In what has become the most shocking bankruptcy filing of the year yet, the case filed by GT Advanced Technologies Inc (NASDAQ: GTAT) has come under fire yet again, this time by the State of New Hampshire. This week, the State of New Hampshire, together with the trustee company responsible for handling the matters of GT Advanced Technologies Inc (NASDAQ: GTAT), has asked the manufacturing company to disclose publicly reasons for its filing of Chapter 11 protection, as well as details of its main transactions with its corporate customer, Apple Inc. (NASDAQ: AAPL)
This request comes just a week after GT Advanced Technologies Inc (NASDAQ: GTAT) filed for bankruptcy in a court of law. According to the filing papers, GT Advanced Technologies Inc (NASDAQ: GTAT) blamed Apple Inc. (NASDAQ: AAPL) for putting “oppressive” and “unrealistic” demands on the company, which, it claims, has resulted in terrible financial backlash for the company, and has caused the closure of its plants in Mesa, Massachusetts, Salem, as well as Arizona.
When asked to provide more information regarding its dealings with Apple Inc. (NASDAQ: AAPL), GT Advanced Technologies Inc (NASDAQ: GTAT) has hinted at legal constraints, citing a confidentiality agreement signed with Apple Inc. as reason for its non-disclosure. It is a widely known fact that Apple Inc. (NASDAQ: AAPL) is strict when it comes to confidentiality. According to GT Advanced Technologies Inc (NASDAQ: GTAT), the confidentiality agreement it has entered into with Apple Inc. (NASDAQ: AAPL) has the power to inflict a fine of $50 million on the company in case of violation, a cost the already bankrupt company simply cannot incur.
GT Advanced Technologies Inc (NASDAQ: GTAT) and Apple Inc. (NASDAQ: AAPL) entered into a contract worth $578 million last November for the development of synthetic Sapphire screens for its new iPhone and Apple Watch technologies due to release this year. However, the company failed to deliver the technology in time, which has resulted in the new iPhone 6 being released without a Sapphire screen. According to Apple, this failure to deliver is the reason it stopped the final payment of $139 million to GT Advanced Technologies Inc (NASDAQ: GTAT), the reason for GTAT’s bankruptcy.
However, GT Advanced Technologies Inc (NASDAQ: GTAT) maintains the blame on Apple Inc. (NASDAQ: AAPL), stating non-payment as reason for the delays and eventual stoppage of the development of the synthetic Sapphire technology. According to GT Advanced Technologies Inc (NASDAQ: GTAT), considering the “burdensome” requirements posed by Apple Inc. (NASDAQ: AAPL) in the development of the Sapphire technology, stoppage of funds has proved to be lethal to its operations.
The U.S. Trustee, the segment of the Justice Department responsible for bankruptcy filings, has urged a judge to order GT Advanced Technologies Inc (NASDAQ: GTAT) to disclose all the information relevant to the case. According to the U.S. Trustee, it is absolutely imperative that the public be let in the dealings of GT Advanced Technologies Inc (NASDAQ: GTAT) which may affect their interests, which “is essential to fostering confidence among creditors and parties in interest regarding the fundamental fairness of the bankruptcy system.”
This disclosure of additional information, according to the U.S. Trustee, will result in better understanding of GTAT’s bankruptcy, which has angered a lot of stakeholders. In August of this year, GTAT (NASDAQ: GTAT) released statements stating the almost completion of the Sapphire project, which built up a lot of confidence among shareholders of the company. Stocks skyrocketed on the stock exchange, as people anticipated rapid growth for the company. Additional disclosure will sift through the details, and will investigate whether the company mislead shareholders.
Pingback: herpes labialis treatment with valtrex
Pingback: doxycycline antibiotic side effects stomach and intestines
Pingback: does hydroxychloroquine cause gas
Pingback: gnc products for erectile dysfunction
Pingback: new hydroxychloroquine study
Pingback: viagra 25 mg order
Pingback: azithromycin for uti treatment
Pingback: vidalista alcohol
Pingback: prednisone 5 mg side effects
Pingback: clomid cycle 5 9
Pingback: cephalexin 500mg capsule antibiotic used for
Pingback: sildenafil generic 100 mg
Pingback: india cialis
Pingback: durvet ivermectin pour on
Pingback: amoxicillin trihydrate for humans
Pingback: winchester ammo
Pingback: vigrx
Pingback: 토렌트 다운
Pingback: Can erectile dysfunction be a side effect of urethral diverticulum surgery how much is levitra?
Pingback: 뉴토끼
Pingback: Medications and Cancer Treatment - Fighting the Battle, Restoring Hope priligy 30 mg or 60 mg?
Pingback: The Promise of Gene Therapy - Revolutionizing Medications vidalista 10 mg for sale?
