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[DBT85]

Fairly sure nobody held a gun to their head to sign that agreement.

 

[terrisus]

Down to .41 cents now...lol

Phone Leaks Cost $50M. Sapphire Maker Reveals Contract With 'Oppressive and Burdensome' Apple

Hopefully everyone sold off back when it was around $1.60 >.>

 

[CrankyJay]

Fairly sure nobody held a gun to their head to sign that agreement.

I can't think of many companies that would turn down an opportunity to be tied to Apple and the brand recognition they bring with them.

 

[Gully State]

 

[RevoDS]

I can't think of many companies that would turn down an opportunity to be tied to Apple and the brand recognition they bring with them.

Yeah but that's a risk they took willingly after weighing them against the upside of signing.

They knew what they were going into and signed anyway, they have only themselves to blame for their problems. They weren't complaining about Apple being oppressive when they bragged about $700m in revenue for 2H in the summer

 

[Technosteve]

my perspective is that they can't deliver on the what apple wants at a profit, GT Advanced Technologies is in the business of selling crystal growth furnaces, I wonder if there expertise extended in to the shape forming techniques they need in order to get yields to make a profit. There are no techniques to grow sapphire net shape, so any shape forming step requires expensive grinding cutting techniques.

It sounds like they put all there eggs in to one basket, and now reached a point or knew way ahead of time they were not able to deliver on milestones.

 

[CrankyJay]

my perspective is that they can't deliver on the what apple wants at a profit, GT Advanced Technologies is in the business of selling crystal growth furnaces, I wonder if there expertise extended in to the shape forming techniques they need in order to get yields to make a profit. There are no techniques to grow sapphire net shape, so any shape forming step requires expensive grinding cutting techniques.

It sounds like they put all there eggs in to one basket, and now reached a point or knew way ahead of time they were not able to deliver on milestones.

If so, then the CEO is going to have some explaining to do regarding his selling off a bunch of shares at $18 before the stock crashed.

 

[OmegaFax]

The short version: Apple builds a facility that GT Advanced Technologies operates under set stipulations and milestones. Apple decides to not purchase the produced sapphire because it can secure company's IP cheaply out of liquidation (or has first dibs). Apple generously sank the company. This is why suppliers have more than one customer.

Edit: I just want to see if I got everything right. Skimming through the articles leading up through today.

 

[PS3GamerKyle]

So is GTAT a viable long term play? I'm so tempted to get in at .40 cents right now

 

[RevoDS]

So is GTAT a viable long term play? I'm so tempted to get in at .40 cents right now

NO.

The stock is worthless regardless of the company's survival. Lenders will get some of their money back, shareholders get screwed.

Don't buy this unless as an extremely long-shot, high-risk play for a miracle.

 

[El Topo]

Just bought $500 worth.

Good old hiroshawn, never fails to make you chuckle. I honestly feel bad for him though, despite the occasional utter bullshit.

 

[terrisus]

Good old hiroshawn, never fails to make you chuckle. I honestly feel bad for you though.

What's worse:
Losing $500, or getting banned from GAF? >.>

 

[iJudged]

Just bought 2583 shares, good stuff.

 

[El Topo]

What's worse:
Losing $500, or getting banned from GAF? >.>

If hiroshawn was to be believed, that's far from his first bet. He truly was our parlay prince. Too bad he also occasionally held, uh, questionable opinions (or expressed himself unfortunately). Pretty sure losing the money would be worse though.

 

[Maninthemirror]

So whoever purchased stocks for this...

http://www.macrumors.com/2014/10/16/gt-advanced-nasdaq/

It was delisted from nasdaq...

Good luck..

 

[ronito]

That graph, man.

Even the dead cat bounce was minimal.

 

[Orin GA]

Looks like the enron ride

 

[Stumpokapow]

the company is selling their plant, primarily their sapphire glass making furnaces, to pay the half a billion dollars they owe apple, and winding down operations. it's over.

 

[Scum]

the company is selling their plant, primarily their sapphire glass making furnaces, to pay the half a billion dollars they owe apple, and winding down operations. it's over.

Oh dear.

 

[GhaleonEB]

I hope no one took the bad advice to buy just because it was low. Apple pulling their business made them insolvent immediately.

 

[Ahasverus]

I wonder if some people really spent on stocks thinking they would cheat the market.
Hope everyone lands on their feet.

 

[terrisus]

I hope no one took the bad advice to buy just because it was low. Apple pulling their business made them insolvent immediately.

Well, I mean, if they did when I said to, and sold the next day, they could've made some money >.>

 

[JackLongRod]

Damn $18 a share to delisted ? That's crazy

 

[Salmonax]

the company is selling their plant, primarily their sapphire glass making furnaces, to pay the half a billion dollars they owe apple, and winding down operations. it's over.

 

[Graphics Horse]

Just bought 2583 shares, good stuff.

:/

 

[Dreams-Visions]

RIP.

 

[SwiftDeath]

Wonder what will happen to the workers of the plant then. Will the plant go inactive until a new owner is found?

 

[JackLongRod]

Welp

GT Advanced and Apple have reached a deal that will see the two companies dissolving their partnership, according to documents submitted to the court earlier today, reports The Wall Street Journal. According to GT Advanced attorney Luc Despins, the agreement between the two companies marks an "amicable parting of the ways."

Under the terms of the deal, GT Advanced will sell off more than 2,000 sapphire furnaces, with some of the proceeds going to Apple as repayment for the $440 million loan the company gave GT to purchase the sapphire equipment.


Mr. Despins said the proposed settlement allows GT Advanced to try to sell the furnaces at the Mesa, Ariz. sapphire-manufacturing facility, and give the money to Apple, which financed the equipment. GT Advanced would surrender its claims against Apple, under the deal, and agree not to disparage the technology giant, Mr. Despins said.
There was some speculation that GT Advanced was aiming to force Apple into taking over the sapphire operation, but it appears that Apple is not interested as both parties seem to want out of the deal. With GT planning to sell off all of the furnaces, it is unclear whether Apple will be able to source enough sapphire from other suppliers in order to incorporate sapphire into the iPhone display in the future.

Apple and GT Advanced have also agreed to file a revised explanation for the company's bankruptcy filing, which will be provided to the court at a November 25 hearing, but the original court papers remain sealed. If approved, the settlement between GT Advanced and Apple will see original court papers stricken from the court record, keeping the details of what went wrong between the two companies quiet.

Rumors have suggested that the deal between GT Advanced and Apple began falling apart early on, with GT Advanced missing technical milestones as early as February. A failure to produce high-quality sapphire led Apple to withhold a final $139 million loan payment, which may have been the reason behind GT Advanced's Chapter 11 bankruptcy protection filing in early October.

GT Advanced will begin winding down operations at its sapphire plant in the near future, eliminating the jobs of more than 727 employees in the coming weeks. GT Advanced plans to prepare existing sapphire boules for sale, clean and sell furnaces, and then close the plant for good by December 31.

http://forums.macrumors.com/showthread.php?t=1806630

 

[SwiftDeath]

GT Advanced will begin winding down operations at its sapphire plant in the near future, eliminating the jobs of more than 727 employees in the coming weeks.

Ah that's too bad but entirely expected I suppose