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DeZwarteRidder 22 oktober 2014 12:18

Apple is in the market for a new sapphire supplier.

GT Advanced Technologies and Apple have reached an agreement that will see the two companies amicably parting ways, after the sapphire supplier filed for chapter 11 bankruptcy earlier this month.

GTAT was expected to supply sapphire glass for the iPhone 6 and Apple Watch, but after failing to meet performance requirements as part of its contract with Apple, the company failed to receive its final payment of $139 million dollars. The company’s stock tanked after it was revealed that the iPhone 6 uses Gorilla glass, but company’s CEO and COO still made millions of dollars off loading shares ahead of the announcement.

As part of the agreement to end business relations with Apple – who supplied over $500 million to setup GTAT’s sapphire plant in Arizona – GTAT will sell its sapphire furnaces to raise money to pay Apple back.

Apple said it was surprised when GTAT filed for bankruptcy and that it would work to preserve the sapphire plant in Arizona and the jobs it created, but lawyers for GTAT say the deal allows it to wind down operations at the plant and pay incentives to employees.

DeZwarteRidder 22 oktober 2014 12:30

quote:
DeZwarteRidder schreef op 22 oktober 2014 12:18:
Apple is in the market for a new sapphire supplier.

GT Advanced Technologies and Apple have reached an agreement that will see the two companies amicably parting ways, after the sapphire supplier filed for chapter 11 bankruptcy earlier this month.

GTAT was expected to supply sapphire glass for the iPhone 6 and Apple Watch, but after failing to meet performance requirements as part of its contract with Apple, the company failed to receive its final payment of $139 million dollars. The company’s stock tanked after it was revealed that the iPhone 6 uses Gorilla glass, but company’s CEO and COO still made millions of dollars off loading shares ahead of the announcement.

As part of the agreement to end business relations with Apple – who supplied over $500 million to setup GTAT’s sapphire plant in Arizona – GTAT will sell its sapphire furnaces to raise money to pay Apple back.

Apple said it was surprised when GTAT filed for bankruptcy and that it would work to preserve the sapphire plant in Arizona and the jobs it created, but lawyers for GTAT say the deal allows it to wind down operations at the plant and pay incentives to employees.

Apple komt er wel heel erg gemakkelijk vanaf: GTAT moet z'n eigen saffierovens (die nooit goed gewerkt hebben) gaan verkopen en de opbrengst aan Apple geven.

Het idee van velen dat Apple zelf saffierglas zou willen maken is dus onzin gebleken.

Apple was verbaasd door het faillissement van GTAT....!!! Wat een kolder!!
Als ik het faillissement kon zien aankomen, dan kon Apple dat nog veel beter.

De fabriek in Mesa komt waarschijnlijk leeg te staan, tenzij een andere glasfabrikant hier wil gaan produceren, wellicht willen Corning of Rubicon het wel proberen.

!@#$!@! 22 oktober 2014 20:19

Was wat aan het googlen en kwam deze link tegen:
www.fool.com/investing/general/2014/0...

Februari 2014 !

The penalty for failure is bankruptcy
GT needs a substantial hit on its hands, and to capitalize on this hit by expanding beyond device screens. Sapphire coatings could be used for everything from sports glasses to body armor, if the costs can come down enough. But, if yield or quality doesn't live up to expectations, GT will not exist.

If the repayment of the Prepayment Amount were to be accelerated, it would likely produce a cross-default under our 3.00% Convertible Senior Notes due 2017, or the 2017 notes, and the notes offered concurrently with this offering (correspondingly, an acceleration of the 2017 notes and the notes offered concurrently with this offering would likely produce a cross-default under the Prepayment Agreement), and we may not have sufficient resources at such time to satisfy these obligations.

DeZwarteRidder 22 oktober 2014 21:25

quote:
!@#$!@! schreef op 22 oktober 2014 20:19:
Was wat aan het googlen en kwam deze link tegen:
www.fool.com/investing/general/2014/0...