Pingback: What is the potential of 3D bioprinting in organ regeneration stromectol 12mg?
Pingback: Medications and Child Health - Safeguarding the Well-being of the Next Generation ajanta pharma limited kamagra?
Pingback: Medications and Reproductive Wellness - Nurturing Fertility, Ensuring Family ventolin cupon?
Pingback: โปรแกรมพรีเมียร์ลีก
Pingback: buy stromectol ivermectin?
Pingback: Medications and Respiratory Health - Breathing Easier budesonide side effects?
Pingback: buy fungi contain psilocybin online in ohio
Pingback: Can I buy Ventolin without prescription ventolin hfa 90 mcg inhaler?
Pingback: Can bacterial diseases be transmitted through contaminated water supplies metronidazole 500 mg tablet?
Pingback: see this page
Pingback: What oxygen level is low for asthma ventolin inhaler refill?
Pingback: Can antibiotics be used for nasal infections stromectol 6mg?
Pingback: How do you make a girl fall madly in love with you buy kamagra generic online?
Pingback: Is shrimp good for liver ivermectin tablets
Pingback: When is it time to see an asthma specialist what is the drug class of albuterol inhaler
Pingback: What inhalers are available for the treatment of COPD ventolin hfa aer dosage
Pingback: lasix 40mg cheap
Pingback: kamagra oral jelly sildenafil
Pingback: What is considered old age for a man??
Pingback: sildenafil with dapoxetine - How does excessive use of certain anti-diabetic medications impact sexual health?
Pingback: levitra best price
Pingback: buy colombian flake cocaine online
Pingback: vidalista tablets
Pingback: medicamente pentru ficat
Pingback: buy cenforce
Pingback: ivermectin paste for goats
Pingback: vidalista 20
Pingback: cenforce 50
Pingback: fluoxetine cost
Pingback: stromectol dosage 3 mg
Pingback: furosemide us
Pingback: proair digihaler vs hfa
Pingback: androgel price
Pingback: vidalista 60mg
Pingback: nizagara dapoxetine sildenafil reviews
Pingback: revatio pills
Pingback: พรมปูพื้นรถยนต์ toyota yaris cross
Pingback: vidalista 40 reviews
Pingback: vilitra 40 mg usa and uk
Pingback: Can bacterial diseases be transmitted through contact with contaminated surfaces in homes hydroxychloroquine 400 mg?
Pingback: order Cenforce for sale
Pingback: buy hydroxychloroquine
Pingback: Cenforce 100 sildenafil citrate
Pingback: what is super kamagra
Pingback: lipitor 10 mg atorvastatin
Pingback: albuterol sulfate inhaler
Pingback: vidalista 60
Pingback: advair diskus 250/50
Pingback: jual vidalista
Pingback: buy advair diskus 250 50
Pingback: Cenforce 50mg for sale
Pingback: buy Cenforce 100mg for sale
Pingback: Sildenafil Tablets 100 mg
Pingback: buy generic sildenafil 100mg
Pingback: cost Cenforce 100mg
Pingback: centurion laboratories vidalista
Pingback: ventolin hfa
Pingback: order Cenforce online
Pingback: fildena for sale
Pingback: generic Cenforce 50mg
Pingback: seretide diskus 250
Pingback: Cenforce 100mg over the counter
Pingback: fildena 100 mg amazon
Pingback: loniten 10mg pfizer
Pingback: vidalista malaysia
Pingback: buy cenforce 200 online
Pingback: buy stromectol
Pingback: ivermectin 12mg
Pingback: scavista 12mg
Pingback: tadalista 10 mg reviews
Pingback: tadalafil 20 mg lowest price india
Pingback: vidalista
Pingback: prix tadalista
Pingback: dapoxetine and sildenafil tablets
Pingback: androgel no prescription
Pingback: hydroxychloroquine sulfate
Pingback: clomid 50mg
Pingback: Where to Buy clomid
Pingback: Buy clomid
Pingback: fildena super active capsules
Pingback: clomid and nolvadex pct
Pingback: dapoxy 60 mg
Pingback: fildena 50mg
Pingback: rybelsus for weight loss
Pingback: buy rybelsus 14mg
Pingback: buy beclomethasone inhaler
Pingback: 10mg motilium
Pingback: motilium yan etkileri
Pingback: levitra prescription online
Pingback: citalopram 10mg
Pingback: citalopram hydrobromide
Pingback: fm vida lista
Pingback: asthalin hfa inhaler how to use
Pingback: malegra 50
Pingback: cenforce 200 ebay
Pingback: stromectol cream
Pingback: cenforce 100 mg kopen
Pingback: buy vardenafil
Pingback: vidalista 20mg amazon
Pingback: extra super p-force 100+100
Pingback: sildigra 120mg
Pingback: buy super p force