Replies to post #40146 on GT Advanced Technologies Inc fka GTAT

[stockdawg44]

BK attorney's are way overpaid! FYI!

[XenaLives]

Gee, an Apple Contractor who had to lay off employees in 2014 because sales were down creates a company that is going to spend hundreds of millions on medical research.

What a joke!

Marketing of GTAT Corp.’s Hyperion Assets

8. In an effort to market GTAT Corp.’s assets related to its Hyperion business for sale, starting on July 7, 2015, Rothschild contacted a total of 102 parties, consisting of 32 potential financial buyers, 38 potential strategic buyers and 32 venture capital firms. The parties contacted were selected in consultation with the Debtors’ management and after seeking input from the financial advisors to the Committee and the ad hoc group of unaffiliated noteholders. Parties contacted included (a) parties who had previously expressed interest in purchasing the Hyperion assets, (b) strategic buyers with the potential for a strategic fit, and (c) financial buyers and venture capital firms that were selected after taking into account the size, financial circumstances, and industry sector of GTAT Corp.
9. Of the 102 parties originally contacted, eight parties executed confidentiality agreements and received the following documents regarding the sale of the Hyperion Assets: (a) a confidential information memorandum with respect to the Hyperion Assets, (b) a request for proposal that outlined the marketing and sale process (including the August 24, 2015 deadline to submit non-binding indications of interest), and (c) access to a data room.
10. On August 6, 2015, the Debtors also filed and served a sale notice [Docket No. 2153] which informed creditors, potential bidders, and other parties in interest that the Debtors had initiated the process of selling the Hyperion assets and that indications of interest should be submitted by August 24, 2015.
11. Of the eight parties who executed confidentiality agreements, two parties submitted a non-binding letter of intent (an “E0 by the August 24, 2015 deadline. Of the two that submitted an LOI, one party subsequently withdrew their interest after performing additional due diligence, leaving Neutron Therapeutics Inc. (“B_u\/Q”) as the only remaining interested Party-
l2. Due to Mr. Theodore Smick’s familiarity with the Hyperion assets, Buyer’s additional due diligence after submitting an LOI was limited. Following extensive, arm’s-length negotiations, GTAT Corp. and Buyer reached agreement on the Asset Purchase Agreement for the sale of the Purchased Assets. Sound Business Justification for Sale of Purchased Assets
13. The Purchased Assets will require significant capital investment and time before they can be commercialized for a profit. At this time, the Purchased Assets no longer fit into the Debtors’ business plan going fowvard and thus the Debtors have determined that the best way to maximize their value is to complete the sale of those assets on the tenns set forth in the Asset Purchase Agreement.

https://www.kccllc.net/gtat/document/1411916151001000000000006