In court papers filed Tuesday, GT Advanced asked for an extension until noon, because “the parties are on the cusp of a consensual global settlement” in the fight for information about what happened between the smaller company and Apple, which had been considering using GT Advanced-made synthetic sapphire material in the screens for its iPhone.
“We’re optimistic that in the next hour or so we will have a signed settlement agreement with Apple. Optimistic, no guarantees of that,” said Luc Despins, attorney for GT Advanced. If and when there’s a deal with Apple on unsealing key bankruptcy court documents, Mr. Despins said, the terms will be spelled out. The proposed deal, he said, “ resolves a lot of the issues before the court” when it comes to explaining why GT Advanced tumbled into bankruptcy.
GT Advanced and lawyers for the official committee of unsecured creditors in GT Advanced’s bankruptcy didn’t respond to questions Tuesday about who is involved in the “global settlement.” The continued sealinghas been challenged by Dow Jones & Co., publisher of The Wall Street Journal, by U.S. Trustee William Harrington of the Department of Justice and by New Hampshire Attorney General Joseph Foster. A representative of the U.S. Department of Justice said Tuesday Mr. Harrington is not a party to the potential settlement.
of Apple, also requested, a further extensi
on of the foregoing deadlin
e to October 21, 2014, at
9:00 a.m. (Eastern Time).
By this Motion, GTAT,
with Apple’s consent
, requests that the Court further
extend the foregoing deadline to
October 21, 2014, at noon (Eastern Time)
. GTAT submits
that cause exists to further extend this deadline
until that time. The parties are on the cusp of a
consensual global settlement and the further ex
tension is necessary to allow the parties to
continue to discuss certain issues related to
the Supplemental Squille
r Declaration, the Apple
Agreements, and the Apple Objection. Also, the
parties do not expect that they will require
another extension. GTAT submits th
at granting such relief is in
the best interests of creditors
and the estates
I saw the increased cost of personnel/marketing of the new online trading platform as start up. As revenue grows, increases through mobile apps, as the platform becomes more widely known, the % spent on those costs will decline.
There are lots of letters going that way. Additionally, the lawyer for GTAT said they would be working 24/7 to keep value for the shareholder. The only question is how much value.
NOTICE OF DISMISSAL
On October 6, 2014, a Chapter 11 Voluntary Petition was filed in this case (Doc. No. 1). As required by
Administrative Order 5005−4, the attorney filing the document is required to submit a Declaration regarding
Electronic Filing, LBF 5005−4 (the "Declaration"). It appears the Declaration was not submitted as required. The case
cannot be administered without said Declaration. Accordingly, this case shall be dismissed for failure to submit said
Declaration unless the Declaration is submitted on or before
November 7, 2014
Date: October 17, 2014
Bonnie L. McAlary, Clerk
By: /s/ G. Llewellyn
I think the employee deal is that if you have more than 50 employees you need to give them 2 months notice if you are closing a facility. Which is what GTAT did on Tuesday with the notice of closing. So the employees have until the end of the year.
Edward, you're not going to get out of buying back the shares that you borrowed. And Apple never said the sapphire coming out of Mesa was inferior.
Should be back up soon. CNBC reported
When is a bankruptcy a bankruptcy? Then you have your answer. 25m shares traded today - not bad for a bankrupt company.
Ah, Al. Me too, my problem was I pulled it all out of invn to gtat. Barely got out alive. Also, here's something I hadn't seen before (I was travelling when all this happened:)
"The company feels terrible about the loss of value and we will work every day, 24/7, to try to recover that value." GTAT attorney
-Apple has shared with the mayor of Mesa that they want to keep the plant operating and employees working
-The mayor has shared with the media that Apple is indicating they may make a deal with another company to take over and keep the plant operating producing sapphire.
-Apple and GTAT are negotiating and will most likely reach some agreement that:
-allows Apple to take over complete control of the plant, IP, equipment and employees by buying the LLC GTAT set up for Mesa and in consideration Apple forgives the $600m debt.
-allows GTAT to keep it's sapphire operations in NH and allows it to market sapphire however it wants except for the communications type devices Apple produces
-Stockholders equity may be preserved at some price
-if GTAT reaches agreement with Apple outside of bankruptcy, the main issue - pressing financial obligations - might allow GTAT to resume business
-however, now that creditors committees have been formed, if it is settled prior to a judge accepting the bk petition GTAT will need to assure the creditors committee that it in fact has a solar business and can pay them.
-GTAT has said on a number of occasions that it expects revenue to be flowing from Merlin this quarter and that it expects to receive its first order for Hyperion shortly. It has also said that a major upgrade cycle is about to begin for solar reactors and furnaces. GTAT is an important component in the US solar business. It needs to continue.
Monk, I don't need a course in bk, I'm just sharing what the judge said. He said it, not me. He sees a problem with Apple changing spec, which they did. Since we are not privy to what GTAT and Apple said to the judge or wrote then we might just need to assume he was speaking plainly and not advancing some metaphor .
I wonder if part of the onerous & burdensome contracts has to do with "if our finishers in China can't get it right, we're not taking receipt GTAT," or "if we change specs on what we want in our sapphire covers, you still need to meet our deadlines," or "if Corning comes back to us with a 'GG that is infused with ions' and it costs less than sapphire, we're switching to them GTAT." "Oh, and by the way, GTAT, all of the IP we MUTUALLY develop during this process is ours."
No, I'm not misunderstanding what the judge said and meant:
"where a homeowner says to the contractor, 'It didn't come out the way I wanted to,' and the contractor says, 'Well, it would have come out that way if you didn't continue to change the specifications."
Nothing to do with sealed stuff, everything to do with Apple changing the specifications of the sapphire build. It is very evident that GTAT has put this forward and the judge understands it.