract disputes with Apple(AAPL) and may have "various causes of action against Apple(AAPL), including actions rooted in the Bankruptcy Code and breach of contract claims." Among other things, GT Advanced(GTATQ) could attempt to prove that Apple(AAPL) "engaged in the requisite inequitable conduct and the misconduct resulted in an injury to creditors or conferred an unfair advantage on Apple(AAPL)" that would establish a legal case for knocking down the priority of Apple's(AAPL) high-ranking $439 million claim, the company's lawyers say.
Apple's (AAPL) claim relates to equipment financing for GT Advanced(GTATQ).
Additionally, GT Advanced(GTATQ) could attempt to unwind the supply, financing, and confidentiality agreements it signed with Apple(AAPL) less than a year before it filed for bankruptcy protection on the grounds they were deals with an insolvent company.
The cost of standing up to Apple(AAPL) in court would be too much for the New Hampshire company, court papers say.
Attorneys for the official committee of unsecured creditors haven't responded to questions about whether they are going to support the settlement. Creditors' lawyers also didn't respond when asked whether they are conducting an independent probe of the chances of suing Apple(AAPL).
GT Advanced (GTATQ) cited one of its reasons for agreeing to the settlement as being that "it would also be compelled to investigate and eventually assert causes of action against Apple(AAPL) relating to the Apple Agreements and the business relationship with Apple(AAPL)." Instead, it has agreed not to disparage Apple(AAPL), and Apple(AAPL) has agreed not to disparage GT Advanced(GTATQ).
As explained in court and outlined last week by GT Advanced(GTATQ), the settlement gives GT Advanced(GTATQ) years to sell the sapphire-manufacturing furnaces to raise money to pay off the Apple(AAPL) debt. Court papers don't say what it will cost GT Advanced(GTATQ) to store, maintain, market and sell the furnaces. The company gets 11 months free rent at the Arizona plant, court papers say.
Before agreeing to the settlement, GT Advanced(GTATQ) moved to reject the agreements with Apple(AAPL) that contained the liquidated damages provisions. It won approval to shut down sapphire manufacturing operations at the Arizona facility and one in Massachusetts. If a bankruptcy judge approves the settlement, the contract rejection motion will be "moot," lawyers for GT Advanced(GTATQ) wrote.
GT Advanced (GTATQ) said it would "ultimately succeed" in its bid to shake off the Apple(AAPL) contracts in bankruptcy, including squashing restrictions that barred it from selling furnaces to Apple(AAPL) competitors. However, "it is almost certain that Apple(AAPL) would vigorously challenge GTAT's attempts to do so," and fighting with Apple(AAPL) "could significantly delay GTAT's emergence from chapter 11," the company's lawyers said.
Court papers say Apple(AAPL) has agreed not to interfere with GT Advanced's(GTATQ) efforts to finance a bankruptcy turnaround.
"Without new post-petition financing, GTAT's current liquidity crisis would continue, placing its entire reorganization strategy in jeopardy," the company said.
GT Advanced (GTATQ) doesn't have a bankruptcy loan but expects to have one "in several weeks," court papers say.
The agreement hangs on getting a court order that orders the destruction of all copies of papers GT Advanced(GTATQ) filed with the U.S. Bankruptcy Court in New Hampshire which explain the trouble between the sapphire supplier and Apple(AAPL), and the reasons for the bankruptcy. Besides striking the papers from the court docket, GT Advanced(GTATQ) wants Judge Henry Boroff to order anyone who has copies of the documents to destroy them.
Dow Jones & Co, publisher of The Wall Street Journal; U.S. Trustee William Harrington, a Justice Department lawyer charged with monitoring the bankruptcy courts, and New Hampshire Attorney General Joseph Foster have challenged the secrecy in the case as illegal.
A hearing is scheduled for Thursday on the sealing order that GT Advanced(GTATQ) won in a closed-door session with Judge Boroff. GT Advanced(GTATQ) said it would ask that the sealing be continued until Nov. 25, when the settlement motion is to be heard. If that succeeds, GT Advanced(GTATQ) will have had nearly two months of Chapter 11 protection without telling its creditors and shareholders why it needed to file for bankruptcy.
Write to Peg Brickley at peg.brickley@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
10-28-141226ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Key Statistics From Yahoo:I am not sure how valid this is to date
Balance Sheet
Total Cash (mrq): 333.15M
Total Cash Per Share (mrq): 2.42
Total Debt (mrq): 294.21M
Total Debt/Equity (mrq): 136.32
Current Ratio (mrq): 1.40
Book Value Per Share (mrq): 1.57
GTAT and APPLE to continue collabtation?
http://finance.yahoo.com/news/gt-advanced-technologies-inc-announces-120000904.html
Excerpts:
"...GT and Apple will continue their technical exchange involving the development of processes for growing next generation sapphire boules as GT continues to build on its successfully deployed ASF115Kg technology and expand its range above 165Kg...."
