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  • Apple Requests to Keep Case Between GT Advanced Technologies a Secret


    Apple recently entered a motion with the US Bankruptcy Court for the District of New Hampshire requesting to keep any objections made in regard to GTAT’s recent bankruptcy filing a secret. The motion mentions Apple seeking to lodge arguments against GT’s bankruptcy filing under seal in an effort to keep “sensitive research and development details as well as business dealings out of the public eye.” This particular document request was built on a previous report which revealed that Apple’s non-disclosure agreements include a $50 million penalty each time a supplier leaks information about unannounced products.

    The recent filing comes to fruition after recent news of GTAT’s unexpected downfall. The sapphire manufacturer originally based out of New Hampshire struck a $578 million deal to provide Apple with raw sapphire material for a secret project. As part of this agreement, the Cupertino California company purchased land in Mesa, Arizona and leased the property to GTAT but the firm ended up failing to meet production goals necessary for the full advance payout.

    As a result, GTAT filed for Chapter 11 bankruptcy protection recently – a move which came as a surprise to many as the company didn’t show any signs of trouble. The announcement reportedly came as a surprise to Apple as well though later reports indicated that the Cupertino California company tried to assist GT in meeting requirements for a final $139 million payout.

    The US Department of Justice’s bankruptcy watchdog, US Trustee, and the state of New Hampshire both countered Apple’s motion by stating that they filed their own respective papers on Monday, each asking for a public account of what happened. The state wrote the following regarding the matter:

    Much of the business operations of the Debtors with assets valued by the debtors at $1.5 billion on October 6, 2014, are slated to be shuttered by what remains an unexplained business failure. The public interest in learning what transpired, where the debtors made such confident statements publicly very recently while clearly a catastrophic storm was on the horizon, is very high.
    One of the more interesting events regarding the whole matter that the government agencies want to delve into are reports that GTAT CEO Tom Gutierrez and COO Daniel Squiller sold off a combined $12 million in stock just before things went down under. As of right now, presiding US Bankruptcy Judge, Henry Boroff, is scheduled to hear arguments regarding the matter. We’ll have to wait and see what happens next.

    Source: Re/code via AppleInsider
    This article was originally published in forum thread: Apple Requests to Keep Case Between GT Advanced Technologies a Secret started by Akshay Masand View original post
    Comments 10 Comments
    1. bry2k2's Avatar
      bry2k2 -
      Likely because they don't want everyone to know they pulled a fast one and caused a company to go bankrupt.
    1. Carvensno's Avatar
      Carvensno -
      Quote Originally Posted by bry2k2 View Post
      Likely because they don't want everyone to know they pulled a fast one and caused a company to go bankrupt.
      Have you even bothered to read the other articles about GT? GT took a contract that they couldn't fulfill and Apple tried to help them. But the company bit off more than they could chew!
    1. bry2k2's Avatar
      bry2k2 -
      Quote Originally Posted by Carvensno View Post
      Have you even bothered to read the other articles about GT? GT took a contract that they couldn't fulfill and Apple tried to help them. But the company bit off more than they could chew!
      Apple went back on its promise and changed the material they were going to use, this one is all on Apple.
    1. Carvensno's Avatar
      Carvensno -
      Quote Originally Posted by bry2k2 View Post
      Apple went back on its promise and changed the material they were going to use, this one is all on Apple.
      How did they change the material?
    1. bry2k2's Avatar
      bry2k2 -
      Quote Originally Posted by Carvensno View Post
      How did they change the material?
      read the article

      Why Apple Didn't Use Sapphire for the iPhone Screens
    1. Carvensno's Avatar
      Carvensno -
      All rumors and Apple never claim to use sapphire. When Apple started contracting and partnering with companies people assumed Apple was going to use sapphire for iPhone. It went Apple Watch and Touch ID and camera Len cover.

      Doesn't matter in you eyes anyways! Your anti Apple anyways! I have read your past posts. Just another troll!
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      I actually read the article and am curious what exactly you found that sounded like Apple taking back orders. I did, however, find this quote.

      My sources tell me that sapphire was never targeted for the iPhone 6 or 6 Plus and its role in future iPhones hasn’t even been decided yet.
      This actually seems to go against your statement. Maybe actually read the article you use as an argument next time?
    1. bry2k2's Avatar
      bry2k2 -
      Quote Originally Posted by Carvensno View Post
      All rumors and Apple never claim to use sapphire. When Apple started contracting and partnering with companies people assumed Apple was going to use sapphire for iPhone. It went Apple Watch and Touch ID and camera Len cover.

      Doesn't matter in you eyes anyways! Your anti Apple anyways! I have read your past posts. Just another troll!
      Alright once more, try to follow along this time.

      Sapphire Screens Miss The Apple iPhone 6 Launch By “Weeks”

      Sapphire screens were part of the iPhone 6 design until the glass repeatedly cracked during standard drop tests conducted by Apple suppliers. So Apple abandoned its sapphire plans before the iPhone 6 product launch September 9.

      One researcher who covers GT Advanced Technologies, the company that was to produce the glass for the iPhone 6, wrote in a research note earlier this week that plans for the sapphire screens were cancelled in August, just weeks before the September 9 launch
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Again, from your source,
      There definitely seems to be some edginess regarding how GT will hit 2014 revenue targets and repay the prepayment obligation to Apple as indicated by Canaccord Genuity.
      They were behind in payments of the screens to Apple. In what universe are you required to pay for something that it isn't even known if it ever can be delivered? Also, your various sources seem a bit contradictory, so I looked up the second one's website. Incidentally I can find nowhere else on the internet that references them at all besides their own websites and partners. Perhaps you can show something to make me believe anything they say?
    1. Ambi_Valence's Avatar
      Ambi_Valence -
      Quote Originally Posted by bry2k2 View Post
      Likely because they don't want everyone to know they pulled a fast one and caused a company to go bankrupt.
      Surely GTA need to take at least some of the responsibility for a contract that I suspect they entered into willingly?