Februari 2014 !

The penalty for failure is bankruptcy
GT needs a substantial hit on its hands, and to capitalize on this hit by expanding beyond device screens. Sapphire coatings could be used for everything from sports glasses to body armor, if the costs can come down enough. But, if yield or quality doesn't live up to expectations, GT will not exist.

If the repayment of the Prepayment Amount were to be accelerated, it would likely produce a cross-default under our 3.00% Convertible Senior Notes due 2017, or the 2017 notes, and the notes offered concurrently with this offering (correspondingly, an acceleration of the 2017 notes and the notes offered concurrently with this offering would likely produce a cross-default under the Prepayment Agreement), and we may not have sufficient resources at such time to satisfy these obligations.

leuk zijn de reacties op bovenstaand artikel:
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On February 03, 2014, at 10:07 AM, larryw101 wrote:

Another useless article by a nobody Motley author.

Thanks for wasting my time.....
------------------------------------------------------------------------
Report this Comment On February 04, 2014, at 2:30 PM, JBirdMI wrote:

I completely agree, LarryW101.

This piece is purely one-sided negative innuendo and worst-case what-if's. That is good for the investor to understand, but when presented in this unbalanced way, it ends up a hit piece.

It was likely commissioned by short sellers, IMO.
-------------------------------------------------------------------------
Report this Comment On February 05, 2014, at 7:49 AM, pidepiper7 wrote:

ROFL.

Your post is a joke. Particularly this:

"Do you have the nerve to put $778 million on black at a roulette wheel in Vegas? Investors in GT Advanced Technologies (NASDAQ: GTAT ) may be doing just that."

Are you really going to have us believe that Apple hasn't done it's homework on GTAT? That GTAT is somehow going to fail to deliver on such a key Apple component for the iWatch? That the odds are really 50/50? That Apple is going to so badly screw GTAT over that they'll have no choice but to declare bankruptcy thereby depriving Apple of said component?

Your article is useless and absurd.

Who are you? LOL
---------------------------------------

!@#$!@! 22 oktober 2014 21:43

hahaha, ja ik had ze ook gelezen. Maar het artikel was gewoon een goed artikel, niks schreeuwig, tendieus of in die trend wat vaak het geval is.

Ik ben het vergeten erbij te zetten. Maar dit kwam uit het prospectus uitgegeven door GTAT zelf ! bij de plaatsing van die obligaties.

DeZwarteRidder 23 oktober 2014 14:19

Investment Thesis:

Post Apple settlement, we see little risk to convertible debt and believe GTAT bondholders are likely to go unscathed. GTAT bonds CUSIP ID GTAT3908991 and GTAT4078167 would be strong buys at the current levels.

It is impossible to value the equity reasonably at present without additional details from the Company on the balance sheet situation as well as Q4 and 2015 updates. However, being short the stock at this point may be foolhardy. We see the equity as a speculative buy.

Related implications:

With over two thousand state of the art sapphire making furnaces arriving in the market at potentially steep discounts, we believe that the sapphire equipment market is likely to be flooded with excess capacity for the foreseeable future. The furnaces at Mesa are cutting edge technology that have not been available to other customers due to Apple exclusivity. Consequently, we expect GTAT to be able to unload a significant fraction of these furnaces into the market albeit at distressed levels. In this context, we would avoid all sapphire related players for the next twelve months. These include Rubicon Technology (NASDAQ:RBCN) and Sapphire Technology Corp (123260:KOSDAQ).

As a related matter, we estimate that the sapphire boule inventory at Mesa is likely between $20 and $60 million. It is unclear if Apple will be using all or part of this large sapphire boule inventory. If Apple has limited or no use for this product, then there will be a glut of large size sapphire boules in the market in the near term. In this context, we would stay away from any sapphire producer for at least a couple of quarters.