AND.... " Under the terms of the settlement agreement, which is subject to approval by the Bankruptcy Court, GT will be released from all exclusivity obligations under its various agreements with Apple. GT will retain ownership of all production, ancillary and inventory assets located in Mesa and Apple is provided with a mechanism for recovering its $439 million pre-payment made to GT over a period of up to four years without interest, solely from a portion of the proceeds from ASF(R) sales. The agreement provides for a mutual release of any and all claims by both parties. As a result of the agreed upon terms, GT retains control of its intellectual property and will be able to sell its sapphire growth and fabrication technology, including ASF and Hyperion(TM), without restrictions...."
This does seem very interesting - A possible reconciliation?
Especially the clause ".. not to disparage the technology giant"
"Mr. Despins said the proposed settlement allows GT Advanced to try to sell the furnaces at the Mesa, Ariz. sapphire-manufacturing facility, and give the money to Apple, which financed the equipment.
GT Advanced would surrender its claims against Apple, under the deal, and agree not to disparage the technology giant, Mr. Despins said..."
AND ...Another hearing November 25?
".. Apple and GT Advanced have also agreed to file a revised explanation for the company's bankruptcy filing, which will be provided to the court at a November 25 hearing, but the original court papers remain sealed.
If approved, the settlement between GT Advanced and Apple will see original court papers stricken from the court record, keeping the details of what went wrong between the two companies quiet..."
http://www.macrumors.com/2014/10/21/apple-gt-advanced-end-partnership/
It seems from this Judge (Boroff( seemed sympathetic to GTAT..
I don't know if things have changed ?
"... To the jurist, Apple is seemingly acting like a disgruntled homeowner not satisfied with the results of a construction project.
"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,'" Boroff said...."
Story from:- Wednesday, October 15, 2014, 03:01 pm PT (06:01 pm ET)
"Judge in GT Advanced bankruptcy case skeptical about need for secrecy"
http://appleinsider.com/articles/14/10/15/judge-in-gt-advanced-bankruptcy-case-skeptical-about-need-for-secrecy
Apple, GT strike deal to unseal info, shutter Arizona plant
REUTERS 5:09 PM ET
10/21/2014
Symbol Last Price Change
AAPL 102.47 +2.71 (+2.72%)
GTATQ 0.6054 +0.2433 (+67.19%)
QUOTES AS OF 04:00:00 PM ET 10/21/2014
Oct 21 (Reuters) - Apple Inc(AAPL) and GT Advanced Technologies Inc(GTATQ) have struck an agreement to shutter a key Arizona factory and allow the Apple(AAPL) supplier to explain the circumstances leading up to its abrupt bankruptcy filing, a lawyer for GT told a court on Tuesday.
Scant details have emerged since GT Advanced(GTATQ), which was to have been a major supplier of scratch-resistant sapphire to Apple(AAPL), filed for bankruptcy on Oct. 6, triggering speculation as to what may have soured its relationship with the iPhone maker and torpedoed its prospects.
GT Advanced (GTATQ) has cited strict confidentiality requirements in Apple(AAPL) contracts that carry fines of $50 million if violated. On Tuesday, its lawyers told a bankruptcy hearing they had reached an agreement with Apple(AAPL) that would allow them to disclose most information pertinent to its bankruptcy.
Under that deal, the two companies had agreed to part ways, and GT Advanced(GTATQ) can start shuttering a plant in Mesa, Arizona that Apple(AAPL) had helped finance in return for exclusive supply of sapphire. Apple(AAPL) will get an undisclosed portion of the proceeds from sales of furnaces in that plant, the lawyers said. (Reporting by Nick Brown; Editing by Chris Reese)
(c) Copyright Thomson Reuters 2014. Click For Restrictions - about.reuters.com/fulllegal.asp
[NO LINK -- From Fidelity's news feed]
GT Advanced Lawyer Says Accord With Apple Isn’t Final Yet
By Dawn McCarty Oct 21, 2014 4:03 PM ET
http://www.bloomberg.com/news/2014-10-21/gt-advanced-lawyer-says-accord-with-apple-isn-t-final-yet.html
The judge in GT Advanced Technologies Inc. (GTATQ)’s bankruptcy delayed court proceedings until 4:30 p.m. after a lawyer for the company said it hadn’t reached a final accord with Apple Inc. (AAPL) on issues related to contracts and confidentiality agreements.
