My TD ameritrade now shows no GTI and is showing Cash alternative that is tradable or withdrawal
I called one of the law firms, Levi and Kopinsky or some such name, that put out a message a couple of months ago on it. The woman was not helpful, she said it's over and nothing can be done about it.
I said the same thing a couple weeks ago... wondering what BAM's strategy is for the assets and business units.
Immediately after the Board turnover and the subsequent rationalization last year, Milikowsky was still making noise and calling for the CEO's head. Early this year he made public his intention to launch another proxy fight for full control of the Board. IMO BAM's entrance was a completely defensive move - a white knight - to keep Nathan from destroying the company. It was surprising that he supported it as a Board member.
There were lots of "investigations" announced by ambulance chaser law firms, but to my knowledge no suits have been filed, and I think they would have been by now if there were enough shareholders really interested. But without knowing the laws, I believe GTI and BAM were very careful about how many, how much, and when. And the fact is, a large majority of the shareholders took the offer. I also did not tender my shares, figuring if BAM thought it's going up, I'll ride the bus with them, but so it goes.
Sentiment: Strong Sell
Well, I will wait and see what happens now. My own speculation is that certain key assets of GTI will be sold by BAM as part of its rationalization and I speculate that it will be interesting to see just what assets those are and who buys them. The company was not in dire straits, and had streamlined to prepare for many difficult quarters and it is bizarre that the sale to BAM happened immediately after the reconfiguration of the board. I did not tender my shares and expect there to be lawsuits.
I also think it is a total crock - can't believe they actually got over 80% - very fishy!!!! Must have been rigged. I am totally disgusted as I invested in Graftech for the last six years and would have sold at $13 a year ago if I could have predicted this crazy deal!
You are obviously not very aware of the players in this game. The company *may* have been well positioned (maybe not, if you look at their market conditions) after the previous CEO left; the Board changed mid-2014 and things got worse. But all those Board members are now out - BAM had nothing to do with GTI before April of this year and had no seats on the Board. There was speculation Milikowsky was deliberately driving the company down so he could buy it up, but he's lost the war. So all the people you charge with tanking the company ended up the same as you and me - on the outside with $5.05 in our pockets.
What a crock of #$%^. Year and half ago this company was well positioned. The board changed and they tanked it so they could steal it from the shareholders. What a rigged system!
GTI announced they received the final approval from US Gov't and closed the first share sale to BAM. Tender offer expires Thursday night... do they have enough to execute a full takeover? Will they pry the shares out of my cold, dead hand? Waiting on the edge of my seat...
I was laid off from GT in January in part of a "cost savings" measure. Funny thing was the plant they closed that I worked at actually ran in the black. Go figure
Valid reasoning, Uncle, can't disagree. Will be interesting to see if/when BAM takes over, how they treat the product lines and assets.
lou, you made a nice call on this months ago so congrats on that and I hope you wernt burned by the price slide. Nowthen with revnue pert near down $192 million the first 6 months a the year in 2015 versus 2014 that orter tell you demand fer the product is down. We both know the steel biz is way down right now and iffen the demand is not thar, well a compny that acquires another genrally looks fer "synergies"...........sorta a fancy term fer layoffs and/or asset sales to boost performance. That's my take as the acquirer probly won't to see this revnue shortfall go on and on affectin' the bottom line(i. e. losses). Cut costs (layoffs when demand aint thar) or unwind non-productive assets tends to be the solutions an acquirer does. Jest my 2 cents worth lookerin' don the road.
I'm not really sure how they are legally deferring the Annual Meeting; a lot of other filings have been happening triggered by "change in control", even though it's not finalized. I would guess the pending/probable change in control gives them the ability to defer any otherwise required activity.
They had the annual meeting already scheduled sometime in May when the BAM deal was announced late April, and they expected to close both deals by July. Logically, it doesn't make much sense to have a shareholders meeting and Board election if you don't know who your shareholders are, or if you will even have public shareholders in a couple months. Any shareholder who really cares about the annual meeting would recognize that, and I bet the court would shoot down any request to force a meeting.
Unc, I said it before... shareholders either believed this was a good time to get out at a premium, for some an immediate short term gain and for others the best chance to minimize loss and get out; or they believe like BAM that the stock will be worth more in the near future and held on. The results were not very surprising to you and me, so I doubt if BAM got surprised.
I'm curious, though, why you keep predicting layoffs and asset sales? Seems to be your hot-button topic on this stock.
GTI being acquired- correct.... why any annual meeting? It would seem to me that if this was to be their last quarter as a public company, poor results should have been expected. Throw everything in or out for the acquirer to get a cleaner slate.
Now sometime in August? October?
"If there be a failure to hold the annual meeting or to take action by written consent to elect directors in lieu of an annual meeting for a period of 30 days after the date designated for the annual meeting, or if no date has been designated, for a period of 13 months after the latest to occur of the organization of the corporation, its last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting, the Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director."
Fllars the bleedn' continues jest as we reckoned it would. Now as bad as befer, but I reckon they gots a ways to go befer they go into the black. I believe BAM jest got bammed up side the head? Makes a fellar wonder iffen thars gonna be added layoffs and maybe some asset sales in the cards? Steel market is in the tank right now and I jest don't see a quick recovery here fellars. Dead money fer a spell in my view. Maybe them bigshot fellars that sold out were in the know?
Fellars, how in the heck can the oprate in thissen kid a situation? Slowdowns pert near everwhere now and I reckon its jest a matter a time befer the fit hits the shan?