On the upside, we expect a significant downdraft in sapphire and LED prices in 2015 and would be bullish on LED suppliers and others who can benefit from low cost sapphire.

seekingalpha.com/article/2582315-gt-a...

!@#$!@! 23 oktober 2014 14:50

quote:
DeZwarteRidder schreef op 23 oktober 2014 14:19:
Investment Thesis:

Post Apple settlement, we see little risk to convertible debt and believe GTAT bondholders are likely to go unscathed. GTAT bonds CUSIP ID GTAT3908991 and GTAT4078167 would be strong buys at the current levels.

Ik kan nergens de notering (prijs) vinden van deze bonds. Weet jij die toevallig ?

DeZwarteRidder 23 oktober 2014 14:55

quote:
!@#$!@! schreef op 23 oktober 2014 14:50:
[...]

Ik kan nergens de notering (prijs) vinden van deze bonds. Weet jij die toevallig ?

Geen idee.

[verwijderd] 23 oktober 2014 23:04

quote:
DeZwarteRidder schreef op 22 oktober 2014 12:30:
[
Als ik het faillissement kon zien aankomen, dan kon Apple dat nog veel beter.

Je bent geweldig. Als Steve Jobs je had gekend...

haas 24 oktober 2014 07:06

Steve beheert zijn eigen vermogen,op zijn manier ?
Idem de directie van GTAT ?

DeZwarteRidder 24 oktober 2014 08:58

quote:
geefhetstockjenogmaareenkeerdoor schreef op 23 oktober 2014 23:04:
[...]
Je bent geweldig. Als Steve Jobs je had gekend...

Gelukkig niet, Jobs was een jerk!

!@#$!@! 29 oktober 2014 21:58

Moet je dit lezen. Wie tekent nou zo'n contract ?
En we blijven maar geloven in hoog betaalde ceo's omdat ze zo kundig zouden zijn. Bedrijf na bedrijf legt het loodje door de domste dingen.

fortune.com/2014/10/29/apple-and-gtat...

h980577. 29 oktober 2014 22:07

Shocking....dan hebben ze (management GTAT) nog lang gewacht om hun eigen aandelen te dumpen tijdens de stijging (vast een foutje), dit was idd gedoemd te mislukken voor GTAT.

DeZwarteRidder 29 oktober 2014 22:44

quote:
!@#$!@! schreef op 29 oktober 2014 21:58:
Moet je dit lezen. Wie tekent nou zo'n contract ?
En we blijven maar geloven in hoog betaalde ceo's omdat ze zo kundig zouden zijn. Bedrijf na bedrijf legt het loodje door de domste dingen.

A story that Apple tried for three weeks to suppress is now part of the public record.

When Apple’s chief supplier of sapphire filed for bankruptcy three weeks ago, included in the court documents was a sealed affidavit offered by Daniel Squiller, the COO of GT Advanced Technologies GTATQ -20.91% . It was sealed, according to GT’s lawyers, because it contained details covered by an Apple non-disclosure agreement that was going to cost GT $50 million for each violation.

With that, the so-called Squiller Declation became a legal hot potato — the hottest in what may turn out to be the biggest bankruptcy in GT’s home state of New Hampshire.

On Tuesday, after three weeks of legal wrangling, Squiller filed a revised declaration that is probably as close as we’re going to get to a definitive account of where the deal went south. His summary:

The key to making the transaction profitable for both sides was the production of a sufficient number of 262kg boules of sapphire crystal meeting the specifications required by Apple. GTAT has sold over 500 sapphire furnaces to Asian customers that produce 115kg boules. Most sapphire manufacturers using non-GTAT furnaces produce boules of less than 100kg in size. Production of sapphire at 262kg would provide for scale, that if accomplished, would be profitable to both Apple and GTAT. Unfortunately, the production of 262kg boules of sapphire could not be accomplished within the time frames the parties had agreed, and was more expensive than anticipated. These problems and difficulties resulted in a liquidity crisis at GTAT, which led to the commencement of these chapter 11 cases.”