Earlier today, GT Advanced lawyers told U.S. Bankruptcy Judge Henry Boroff in Springfield, Massachusetts, that the companies were close to an agreement.
GT Advanced, which makes synthetic sapphire used in smartphone screens, filed for bankruptcy protection this month without saying why, less than a year after announcing a supply agreement with Apple.
Over the objections of GT Advanced lawyers, the judge put off ruling on the company’s request to pay employee incentives and wind down sapphire operations.
“I don’t see the harm in waiting 30 minutes or an hour for me to decide on this motion,” Boroff said.
The hearing may continue into tomorrow if the rest of the agenda items aren’t heard.
The case is In re GT Advanced Technologies Inc., 14-11916, U.S. Bankruptcy Court, District of New Hampshire (Manchester).
To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware, at dmccarty@bloomberg.net
To contact the editors responsible for this story: Andrew Dunn at adunn8@bloomberg.net Charles Carter
FWIW - From Yahoo (board)
"Outcome of Hearing: DENIED WITHOUT PREJUDICE. Motions to seek payment to critical vendors shall be filed individually, or in groups, not under seal, identifying the subject vendors and demonstrating the need for this extraordinary relief." -Henry J. Boroff, Bankruptcy Judge
So, payments to "Critical Vendors" are not forbidden, motions for payment can be made but the reason(s) for making payments to "Critical Vendors" can not submitted be under seal.
My Opinion:
This is very good for us all.
• Legally the effect is neutral because it creates a normal filing.
• GTAT benefits in that it protects them from Apple penalty clauses for revealing restricted information.
• Shareholders and Creditors benefit by gaining insight into the facts of the matter.
Hal
www.kccllc.net/gtat/document/1411916141021000000000013
Implant Sciences QS-B220 explosives trace detector approved for passenger and baggage screening at U.S. airports
QS-B220 now on TSA's Qualified Products List
PR NEWSWIRE 2:32 PM ET 8/28/2014
Symbol Last Price Change
IMSC 1.141down -0.059 (-4.92%)
QUOTES AS OF 02:22:45 PM ET 08/28/2014
WILMINGTON, Mass. , Aug. 28, 2014 /PRNewswire/ -- Marking a major milestone for the Company, Implant Sciences Corporation (OTCQB: IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, announced today that its QS-B220 desktop explosives trace detector has successfully completed the certification process for the United StatesTransportation Security Administration's (TSA) Explosive Trace Detection (ETD) qualification requirements for aviation checkpoint and checked baggage screening. The QS-B220 becomes the first ETD with a non-radioactive source to be added to the TSA's Qualified Product List (QPL).
"The addition of the QS-B220 to TSA's QPL is the single most significant achievement in our Company's history," stated Implant Sciences'(IMSC) President and CEO, Glenn D. Bolduc. "We're very proud to be able to deliver this innovative product for the protection of travelers in our country. Every member of the Implant Sciences(IMSC) team has done a phenomenal job of getting us to this point. We would also like to recognize the support we have received from our shareholders and other investors over the last few years while we have been pursuing this most significant qualification. Without their support this would not have been achievable."
"Being added to TSA's QPL is one of the highest levels of recognition in the security industry and one of the most difficult to achieve. The team at Implant Sciences(IMSC) has been nothing short of remarkable and focused in preparing the QS-B220 for this challenge," continued Todd Silvestri, VP of Technology for Implant Sciences Corporation(IMSC). "Implant Sciences(IMSC) has highlighted their deep domain knowledge in the development and commercialization of this unit, and we are excited as a company to have cleared the last major hurdle in the U.S. aviation market."
About the QS-B220 Desktop Explosives Trace Detector
The QS-B220 uses Ion Mobility Spectrometry (IMS) to rapidly detect and identify trace amounts of a wide variety of military, commercial, and homemade explosives. Featuring a radioactive material-free design, push-button maintenance and diagnostics, and a patented inCal™ internal automatic calibration system, the QS-B220 brings new levels of performance and convenience to desktop trace detection users with unsurpassed ease of use.
