Apple sapphire partner GT Advanced Technologies files for bankruptcy

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Comments

  • Reply 41 of 220
    Quote:

    Originally Posted by waterrockets View Post



    Are their dreams shattered, or have we only scratched the surface on this story?



    /sorry



    Just another "great" managerial decision by Mr Cook, the world's best COO and nothing else.

     

    Once more:

     

    1 - Pathetic dividends decision;

    2 - Useless Beats purchase;

    3 - Failed GT investment;

    4 - DOA Apple Watch.

     

    More to come?

  • Reply 42 of 220
    andysolandysol Posts: 2,506member
    Quote:

    Originally Posted by TomMikele View Post



    Apple's deal with GT any roll they have in that business.

    *role

     

    Figured I'd correct your typo in your post saying how no one knows as much as you.  Keep up the good fight buddy 

  • Reply 43 of 220
    andysolandysol Posts: 2,506member
    Quote:

    Originally Posted by brlawyer View Post

     



    Just another "great" managerial decision by Mr Cook, the world's best COO and nothing else.


    uhh- this would have been a COO decision moreso than a CEO decision.  So basically- you don't know what you're talking about?  But we all knew that already.  Begone!  Back under your bridge you go!!

  • Reply 44 of 220
    Quote:
    Originally Posted by TimmyDax View Post





    Just no. It's is not hardened. It is hard.



    Third in hardness to silicon carbide (on wet and dry paper used in metalwork) and diamond.



    Is it not "said", it is shown to be the case with a vast amount of evidence. It's not hearsay that it's as hard as it is.



    It is not resistant to scratches, it is impervious afaik!



    This sentence is ridiculous.

     

     

    your dremel cutting discs could scratch it.  That's something other than Diamonds (silicon carbide), which makes it _resistant_ to scratches from things other than diamonds, not impervious.  

     

    Scientists and Engineers _Never_ speak in absolutes. (yes, that's an oxymoronic sentence, as I am an engineer;-).

     

    The 'hardened material' has been explained already.

  • Reply 45 of 220
    haarhaar Posts: 563member
    thing is (not sure about chapter 11 or chapter 7 insolvency) but going bankrupt means all contracts are null and void... apple has a huge contract with them, but they loaned them the 560 million... so apple is goimg to be first it line for the company. far all we know, the apple (arizona plan) is a seperate division from GTAT... and perhaps that is not affected...

    in any case, Apple gets it's Sapphire and then writes off the loan against apple's income taxes... if so, smart on Apples part, because it is getting "free" sapphire, or at least Sapphire that is tax free... /un-informed-speculation...
  • Reply 46 of 220
    Good thing Apple owns the Mesa plant, they just need a new operator.

    Or they go self-op and reduce costs further.
  • Reply 47 of 220
    gatorguygatorguy Posts: 20,452member
    Good thing Apple owns the Mesa plant, they just need a new operator.

    Or they go self-op and reduce costs further.
    Does Apple own that plant or did they contribute half a billion to a joint venture? As I understood it Apple pre-paid to get the plant built but would not own it so I thought it was the latter. Certainly possible that Apple owns the property the factory sits on.

    EDIT: According to this article Apple owns the property but GT owns the plant.
    http://www.thestreet.com/story/12838197/1/gt-advanced-earnings-call-signals-sapphire-ahead-for-apple.html

    EDIT 2:
    But according to local reports Apple leased the former First Solar plant to GT.
    http://www.azcentral.com/story/money/business/2014/06/09/apple-silent-high-tech-glass-facility-mesa/10237597/

    I think I'd trust the locals. FWIW the more I find out about it I doubt it changes much as far as production of sapphire sheet for Apple. I think that will go on uninterrupted for the time being, altho that does not mean things have been "smooth". ;)
  • Reply 48 of 220

    Apple made a prepayment for sapphire, which GT will still be producing. Apple owns the facilities, which they will still own after GT goes through bankruptcy. GT will still operate the furnaces for Apple. GT is going through bankruptcy now because they stopped producing for there old customers while trying to focus on Apple.

  • Reply 49 of 220
    Originally Posted by wood1208 View Post

    Not sure how this affects Apple's plan to use sapphire beyond iWatch in near future...

     

    Apple buys back the facility they built, fires everyone incompetent, and goes on with their work.

  • Reply 50 of 220
    Quote:

    Originally Posted by Roake View Post



    In other new, Apple inherits a large sapphire-manufactoring facility...

     

    Well, I'm not sure why Apple wants to inherit a supplier who can't deliver.  I'm speculating that the GT tech probably over-promised and over-extended and now using their jail-free card to avoid paying back whatever they owe to Apple. 

     

    I wish I had shorted GTAT..  Now, is LiquidMetal also a public company?

  • Reply 51 of 220

    Is this company continuing to produce its product right now? If not, how long until Apple can get control of it and produce more sapphire screens? This huge delay could be very disruptive to production. How much value has Apple received from this company after they gave them the money?

     

    If Apple has been ripped off then Tim Cook's job should be on the line. You just don't lose over a half billion dollars and remain in your position unless you're a banker on Wall Street.

  • Reply 52 of 220
    Quote:

    Originally Posted by Andysol View Post

     

    uhh- this would have been a COO decision moreso than a CEO decision.  So basically- you don't know what you're talking about?  But we all knew that already.  Begone!  Back under your bridge you go!!