The juicy stuff, however, is in the details.

In 21 pages of testimony, Squiller tells a tale of woe that says volumes about what it’s like for a small manufacturer to do business with a company as powerful and demanding as Apple.

His complaints fall into two categories: 1) Contractual obligations that favored Apple and put GT at risk and 2) things that went wrong on the ground over which GT had no control.

Screen Shot 2014-10-29 at 12.41.52 PMStarting with the agreement it signed, Squiller lists 20 examples of terms dictated by Apple that laid all the risk on GT. A sample:

GTAT committed to supply millions of units of sapphire material. Apple, however, has no obligation to buy any of that sapphire material.
GTAT is prohibited from modifying any equipment, specifications, manufacturing process or materials without Apple’s prior consent. Apple can modify any of these terms at any time and GTAT must immediately implement Apple’s modifications.
GTAT must accept and fulfill any purchase order placed by Apple on the date selected by Apple. If there is any delay, GTAT must either use expedited shipping (at its own cost) or purchase substitute goods (at its own cost). If GTAT’s delivery is late, GTAT must pay $320,000 per boule of sapphire (and $77 per millimeter of sapphire material) as liquidated damages to Apple. To put this figure in perspective, a boule has a cost of less than $20,000. Apple, however, has the right, without compensating GTAT, to cancel a purchase order in whole or in part at any time and reschedule a delivery date at any time.

Meanwhile in Mesa, Apple was making unilateral decisions that, according to Squiller, made it increasingly difficult for GT to make good on its obligations. I quote:

Apple selected the Mesa Facility and negotiated all power and construction contracts to design and build out the facility with third parties… The first phase of the Mesa Facility was not operational until December 2013—which was only 6 months before GTAT was expected to be operating at full capacity. Additional unplanned delays continued to surface, because the Mesa Facility required a significant amount of reconstruction, including reconstruction of floors roughly the size of multiple football fields.
After much discussion, it was determined that implementing power back-up for the furnaces was too expensive and, therefore, non-essential. That decision was not made by GTAT. On at least three occasions, power interruptions occurred, leading to significant delays and losses of whole production runs of sapphire boules.
In addition, Apple sent a significant number of employees to the Mesa Facility… As much as 30% of GTAT’s R&D and manufacturing team’s time was spent interacting with Apple’s employees.
Many of the processes associated with cutting, polishing, and shaping sapphire (this is the “fabrication process”, in contrast to the “growth process” that takes place in the furnaces) were new, given the unprecedented volume of sapphire being grown at the Mesa Facility. GTAT did not select what tools to use and what fabrication processes to implement at the Mesa Facility. GTAT had no direct contact with suppliers of cutting and polishing equipment to specify and in some cases develop such tools.
GTAT believes that it was unable to achieve its planned fabrication cost and production targets because many of the tools did not meet their performance and reliability specifications. Over time, a majority of the selected fabrication tools had to be replaced with alternative tools, resulting in additional capital investment and operating costs to GTAT and months of lost time in production. The fabrication cost was approximately 30% higher than planned, requiring nearly 350 additional employees and significantly higher consumption of diamond wire and other wear items than originally planned. GTAT was required to absorb these additional costs.

By the time it sought protection from its creditors, according to a separate court filing, GT was losing $1.5 million a day.

DeZwarteRidder 29 oktober 2014 22:46

quote:
h980577. schreef op 29 oktober 2014 22:07:
Shocking....dan hebben ze (management GTAT) nog lang gewacht om hun eigen aandelen te dumpen tijdens de stijging (vast een foutje), dit was idd gedoemd te mislukken voor GTAT.