About Implant Sciences
Implant Sciences (IMSC) is a leader in developing and manufacturing advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives and drugs. The Company's team of dedicated trace detection experts has developed proprietary technologies used in its commercial products, thousands of which have been sold across more than 50 countries worldwide. Implant Sciences(IMSC) is only the third manufacturer, and the sole American-owned company, to currently have an ETD system named as a Qualified Product by the US Transportation Security Administration. The Company's ETDs have received approvals and certifications from several international regulatory agencies including the TSA in the U.S., STAC in France, the German Ministry of the Interior, and the Ministry of Public Safety in China. It also received a GSN 2013 Homeland Security Award for "Best Explosives Detection Solution". All Implant Sciences products are recognized as Qualified Anti-Terrorism Technologies by the Department of Homeland Security. For further details on the Company and its products, please visit the Company's website at www.implantsciences.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that our explosives detection products and technologies (including any new products we may develop) may not be accepted by the Transportation Security Administration or by other U.S. or foreign government and law enforcement agencies or commercial consumers of security products; economic, political and other risks associated with international sales and operations could adversely affect our sales; our business is subject to intense competition and rapid technological change, and our success will depend on our ability to develop and introduce new products; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management's current expectations and assumptions which could differ materially from the forward-looking statements.
Contact:
Implant Sciences Corporation (IMSC)
Company Contact:
Glenn Bolduc, CEO
978-752-1700
or
Investor Contact:
Laurel Moody
646-810-0608
SOURCE Implant Sciences Corporation(IMSC)
"THERE IS NO COST OR OBLIGATION TO YOU"
"Levi & Korsinsky, LLP " Protecting the Rights of Shareholders.
To get more information, click here:
http://zlk.9nl.com/implant-sciences-imsc.
They sound like the Ambulance chasing TV lawyer ads?
Has anyone "SLIPPED" or "FALLEN" recently?
Seem to be fishing for litigants? - The "news story" on Yahoo....
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IMPLANT SCIENCES CORP. SHAREHOLDER ALERT: The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of Directors of Implant Sciences Corp.
PR Newswire
- Levi & Korsinsky, LLP 2 hours ago
NEW YORK, Aug. 8, 2014 /PRNewswire/ -- Levi & Korsinsky, LLP is investigating Implant Sciences Corp. (IMSC) in connection with possible claims of breaches of fiduciary duty.
"Levi & Korsinsky, LLP" -- Protecting the Rights of Shareholders.
To get more information, click here:
http://zlk.9nl.com/implant-sciences-imsc.
There is no cost or obligation to you.
If you own common stock in Implant Sciences Corp. and wish to obtain additional information, please contact Eduard Korsinsky, Esq. either via email at ek@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
http://zlk.9nl.com/implant-sciences-imsc.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits.
For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
www.zlk.com
Logo - http://photos.prnewswire.com/prnh/20120409/MM84375LOGO
UPDATE - Short Ratio - Latest according to Fidelity (updated Bi- monthly)
Shares Outstanding 31,242,000
Shares Short* 4,978,274
Short Interest as a % of Shares Outstanding* 15.92%
Days to Cover 10.19
Huge short position... 23.30% ... Data from May 2014
(latest Yahoo has?)
Shares Short (as of May 30, 2014)3: 4.65M
Short Ratio (as of May 30, 2014)3: 9.40
Short % of Float (as of May 30, 2014)3: 23.30%
http://finance.yahoo.com/q/ks?s=YRCW+Key+Statistics
Implant Sciences' QS-B220 Named "Best Explosives Detection Solution"
QS-B220 Wins GSN 2013 Homeland Security Award 12/06 01:20 PM
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WILMINGTON, Mass., Dec. 6, 2013 /PRNewswire/ -- Implant Sciences Corporation (IMSC:$0.82,00$-0.017,0-2.03%) , a high technology supplier of systems and sensors for homeland security and defense markets, announced today that its QS-B220 desktop explosives and drugs trace detection system has won the 2013 GSN Homeland Security Award for "Best Explosives Detection Solution".
The GSN Homeland Security Awards are sponsored by Government Security News, a leading publisher of government and homeland security news. Hundreds of nominations were submitted by leading vendors of IT and physical security products and federal, state, county, and municipal government agencies, highlighting their most noteworthy programs and projects.
Implant Sciences' (IMSC:$0.82,00$-0.017,0-2.03%) President and CEO, Glenn D. Bolduc, stated, "I am proud to be part of the team at Implant Sciences (IMSC:$0.82,00$-0.017,0-2.03%) , which is driven by a passion for excellence. We are honored that the esteemed panel of judges for the GSN awards, in looking for the most outstanding innovators of explosives detection, sought fit to name our company as the winner."
"This award is a validation that the QS-B220 is not just another IMS system. The QS-B220's higher system availability, non-radioactive source, lower total cost of ownership, and its ability to detect emerging threats truly set it apart as the new standard in trace detection," stated Dr. William McGann, COO of Implant Sciences (IMSC:$0.82,00$-0.017,0-2.03%) .
