Let's look at some of the points hidden within the statement.
1. "Instead, it has agreed not to disparage Apple(AAPL), and Apple(AAPL) has agreed not to disparage GT Advanced(GTATQ). "
This falls into accord with the possibility of them working together in the future, maintaining mutual respect for future working relationship.
2. "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".
Apple is making very sure to allow GT ease of exit by being more than hospitable, and they wouldn't do this if it weren't somehow to their own advantage.
3. "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. "
GT is choosing the path that they believe will enable the fastest possible exit from bankruptcy
4. "GT Advanced (GTATQ) doesn't have a bankruptcy loan but expects to have one "in several weeks," court papers say"
GT is looking at getting a loan and expects it to happen before a month is up. Extremely good IF creditors don't erase gtatq stock...honestly don't know how that works.
5. "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."
This, imo, is the gamble that GT is taking and the scariest part of this ride. EVERYTHING GT has going for it rides on the judge continuing to allow something which is usually considered illegal and very unusual at the least. Apple is making sure that if they get damaged (by reveal of BR details) that GT pays the price. If the judge continues to allow silence, then we are golden. If the judge bows to pressure from Dow and others to make public the docs, then our road to recovery just went from weeks/months to many years. Ultimately I believe the judge will allow secrecy to continue if it guarantees bankruptcy exit after the November 25th.
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