Squiller, meanwhile, may have to answer for his own actions. The Wall Street Journal’s Daisuke Wakabayashi reported two weeks ago that in May 2014, after the initial signs of trouble surfaced in Mesa but before GT filed for bankruptcy, Squiller sold $1.2 million of GT stock and set up a plan under which he sold another $750,000 of shares over ensuing months.

According to the Journal, GT CEO Thomas Gutierrez also set-up a pre-arranged plan in March and sold $160,000 worth of GT shares on Sept. 8, the day before Apple announced that its new iPhones would not use sapphire screens made by GT.

[verwijderd] 29 oktober 2014 22:47

Kijk ook even naar Matt Margolis zijn andere pareltje: INVN.

h980577. 30 oktober 2014 07:51

quote:
DeZwarteRidder schreef op 29 oktober 2014 22:46:
[...]

Squiller, meanwhile, may have to answer for his own actions. The Wall Street Journal’s Daisuke Wakabayashi reported two weeks ago that in May 2014, after the initial signs of trouble surfaced in Mesa but before GT filed for bankruptcy, Squiller sold $1.2 million of GT stock and set up a plan under which he sold another $750,000 of shares over ensuing months.

According to the Journal, GT CEO Thomas Gutierrez also set-up a pre-arranged plan in March and sold $160,000 worth of GT shares on Sept. 8, the day before Apple announced that its new iPhones would not use sapphire screens made by GT.

Om dat stuk maakte ik die opmerking ja.

[verwijderd] 30 oktober 2014 11:46

quote:
!@#$!@! schreef op 29 oktober 2014 21:58:
Moet je dit lezen. Wie tekent nou zo'n contract ?
En we blijven maar geloven in hoog betaalde ceo's omdat ze zo kundig zouden zijn. Bedrijf na bedrijf legt het loodje door de domste dingen.

fortune.com/2014/10/29/apple-and-gtat...

Inderdaad niet te geloven dat je zoiets aan gaat? Ze hadden hun aandelen inderdaad al moeten verkopen op de dag dat ze dit hebben getekend! Spring in het kanaal omdat Apple het zegt! Beetje of redelijk wat macht bij Apple had ik zeker verwacht maar zo extreem! Uitspraak wat me vaak is ingepeperd blijkt maar weer eens waar: Meeste ceo's zijn niet slimmer of wijzer, ze zijn hoogstens alleen brutaler of lullen beter dan menig medemens!

Sinds 2008 alweer 6 jaar verder maar is er nu zoveel veranderd? Bonus hier, loonsverhoging daar, aandeelpakketje ginder. Het is zoals je zegt; bedrijf na bedrijf legt het loodje door domme dingen, maar wanneer komt het systeem aan de beurt?

!@#$!@! 30 oktober 2014 12:05

Pas op het moment dat burgers en aandeelhouders gaan geloven dat ze het zelf beter kunnen en dus eindelijk bereid zullen zijn om zelf te kiezen en bepalen. Lees directe democratie en daadwerkelijke macht aandeelhouders (en dus geen raad van commissarissen en andere beschermingsconstructies om ons zogenaamd te beschermen).
Dat is de enige mogelijkheid om het "ons kent ons" cultuur te doorbreken van de bestuurlijke elite.

DeZwarteRidder 30 oktober 2014 15:02

quote:
!@#$!@! schreef op 30 oktober 2014 12:05:
Pas op het moment dat burgers en aandeelhouders gaan geloven dat ze het zelf beter kunnen en dus eindelijk bereid zullen zijn om zelf te kiezen en bepalen. Lees directe democratie en daadwerkelijke macht aandeelhouders (en dus geen raad van commissarissen en andere beschermingsconstructies om ons zogenaamd te beschermen).
Dat is de enige mogelijkheid om het "ons kent ons" cultuur te doorbreken van de bestuurlijke elite.

Laat me niet lache.....!!

Burgers en aandeelhouders zijn nog veel dommer dan het bestuur dat ze zelf gekozen hebben, dat wordt dus helemaal niks.

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