GT Advanced Technologies Inc fka GTAT

[SilentMinority]

It would have been foolish of the ad hoc to push for objection of the Hyperion sale or terms without a cash bidder at the table.

The real battle was getting a committee formed. if accomplished, the committee could go after the hyperion sale and at the very least, attack some of the $25 million of prof fees in the case to benefit of eqty.

To make a big stink of the sale without a qualified bidder ready to put up cash (look up definition of qualified in bid procedures) would have been to tell the court that an equity committee was going to (potentially) argue every issue in the case with or without support typically sought by the court. Not wise.

If anything, ad hoc should have done what it could to prevent objections to the sale. I get that this is to give up potential value for equity, but again, some of that can be recouped and the real battle that day was formation that could potentially lead to recovery for eqty, not a 6-digit topping bid that won't help eqty without standing under a committee.