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$1.5 Billion Market Cap Supplier Of Apple Sapphire Glass Just Filed For Bankruptcy
But...but...but... it's an AAPL-derivative play, what could go wrong? The supplier of Apple's oh-so-magnificent Sapphire Glass, GT Advanced Technologies, just filed for bankruptcy...
- *GT ADVANCED TECHNOLOGIES & UNITS FILE CHAPTER 11
- *GT ADVANCED TECHNOLOGIES LISTS DEBT OF MORE THAN $1 BLN
- *GT ADVANCED HAS ABOUT $85M OF CASH ON BALANCE SHEET
- *GT ADVANCED PLANS TO OBTAIN DEBTOR-IN-POSSESSION FINANCING
Do not worry though, the CEO seems very pleased, noting "GT has a strong and fundamentally sound underlying business." Perhaps the reason for his optimism is the massive insider-selling that has occurred in the last few months... For once the shorts (45.7% of float) were right.
The CEO is optimistic...
"GT has a strong and fundamentally sound underlying business," said Tom Gutierrez, president and chief executive officer of GT.
"Today's filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet.
* * *
Perhaps the wholesale dumping of the stock in the last few months by mamagement explains his upbeat perspective...
* * *
Full brankruptcy filing below:
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Wow, wasn't expecting that. Apres Apple Glass, le deluge?
In case of emergency, break the glass.
CHECK!! DONE!
now what? just wait?
Please do not worry..
DON'T PANIC!!!!
PLEASE FASTEN YOUR SEAT BELTS!
and grab your ancles, cause the're going in dry!
But, the real story would be this...
...show us the wealth/assets of the top 12 insiders on this one. Bankruptcy shmankruptcy....I'm betting this company still created a few $100 million-aires. That's the game...
Jumping Jack Flash...
It's a Glass, Glass, Glass.
Great balls of fire!
JUMPING JACK FLASH,
GLASS, GLASS , GLASS
INSIDER STOLE THE CASH.
It is clear there was some insider trading.
'Clearly', someone got a heads-up on the Head-Up-Display (HUD).
Yes, I frikkin know it's an HMD, but HUD goes better with the one-liner. Artistic license, bitchez.
Incorporated in New Hampshire? Did I read that right? Who the hell incorporates a company in New Hampshire?
Chain saw sculpture companies
Oh, and Sig Sauer USA:
http://www.sigsauer.com/AboutUs/ContactUs.aspx
Along with their awesome Sig Sauer Academy
I almost got a job in Exeter, NH a few years back. Nice little place to hide out waiting for the collapse.
Interesting (to me at least) is that a number of subs are incorporated in Delaware which means they would be entitled to file in DE under the code. Using a sub to file in DE (or SDNY) is the more common practice.
First Day pleadings have not been filed yet: https://www.kccllc.net/gtat/document/list/3941 which is where the "good info" would be.
That's what I was thinking. Why do this anywhere but DE, unless you are forced to?
NEVADA TREATS MANAGEMENT ABOVE BONDHOLDERS SO THAT IS A GOOD REASON TO DOMICILE IN NEVADA
haha
What would Jack Ma say??
No iPhone 7 then?
ahaha nice one. First guys can leave with all parts of their body
Lol....strong underlying business that we will now sell to Apple on the cheap since we all cashed out. Screw you shareholders.
Could also flood the market with sapphire glass.
Haven't checked on Corning yet but definitely stiffing the bankers and making Jim Cramer look like the total wacko he truly is.
Shareholders can easily be snowed and bamboozled by sexy, trendy tech.
Optics is light work, but only for those who know what they're doing.
We got to bailout GM to “save” the supply-chain.
Seems Apple’s supply-chain is going first.
no more bendable glass
that really sucks
make SUM MOAR GADGETS APPUL - PULEEASE!!!
Poor Jack, he never had a chance.
http://m.youtube.com/watch?v=YbehPQfu3K0
/sarc
Apple consumers should not have to settle for mere sapphire glass.
There's troubles in the bubbles...
Sounds like bad management
Often times bad management is greed's mask.
"Sucked that one dry Willy, NEXT!!"
Without a venture capital backing, pushing +N120 payment cash flow will put any business into bankruptcy. Just ask the vendors supplying GM before TARP bailout.
Another example of a Mickey Mouse liberal Crony Communism business model gone tit's up. To sum it up firmly, failed globalization strikes again.
YEAH!! CHAPTER 11 IS ACTUALLY A GOOD THING...
that all sounds so 2007 ish...
Fucking crooks, the equity holders get shit and these Solyndra like fucks get rich.
the looting is going great! he added
Curious whose pockets were lined with $1B in debt.
Senator McCain et al.
iranian nuke explosion http://www.israelnationalnews.com/News/News.aspx/185882#!
OT humor:
“People shouldn’t be so scared about this virus from Africa. He only has two more years of his presidency”
http://www.theblaze.com/stories/2014/10/03/actors-brutal-joke-about-obam...
Bankruptcy...another financial tool of Wall Street. It means something entirely different when Wall Street orchestrates a BK filing.
This one will not be the first one, nore the last one. Word going around is that lots of Companies in Australia are in need of more funds and cannot get them. I am sure that in the US a small downturn will have quite a few on the Ropes. Europe? Must be heaps of them.
lol... "mamagement"
LONG CORNING