"Payable to GLOBALFOUNDRIES (GF) line item on the Balance Sheet includes all amounts due to GF by AMD. AMD will make a $50 million cash payment to GF, related to the 28 nanometer (nm) product limited waiver of exclusivity, as provided in the 2012 amendment to the Wafer Supply Agreement (WSA) in the fourth quarter of 2012. The remaining balance of payments related to the waiver is $175 million which will be paid by December 31, 2012"
rory has it all figured out.
bum fights. or more precisely, taking an organizer's cut of the betting on bum fights.
but where to get the bums?
he has that covered, too.
he'll lay off amd employees in a bad california job market, and when they can't find work, he'll offer to let them fight in his bum fight arena for grocery and rent money.
rory is a mastermind. a real "brain bum". he'll make the bums himself and then set up the fights.
amd should easily be able to clear $200 million on bum fight earnings.
Did anyone miss this in the 10-Q that was just filed on top of all of this?
"The second amendment also grants the Company certain rights to contract with another wafer foundry supplier with respect to specified 28 nanometer (nm) products for a specified period of time. In consideration for these rights, the Company agreed to pay GF $425 million and transfer to GF all of the capital stock of GF that it owned (1,063,798 GF Class A Preferred Shares). As a result of the Company receiving these rights in the first quarter of 2012, the Company recorded a charge related to the limited waiver of exclusivity from GF of $703 million consisting of the above-mentioned $425 million cash payment and a $278 million non-cash charge equal to the carrying and fair value of its transferred capital stock in GF. Pursuant to the second amendment, $150 million of the $425 million was paid on March 5, 2012, $50 million was paid on June 29, 2012 and $50 million was paid on October 1, 2012 with the remaining $175 million to be paid by December 31, 2012. In addition, as security for the final two payments, the Company issued a $225 million non-interest bearing promissory note to GF."
AMD issues a $225M promissory note to GF? GF does not trust AMD to pay its due?
The only reason for a promissory note is to give GF rights if and when AMD went bankrupt before handing over the cash.
GF, which was one of the single biggest shareholders in AMD, insisted on being protected because it knew, intimately, that AMD is a bankruptcy waiting to happen.