I suspect this stock is also going to tank more than it already did.
Having been there and seeing first hand how GTAT management works, I don't see this ending well.
They are now out of the sapphire industry and nobody wants to buy defective furnaces. Yes, they are defective other wise I would still be happily working there.
Their other business ventures were all headed in a spiral prior to the Apple deal.
Forget Apple. They are out of the picture and it's now up to GTAT to pull this out of the death throws that it's in. Apple has nothing to do with them anymore other than GTAT owes them a boat load of cash.
Even if Apple was the evil genius in this deal, I guess GTAT should of shelled out more money for better attorneys before they signed the deal. But, they were desperate so they signed it anyway.
Instead, they spent that Apple money like drunk sailors. The burn rate was over 1 million a day because the so called crystal experts severely under estimated what it was going to take to process the second hardest substance on earth in a mass production environment.
Historically companies in BK don't come out of it. Sure there are big name companies that have, but GTAT is not even close to being one of those types of companies.
It's a long shot at best.