    I don't think you understand my point. When he was ONLY a COO, things were fine since he only had to deal with the operational side of things. Now that he is a CEO (something which is WAY over his head, of course), he bungles one initiative after another.

     

    Don't believe me? Just wait and see; in due course he will become the perfect Michael Spindler redux.

  • Reply 53 of 220
    malaxmalax Posts: 1,598member
    Quote:

    Originally Posted by haar View Post



    thing is (not sure about chapter 11 or chapter 7 insolvency) but going bankrupt means all contracts are null and void... apple has a huge contract with them, but they loaned them the 560 million... so apple is goimg to be first it line for the company. far all we know, the apple (arizona plan) is a seperate division from GTAT... and perhaps that is not affected...



    in any case, Apple gets it's Sapphire and then writes off the loan against apple's income taxes... if so, smart on Apples part, because it is getting "free" sapphire, or at least Sapphire that is tax free... /un-informed-speculation...

    With all due respect, you're just making stuff up based on a poor understanding of the law.  Bankruptcy is a process whereby the courts help arrange a fair deal for the affected parties when the company is unable to fulfill all it's obligations.  Starting the process in no way, shape, or form means that all contracts are null and void.  They aren't filing for anarchy.

     

    Unless you are significant shareholder or they personally owe you money, I suggest you don't worry about the details and just see what happens.  It's possible that they pulled a fast one on Apple and Apple didn't realize they were in this state, but it's also possible that they went into this with full information and know what they are doing.  Time will tell (maybe).

  • Reply 54 of 220
    Quote:

    Originally Posted by Smallwheels View Post

     

    You just don't lose over a half billion dollars and remain in your position unless you're a banker on Wall Street.


     

    Pfft.  Steve Ballmer did it for years.

  • Reply 55 of 220
    Quote:
    Originally Posted by Maestro64 View Post

     

    yeah some people use Bankruptcy is a business strategy. But I am beginning to suspect they are not that smart.

     

    It appears they over extended themselves and maybe they sold Apple one being able to do a iphone size display and it all fell apart and we now know what direction Apple went in. They have money in the bank, but their debt out weights what they have in the bank as well as future AR and sales forecast and their creditors were coming after them.




    And/or they sold Apple on being able to deliver for the AppleWatch, and they have no hope of meeting the delivery schedule.

  • Reply 56 of 220
    Quote:

    Originally Posted by malax View Post

     

    With all due respect, you're just making stuff up based on a poor understanding of the law.  Bankruptcy is a process whereby the courts help arrange a fair deal for the affected parties when the company is unable to fulfill all it's obligations.  Starting the process in no way, shape, or form means that all contracts are null and void.  They aren't filing for anarchy.

     

    Unless you are significant shareholder or they personally owe you money, I suggest you don't worry about the details and just see what happens.  It's possible that they pulled a fast one on Apple and Apple didn't realize they were in this state, but it's also possible that they went into this with full information and know what they are doing.  Time will tell (maybe).




    In any case, Apple is most probably NOT the first in line - tax authorities AND workers would be priority in case of liquidation of assets.

  • Reply 57 of 220
    malaxmalax Posts: 1,598member
    Quote:

    Originally Posted by TheOtherGeoff View Post

     

     

     

    your dremel cutting discs could scratch it.  That's something other than Diamonds (silicon carbide), which makes it _resistant_ to scratches from things other than diamonds, not impervious.  

     

    Scientists and Engineers _Never_ speak in absolutes. (yes, that's an oxymoronic sentence, as I am an engineer;-).

     

    The 'hardened material' has been explained already.


    But only because Dremel cutting disc contain either diamond or silicone carbide, right?  You can never scratch something of hardness X with something with a lower hardness, isn't that true?  So if sapphire is #3 on the list, then it's can't be scratched by anything that isn't diamond or SC.  Or it more complicated than that?

  • Reply 58 of 220
    malaxmalax Posts: 1,598member
    Quote:

    Originally Posted by brlawyer View Post

     



    In any case, Apple is most probably NOT the first in line - tax authorities AND workers would be priority in case of liquidation of assets.


    Who's saying anything about liquidation of assets?  And why would "the workers" be ahead of anyone?  If a company stops operating, the workers just lose their jobs.  Unless there is a pension plan (or union contracts?) the workers aren't really part of the discussion.

  • Reply 59 of 220
    hydrhydr Posts: 146member

    I bet Apple demanded a very strict contract with demands on deliveries. GTAT probably thought it could deliver. There has been several rumors with sapphire delays lately. Maybe their "fines" were too high, and they thought they could up-on on Apple by declaring Chapter 11. Now they got the equipment, but can walk away from the deals it made with Apple. 

     

    This whole thing smells fishy. I am sure we will get more details soon. Feel sorry for Apple as this will delay sapphire devices even further. 

  • Reply 60 of 220
    andysolandysol Posts: 2,506member
    Quote:

    Originally Posted by brlawyer View Post

     



    I don't think you understand my point. When he was ONLY a COO, things were fine since he only had to deal with the operational side of things. Now that he is a CEO (something which is WAY over his head, of course), he bungles one initiative after another.

     

    Don't believe me? Just wait and see; in due course he will become the perfect Michael Spindler redux.


    Spindler was in there for 2 and a half years and never increased the value of the company.  Tims been there 3 and a half and doubled it.  So, what I'm essentially saying is- shut up- you don't understand your own point.

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