About Implant Sciences
Implant Sciences is the leader in next generation Explosives Trace Detection (ETD) technology. In January 2013, the Company became only the third ETD manufacturer, and the sole American-owned company, to have product approval from the US Transportation Security Administration. Implant Sciences has developed proprietary technologies used in its commercial explosives and drugs trace detection systems, which ship to a growing number of locations domestically and internationally. Implant Sciences' QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and, in addition to receiving TSA qualification for air cargo screening, the Company's QS-B220 has also received STAC certification, a Developmental Testing & Evaluation (DT&E) Designation by the U.S. Department of Homeland Security under the Support Anti-terrorism by Fostering Effective Technology Act of 2002 (the SAFETY Act), and the GSN 2013 Homeland Security Award for "Best Explosives Detection Solution". For further details on the Company and its products, please visit the Company's website at www.implantsciences.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that we will be required to repay all of our indebtedness to our secured lender, DMRJ Group, by September 30, 2014; if we are unable to satisfy our obligations to DMRJ and to raise additional capital to fund operations, DMRJ may seize our assets and our business may fail; we continue to incur substantial operating losses and may never be profitable; our independent registered public accounting firm has expressed substantial doubt as to our ability to continue as a going concern; our explosives detection products and technologies (including any new products we may develop) may not be accepted by the Transportation Security Administration or by other U.S. or foreign government and law enforcement agencies or commercial consumers of security products; economic, political and other risks associated with international sales and operations could adversely affect our sales; the risk that liability claims related to our products or our handling of hazardous materials could damage our reputation and have a material adverse effect on our financial results; the risk that our business is subject to intense competition; the risks that our markets are subject to rapid technology change and that our success depends on our ability to develop and introduce new products; the risks that we may not be able to retain our management and key employees or to identify, hire and retain additional personnel as needed; the risks that we may not be able to enforce our patent and other intellectual property rights or operate without infringing on the proprietary rights of others: and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including its most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management's current expectations and assumptions which could differ materially from the forward-looking statements.
For further information, you are encouraged to review Implant Sciences' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended June 30, 2013. The Company assumes no obligation to update the information contained in this press release.
Contact:
Implant Sciences Corporation (IMSC:$0.82,00$-0.017,0-2.03%)
Company Contact:
Glenn Bolduc, CEO
978-752-1700
or
Investor Contact:
Laurel Moody
646-810-0608
SOURCE Implant Sciences Corporation (IMSC:$0.82,00$-0.017,0-2.03%)
--------------------------------------------------------------------------------
Get more news on:SYMBOLS: IMSC NEWS TYPE: SECTORS: Financials, Capital Markets, Health Care, Health Care Equipment and Supplies, Industrials, Aerospace and Defense, Electrical Equipment, Information Technology, Computers and Peripherals, Electronic Equipment and Instruments
Apple's iPhone 5s Is Ramping Faster Than The iPhone 5
In the past two weeks it appears that Apple AAPL +1.26%’s iPhone 5s has become a larger percentage of the iPhone install base than the iPhone 5 was a year ago. Fiksu tracks its Software Developers Kit (SDK) being used on individual iPhones so this can provide one datapoint on what percentage of any given model is being used and how well sales are going....
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Video: APPLE in INDIA The day Delhi went nuts for the iPhone 5S and 5C
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FORTUNE -- Apple (AAPL) launched the iPhone 5S and iPhone 5C in India three weeks ago -- a month and a half after their initial release in 11 other countries.
Early reports suggested that the new iPhones were off to a strong start, but it wasn't until I read The Indian Express' follow-up Monday that I thought see if there were any videos of the launch on YouTube.
If you are one of those who believed nobody on the subcontinent would pay the full unsubsidized freight on the new iPhones, Gadgets To Use's attached video is not to be missed.
LINKS: Indian Express: New Apple iPhone 5S, 5C doing much better than Samsung Galaxy S4
BGR: The iPhone 5c's price is finally right in India
Apple Awarded $290 Million from Samsung in Patent Case Reports 11/21 03:34 PM
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(MORE TO FOLLOW) Dow Jones Newswires
11-21-131534ET
Copyright (c) 2013 Dow Jones & Company, Inc.
