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It is amazing how much excitement this roadkill company can generate. They have no future. The price is up because a bunch of guys were pumping it on reddit.
When will Uber buy them? Last I could tell they were hung up on price? (number of shares)
Was anyone else awarded warrants who understands what to do withthem?
They (Price, et al.) wanted to take out the small stockholders in order to a) not have to share the value of the soon to be merged company's assets, and b) to reduce the number of shareholders to a manageable numer, probably below 300.
They will now authorize additional shares. The sale of these shares to raise capital will be announced in conjunction with the announcement of the reverse merger of the asset holding companies into the GLGT shell.
This have the effect of placing the assets of the company behind the stock, raising cash, and diluting any remaining pre-merger shareholders.
The current insiders will avoid dilution and recoup their value under the terms of the merger. Probably in the form of stock and/or warrants. Everybody wins. (exept those like myself who were long and paid for a valuable lesson)
As for attorney Price, aside from any insider information he may have disclosed under trading rules, IF his disclosures were not authorized, he would be guilty of divulging confidential client information thereby putting his law license at risk.
HOWEVER, if he engaged in an authorized leak, thereby discretely making previously inside information on the reverse split public through this forum (and likely others), people in the know could then dump their stock based on now public info and have a defense to claims of insder trading.
This is of course just wild speculation. What sayest my fellows?
Your posts regarding the lack of information are correct. There is a lot that is unknown.
The central feature of a reorganization under ch. 11 is the "plan" of reorganization which must be approved by the judge and in most instances by the creditors.
The plan spells out the details of who gets paid what and when. It will rearrange the payment schedule of debts so that the debtor (GTAT) has a realistic hope of making the payments. That requires a revenue stream that will support the plan. (Otherwise, the BK will be converted to a ch.7 liquidation.) GTAT seems to have a revenue stream. Those who are long in the stock are betting that it is adequate to fund a realistic repayment plan.
The plan can also reduce the debt owed to certain creditors - usually the unsecured creditors. They can also effect shareholders, but again this depends on the adequacy of the revenue stream to meet other obligations.
Each plan is unique to the situation, and I have seen some that are very creative. A lot is in the hands of the lawyers for both the debtor and the creditors. (And they aren't saying much about the details, which brings us back to the lack of information.)
GLTA
We are called to be servants, and though a worker is worthy of his wages, a man cannot serve two masters. I will not offer an opinion on who those in the video serve, but will use this as an opportunity to remember that by serving others I serve my Lord and Saviour Christ Jesus.
10,000 shares at .0013 = a $13.00 trade. Really, who does that?
Why 1:25?
Blood in the water attracts sharks. That doesn't mean anyone is dead.
Maybe things will be livlier tomorrow, M'lady.
The "mechanism" will be some payout over time that will not endanger current cash flow. (I have actually drafted such as part of bkrty plans).
here and there
I'm not sure, there are some people who claim that apple is a P&D. ;)
Verily. I always turn up in the worst places. But it would be nice to pick up a couple coins.
This is a clever bunch of P&D artists who engineered a bankruptcy and then a deal with Apple. I want to hire them if I ever get into the MJ business.
Last chance to load before tomorrow's run.
My prediction, for what it's worth, is EOD .85+ and a small gap up overnight leading into a morning run up to 1.20
I'm in the green and there isn't even news yet. No reason not to hold.
Seeking Alpha:
GT Advanced nears settlement with Apple
Oct 21 2014, 11:04 ET | About: GT Advanced Technologies, Inc. (GTAT) | By: Eric Jhonsa, SA News Editor
GT Advanced (GTAT) and Apple "are on the cusp of a consensual global settlement," GT says in a new court filing.
Attorney Luc Despins: "We’re optimistic that in the next hour or so we will have a signed settlement agreement with Apple. Optimistic, no guarantees of that." He adds the deal "resolves a lot of the issues before the court" in terms of explaining GT's bankruptcy filing.
GT shares are up 101.6% on the pink sheets to $0.73.
Last week: GT's bankruptcy hearing delayed
Are there any rumors/info as to what college EEGI/Greystone is buying?
There may be another dip tomorrow as nervous types unload before the weekend. IMHO
The other thought that occurred to me was that they would not change the name with the NVSOS without then registering that name change elsewhere - such as FINRA. (Even if such matters are not yet public). At the very least, we should expect an official OTC name change (and likely, but not essential, ticker change).
I've been out of touch for a week and I come back and see price drop more. It is worrying.
But, as has been pointed out, our GLGT along with other companies are slowly being gathered under one roof, literally - same address phone number, websites, etc. And, there would be no value in the GLGT shell other than its publicly traded status. The only logical conclusion is that either someone intends to merge two or more entities into the GLGT shell, or they originally intended to and have changed their mind and will merge under a different unknown shell. (less likely - at least until we discover another shell involved in this play.)
Someone tell me where I'm wrong.
Someone loaded 1M shares just before close. If they know something, what are the chances that this is going to run Monday?
.013 new HOD
Thanks
Does L2 confirm that no one is selling?
Think about it. Both GTAT and APPL will issue statements and/or PRs after the hearing tomorrow. Both will try to spin matters to look good for their company. APPL gains nothing by trashing GTAT. Therefore, GTAT will come out with positive outlook, at least in the short term. This stock can only go up after the hearing. IMHO
Thanks for the link. Great article:
This looks like EVERYONE including the MMs are holding. Everything is locked up. I hope this is the lull before the storm when news breaks.
Do not expect substantive results from initial bkrty hearing. It is more of a getting to know each other session. Everyone will be told the rules. (Apple may gripe a lot, but it will just be posturing).
Bkrty is to protect not only the debtor (GTAT), but also other creditors. The court will not allow Apple to do anything that endangers other creditors.
It will take time to notify all creditors, and inventory the debts and obligations at issue. Then the debtor (GTAT) will get to propose a plan of reorganization (which will involve extensive negotiations). The plan has to be approved by ALL creditors, not just Apple, AND the judge.
Attorneys will bill thousands of hours on all sides. I.e., no quick results.
If GTAT still has revenues, there is a good chance it may survive. No one will know for months.
I am glad you brought up RS as an example. They are bleeding money. Even if their debt was wiped out, they would still be losing money.
GTAT has a chance if they are showing a profit after restructuring their obligations. In the meantime, bkrty protection keeps Apple from shutting them down.
Bankruptcy does not mean a company is out of business.
Chapter 11 gives the company protection from creditors while they reaorganize their finances. In this case, bankruptcy will protect GTAT from Apple trying to take their ovens or other assets. It will also freeze any payments that GTAT has to make to Apple.
The key to surviving bankruptcy is having a viable stream of income.
As long as GTAT has income from sources other than Apple, it can continue to receive revenues while it works out long term financing to cover any debt to Apple.
Many companies (E.g., airlines) come out of bankruptcy stronger than ever.
(been there, done that)
One must have one's priorities.
(Personally, I'm holding and may even load some more.)
I see low volume (200) ttoday with only 100 each on the ask and bid. Does anyone with L2 access see anything exciting going on?
re: .75 - 1.00
Your analysis in correct.
As I said elsewhere, I will adjust as appropriate when the time comes.
re: .75 to 1.00
No, probably less. But I travel a lot and I would hate for something unexpected to happen while I was away and I miss the chance to cash in. I will probably adjust those sell orders as we get more information.
I just got off the phone with ETrade. Yes the message popped up on my screen. I called in. The reason appears to be "something going on in the background with the corporation". But they placed an order over the phone for a sell @ 4.50 and waived the broker assistance fee.