I'm not sure about other shorts, but there's no reason to cover until GT drops below a penny. The stock is worthless. As are all chapter 11 stocks.
Bankruptcy Court Approves GT Advanced Settlement With Apple
22 hours 35 minutes ago - DJNF
By Peg Brickley
GT Advanced Technologies Inc. Monday won bankruptcy court approval of a settlement with Apple Inc. that wards off the threat of litigation over a failed effort to produce large quantities of scratch- and shatter-resistant smartphone screen materials.
Approval from Judge Henry Boroff came after GT Advanced and Apple came to terms with leading creditors who had threatened to derail the pact and transform GT Advanced's bid for an operational turnaround into a litigation-driven bankruptcy aimed at Apple.
The deal uncouples GT Advanced from Apple, and keeps a lid on litigation that could erupt from the corporate breakup that shocked investors unaware that the business relationship was on the rocks.
GT Advanced filed for Chapter 11 bankruptcy protection in October, its business in disarray after a year's foray into the business of manufacturing smartphone screen material, a venture financed by Apple with $439 million worth of loans. Apple's latest generation of iPhones launched without GT Advanced sapphire screens.
In court papers, GT Advanced accused Apple of keeping it a "captive" supplier, subject to shifting specifications. GT Advanced also said it was the victim of Apple's interference in the manufacturing process and found itself in a one-sided deal with a customer that allegedly refused to buy or to bargain.
Apple countered that it was the wronged party, left without sapphire screen material, vilified as a corporate bully and owed hundreds of millions of dollars. "Apple recognizes that the ambitious venture to produce sapphire in meaningful quantities and at a reasonable cost has failed," lawyers for Apple wrote in court filings.
Creditors scrutinized the settlement to ensure they weren't trading valuable damage claims against Apple for too little. As lender, landlord and alleged demanding customer, Apple was vulnerable to a number of different legal ac
I bought 500 @ $0.36. Why not. If they come out of it, I'll make a few bucks. If not, oh well.
Apple was definitely in control of this fiasco....they should trace the big shorts and see if they are connected to apple....a billion to apple the corporation is nothing but that is a huge profit for some individuals.....
Apple lent GTAT funds, then shorted the doo doo out of the stock price to recoup their cash outlay. Then they delayed GTAT's contract until it was too late for them, then bankrupted them. Apple is an evil cutthroat ruthless company that has destroyed countless livelihoods worldwide. Intentionally.
Apple is doing the same thing trading on insider information shorting VirnetX as well. Look at the short interest there. Irrefutable proof would be Herb the Turd Greenberg's psychic ability to tweet about an IPR challenge Apple filed against VirnetX at the PTO, before the filing was even posted on the PTO website. Apple operates like a mafia.
Apple is the big short behind GTAT. They promised GTAT a relationship but instead shorted the stock till no shares could be shorted any longer, than bankrupted the company to steal everything from you shareholders. Any other nationality besides Apple, and the perpetrators would be in jail for insider trading and RICO violations. Look at the size of the short as % of float before Apple called the debt.
Any reason not to sell today to harvest tax loss?
Might there be some positive in an event on 12/15 - I thought i read that.... or any other time after tax selling later in the month (i.e. Xmas Rally - last week?) I kinda want to just dump this dog....but at this point any positive news would be welcome - i just don't see it...
not sure if you're trolling or not, but this company filed for chapter 11 bankruptcy in October. That explains the change in symbol and the de-listing from NASDAQ (GTAT to GTATQ). It nosedived from like 11 to 1 dollar in minutes. It has since been tied up and postponed several times in court. There is no stock split.
I do a review of my stocks every quarter and it's now year end. Good time for selling losing stocks to reduce taxes paid.
Is there something wrong with the stock for you guys? Etrade shows 32cents. Symbol seems to have changed too??
Was there like a 30 to 1 stock split or something coz I saw a straight line down? I bought it at $16. Must have taken some time to update the stock quantity on my etrade. A 30 to 1 stock split would mean I'm in the red by about 40%. Good for tax reduction, this stock :)
GTAT Management is totally defocused and they continue to do so. Rather than pursuing growth in its primary / core business, they have some of their senior GM executives pursuing solar interconnect projects and partnerships, which is a residual product of their bailout buyout of Twin Creeks, a miserable failure of another $90M of investor money. What do they need these headaches for and how can this bankrupt company seek value from highly competitive market place of solar panels, other than satisfying ego's of some past Twin Creek executives? Where is the concern for shareholder decimated value once more....?