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Get more news on:SYMBOLS: SSNLF, AAPL NEWS TYPE: Corporate Events SECTORS: Industrials, Electrical Equipment, Information Technology, Computers and Peripherals, Semiconductors and Semiconductor Equipment
Apple is now a value stock
The company famous for premium prices is now surprisingly cheap 10/23 07:36 AM
https://eresearch.fidelity.com/eresearch/goto/evaluate/news/basicNewsStory.jhtml?symbols=AAPL&storyid=201310230736MRKTWTCHNEWS_SVC_AE3B8612-3B53-11E3-ABF5-00212803FAD6&provider=MRKTWTCH&product=NEWS_SVC&hlinks=vnhl
No, Tim Cook does not have the pizazz of his predecessor. Time was, Steve Jobs would stand up at an Apple (AAPL:$519.8675,$-1.4945,-0.29%) conference and the stock would zoom.
This time around, it barely flickered, despite several pretty hefty announcements -- the upgraded iPad, iPad Mini, and the free software.
Wall Street is a little bored with Apple (AAPL:$519.8675,$-1.4945,-0.29%) these days -- but that's good news for investors, not bad news. When it comes to money, boring is good. And Apple (AAPL:$519.8675,$-1.4945,-0.29%) looks pretty good right now.
Not because it's sexy, dynamic, or reinventing the cheese grater, but because it's pretty solid, and pretty cheap.
If you want to understand just how cheap Apple (AAPL:$519.8675,$-1.4945,-0.29%) is, try imagining that you are the richest person in the world, and the richest person who ever lived. You have a gigantic pile of gold and you don't know what to do with it.
Take a look at Apple (AAPL:$519.8675,$-1.4945,-0.29%) .
The stock trades at $520. There are 924 million shares in existence, all told. So to buy up all the stock of the company at today's price would cost you $482 billion.
On top of that, Apple (AAPL:$519.8675,$-1.4945,-0.29%) has $77 billion in liabilities -- short term and long-term debt, accounts payable and so forth. So all in all, in order to buy Apple, Inc. (AAPL:$519.8675,$-1.4945,-0.29%) outright and become its sole owner, at today's stock price you'd have to fork over $559 billion. (This is assuming, for the moment, that your bid didn't move the stock price, which of course it would).
What would you get for your $559 billion?
The first thing you'd get would be a lovely pile of cash, Treasury bills and other marketable securities. In total, according to the company's public filings, those would add up to $172 billion. Indeed.
So in fact you wouldn't really be out of pocket by $559 billion. After liquidating those investments you'd be out of pocket by only $397 billion, net.
Yes, there would be extra taxes to pay on some of that money, as it is being held offshore, but there are ways and means of at least minimizing some of the damage.
So what would you get for your $397 billion?
You'd get a company that generated $50 billion in operating cash flow last year, and which is forecast to generate about the same this year and next. Granted, these things are always subject to change. Apple (AAPL:$519.8675,$-1.4945,-0.29%) faces price competition in its markets. But it also enjoys a brand name second to none, and secular growth in many parts of the world, where -- hard to believe -- people do not already own iPhones in great numbers.
So let's just imagine that price competition completely offsets any growth, and Apple's (AAPL:$519.8675,$-1.4945,-0.29%) cash flow merely remains stagnant at $50 billion a year.
What that means is that you have paid about $400 billion (net of all that cash) for a business which puts $50 billion a year into your back pocket. In about eight years you'd have all your money back, and everything after that would be pure gravy.
You have to like those odds.
Even if cash flow actually declines per share, this may change the math but not the overall direction. Unless there is a total collapse in cash flow, you are looking at a stock that is going to give you your money back and then some.
In an era when bank accounts pay 1%, this isn't unappealing.
Apple's (AAPL:$519.8675,$-1.4945,-0.29%) real strength in the tech business is its competence. Its products simply work better than many of its rivals'. There are lots of Apple (AAPL:$519.8675,$-1.4945,-0.29%) fans out there who won't change and see no reason to do so. They are impressively loyal.
I have no view on the iPad or the iPhone or any of these other gadgets. I prefer old technology to the new. But Apple (AAPL:$519.8675,$-1.4945,-0.29%) is a value stock. Boring can be beautiful.
"Why Apple can see $630: technician"
"Watch for a breakout to $630..."
VIDEO LINK:
http://finance.yahoo.com/blogs/talking-numbers/why-apple-see-630-technician-233916574.html
Implant Sciences Advances Global IP Protection With Award of Patent Covering Explosives Trace Detection in Russia 07/17 09:42 AM
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WILMINGTON, MA -- (MARKETWIRE) -- 07/17/12 -- As it continues to increase the global reach of its explosives trace detection equipment, Implant Sciences Corporation (IMSC:$1.29,00$0.02,001.57%) (PINKSHEETS: IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced it has received the grant of a new patent by the Patent Office of the Russian Federation. The patent covers a method of increasing the amount of explosive materials collected from a surface using the Company's patented non-contact vortex attractor technology.
