UpTickMeA$AP
4 years ago
Post if you run across any updates, if you would. I was following another bankruptcy, and the talk of fraud reminded me of this little stinker, and the CEO who magically had sold all his shares just prior to shit hitting the fan. So I thought I'd just do a quick google, and that news popped up. I found that pretty interesting.
I won't really be digging around on this one, but will probably check back here at some point to see if anything else has been found. I would like to see how this all plays out.
Hope all is well, take care!
TheGreatSwami
7 years ago
Press Release: GT Advanced Technologies Releases Next Generation Silicon Carbide Platform Addressing Emerging Demand for 6-inch Wafers
http://investor.gtat.com/releasedetail.cfm?ReleaseID=1033117
July 13, 2017
GT Advanced Technologies Releases Next Generation Silicon Carbide Platform Addressing Emerging Demand for 6-inch Wafers
Company expands its product portfolio to address the rapidly-growing power electronics market with a complete silicon carbide merchant solution
MERRIMACK, N.H., July 13, 2017 (GLOBE NEWSWIRE) -- GTAT Corporation (GT) announced that it has launched for commercial sale a silicon carbide production solution with a stable and repeatable process, capable of producing high-quality, semiconductor grade, six-inch silicon carbide boules. With this breakthrough, the company now offers a complete silicon carbide production solution capable of achieving industry leading cost points. The company offers its SiCloneβ’200 furnace, a production-ready sublimation furnace, along with process technology, hot zones, and technical support to companies wishing to produce silicon carbide boules and wafers.
"This is an important milestone for the company and the power electronics industry," said Greg Knight, CEO at GT Advanced Technologies. "Our crystal growth experts have worked hard to achieve a repeatable, high-yield process technology for producing high quality silicon carbide boules. Much of the world's silicon carbide production remains captive, which limits supply and keeps prices high. Our silicon carbide solution will help to increase the availability of silicon carbide semiconductors at significantly lower costs by increasing supply as production increases. We view this as a key step in enabling new high power semiconductor applications targeting market verticals such as electric vehicles and next generation PV inverters."
GT has a long history with developing silicon carbide equipment and solutions going back more than 15 years. The company pioneered the growth of two and four-inch silicon carbide boules in its SiClone sublimation furnaces. The company is well positioned to offer production-ready solutions with technology covering the entire production process.
About GTAT Corporation
GTAT Corporation is a diversified technology company producing innovative crystal growth equipment for the solar PV and power electronics industries and sapphire material for precision optics and other specialty industries. The company's technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For more information about the company, please visit www.gtat.com.
TheGreatSwami
7 years ago
The bondholders and unsecured creditors will receive 16% of the company in shares. The two will also get warrants and get what is recovered by the litigation trustee... Right now I have place holders in my e-trade account for shares and warrants. Once everything is finalized I will have access to those shares and will be able to exercise the warrants for the new company.
* Does anyone have any idea what the shares might be worth (or how much the company will be worth in 6 months)?
* Or how good a deal the warrants will be?
* Or maybe any guesses on how much will be recovered by the litigation trustee?
I thought the company's shareholders would survive and that the company was at least worth enough to cover the bondholders and creditors threw time years after bankruptcy with shares and warrants offered to them. When I saw bonds were so cheap I thought if I bought some it would cover for my loss in shares if the shares didnβt survive (I would break even if the shares didnβt survive but would do really well if the shares did survive)... After the shareholders didnβt get the equity committee it appeared the shareholders would be wiped out. Several months after the judge decided against the equity committee, just a few days before the bankruptcy was finalized, $1000 bonds were going for $10. I would not be surprised if in the end bond holders and unsecured creditors would recover just a few percent in shares/cash. Never the less, I bought some more bonds on those final days on the super cheap totaling under $1,000,000 face value in bonds. It did not take much money to get close to that number the few days before the bankruptcy being that bonds were going for about $10 for a $1,000 bond.