"Our Quantum Sniffers™ detect a wide range of trace explosives without physical contact between the device and the inspected person or item. In addition to the benefits associated with protecting privacy in passenger screening, non-contact sample collection enables operational concepts that just aren't possible using wipe techniques," stated Todd Silvestri, Vice President of Technology at Implant Sciences (IMSC:$1.29,00$0.02,001.57%) . "With this patent, we are extending the intellectual property protection surrounding our innovative sampling technologies."
Dr. William McGann, Implant Sciences' (IMSC:$1.29,00$0.02,001.57%) COO, added, "I'm very proud of our technology team and their continued ability to innovate at a brisk pace. The advancements being made by our team are foundational for the next generation of explosives trace detection technology."
According to a recent Frost & Sullivan report, the BRIC countries (Brazil, Russia, India, and China) together already account for 13% of global defense expenditures, making them the second largest consumer of defense goods and services in the world, after the United States. The report also quoted industry experts describing the BRIC countries as the hot spots for defense industries, stating that defense spending is expected to escalate at an accelerated pace compared to the rest of the world. The Quantum Sniffer QS-H150 was certified by the Russian Ministry of Transportation and deployed at Moscow'sSheremetyevo International Airport in 2007.
About Implant Sciences (IMSC:$1.29,00$0.02,001.57%)
Implant Sciences (IMSC:$1.29,00$0.02,001.57%) develops, manufactures and sells sophisticated sensors and systems for Security, Safety, and Defense (SS&D) markets. The Company has developed proprietary technologies used in its commercial explosive and narcotics trace detection systems which ship to a growing number of locations domestically and internationally. Implant Sciences' (IMSC:$1.29,00$0.02,001.57%) QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and the Company's QS-B220 desktop explosives and drugs trace detector has received a Developmental Testing & Evaluation (DT&E) Designation by the U.S. Department of Homeland Security under the Support Anti-terrorism by Fostering Effective Technology Act of 2002 (the SAFETY Act). For further details on the Company and its products, please visit the Company's website at www.implantsciences.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that our explosives detection products and technologies (including any new products we may develop) may not be accepted by the Transportation Security Administration or by other U.S. or foreign government and law enforcement agencies or commercial consumers of security products; economic, political and other risks associated with international sales and operations could adversely affect our sales; our business is subject to intense competition and rapid technological change; the risk that we will be required to repay all of our indebtedness to our secured lender, DMRJ Group, by September 30, 2012; that if we are unable to satisfy our obligations to DMRJ and to raise additional capital to fund operations, DMRJ may seize our assets and our business may fail; the risk that we continue to incur substantial operating losses and may never be profitable; the risk that liability claims related to our products or our handling of hazardous materials could damage our reputation and have a material adverse effect on our financial results; the risks that our markets are subject to technological change and that our success depends on our ability to develop and introduce new products; the risk that we may not be able to retain our management and key employees or to identify, hire and retain additional personnel as needed; the risks that we may not be able to enforce our patent and other intellectual property rights or operate without infringing on the proprietary rights of others; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including its most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management's current expectations and assumptions which could differ materially from the forward-looking statements.
Contact:
Implant Sciences Corporation (IMSC:$1.29,00$0.02,001.57%)
Company Contact:
Glenn Bolduc
CEO
978-752-1700
Email Contact
or
Investor Contact:
Laurel Moody
646-810-0608
Email Contact
--------------------------------------------------------------------------------
Get more news on:SYMBOLS: IMSC NEWS TYPE: SECTORS: Health Care, Health Care Equipment and Supplies, Industrials, Aerospace and Defense, Electrical Equipment, Information Technology, Electronic Equipment and Instruments
Implant Sciences Featured on Front Cover of Government Security News as Emerging Global Player in Explosive Trace Detection
GSN Is a Leading, Influential Publication Covering Homeland Security Issues 06/27 12:27 PM
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WILMINGTON, MA -- (MARKETWIRE) -- 06/27/12 -- Implant Sciences Corporation (IMSC:$1.29,00$-0.03,00-2.27%) (PINKSHEETS: IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced it has been featured as the cover story in the June 2012 issue of Government Security News (GSN). With a circulation of over 45,000 subscribers comprised of leading government security officials, and a website with over 80,000 page views per month, GSN is considered the authoritative publication in the government security marketplace. The article can be viewed by clicking on the link: http://www.implantsciences.com/pdf/IMSC-GSN-June2012.pdf
The front cover article headlined, "U.S. Based Company Positioned to Become Global 'Player' in Explosives Trace Detection," details Implant Sciences' (IMSC:$1.29,00$-0.03,00-2.27%) evolution into a homeland security focused business, led by a "roster of top-tier executives," bringing the Company's explosives trace detection (ETD) technology to what the company believes is a growing $1 billion industry. GSN describes Implant Sciences' (IMSC:$1.29,00$-0.03,00-2.27%) management team and states in the article, "One security observer told GSN that he considers Implant Sciences (IMSC:$1.29,00$-0.03,00-2.27%) to be one of the best managed small technology companies around."
The article cites government reports describing the change in security threats away from those that can be detected by x-ray equipment, such as guns and knives, to threats that are not detected by x-ray equipment, such as non-metallic explosives used in recent terrorist activities, including the underwear, shoe, and printer cartridge bombing attempts. Moreover, the article details how Implant Sciences' (IMSC:$1.29,00$-0.03,00-2.27%) ETD devices offer a technology solution that can meet these changing threats. GSN also provides an overview of the importance of U.S. Transportation Security Administration's (TSA) approval for the Implant Sciences' (IMSC:$1.29,00$-0.03,00-2.27%) products and how the Company's management team is focused on gaining such approvals.
GSN has also published several articles on Implant Sciences' (IMSC:$1.29,00$-0.03,00-2.27%) recently announced key management appointments including top executives who have left its largest competitors in the ETD industry to join Implant Sciences (IMSC:$1.29,00$-0.03,00-2.27%) .
To view the complete June 2012 issue of Government Security News visit: http://www.gsnmagazine.com/
About Implant Sciences (IMSC:$1.29,00$-0.03,00-2.27%)
Implant Sciences (IMSC:$1.29,00$-0.03,00-2.27%) develops, manufactures and sells sophisticated sensors and systems for Security, Safety, and Defense (SS&D) markets. The Company has developed proprietary technologies used in its commercial explosive and narcotics trace detection systems which ship to a growing number of locations domestically and internationally. Implant Sciences' (IMSC:$1.29,00$-0.03,00-2.27%) QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and the Company's QS-B220 benchtop explosives and narcotics trace detector has received a Developmental Testing & Evaluation (DT&E) Designation by the U.S. Department of Homeland Security under the Support Anti-terrorism by Fostering Effective Technology Act of 2002 (the SAFETY Act). For further details on the Company and its products, please visit the Company's website at www.implantsciences.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that our explosives detection products and technologies (including any new products we may develop) may not be accepted by the Transportation Security Administration or by other U.S. or foreign government and law enforcement agencies or commercial consumers of security products; economic, political and other risks associated with international sales and operations could adversely affect our sales; our business is subject to intense competition and rapid technological change; the risks that our markets are subject to technological change and that our success depends on our ability to develop and introduce new products; that our success depends on our ability to obtain new patents and operate without infringing on the proprietary rights of others; that we may not obtain the patents we have applied for; that the validity and breadth of claims in technology patents involve complex legal and factual questions and, therefore, may be highly uncertain; that any patents we may obtain may be may be challenged and subsequently invalidated, that we may incur substantial costs in asserting our patent rights; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including its most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management's current expectations and assumptions which could differ materially from the forward-looking statements.
Contact:
Implant Sciences Corporation (IMSC:$1.29,00$-0.03,00-2.27%)
Company Contact:
Glenn Bolduc
CEO
978-752-1700
Email Contact
or
Investor Contact:
Laurel Moody
646-810-0608
Email Contact
<<I'll post pics this weekend. Those photo's on google are the backside of the office. The other side has a company sign in the window. >>
Ok ... Thank you.
A word of caution - According to the Sunpeaks Ventures, Inc, website, THIS is their "Headquarters" at 9337 Fraser Ave. Silver Spring, MD 20910
When you do a GOOGLE SEARCH, it shows a Garage Bay door with flaking paint!... This is the Link:
http://maps.google.com/maps?q=google&um=1&ie=UTF-8&hl=en&sa=N&tab=wl
PLEASE note, I have no position long or short, and I have never owned or traded SNPK ...and this is my FIRST visit to the "SNPK Board"
I became interested because of all the HUGE VOLUME, activity, chatter and emails.
I am only posting this because it STARTLED me!
Jay
PS .....
Moderators: Charlie48, TinaMarie, deadjim, David Fowler, brianw, djcent33
WHY HAVE YOU DISABLED THE Hyperlinks on this board?
I find that strange ...
No research/searches allowed here?