What Happened With GT Advanced Technologies Inc (GTAT)?

Under terms of the deal, Apple said it would provide a total prepayment of about $578 million to help install furnaces and other gear in the factory, which would be owned by Apple and slated to employ more than 700. Apple would then be paid back over five years starting 2015.

Apple said on Wednesday that it was surprised with the bankruptcy filing and that it was working with Arizona officials on its next moves

Oh it was surprised, was it? In that case we can’t wait for Apple to sign an affidavit in New Hampshire Bankruptcy court where this Chapter 11 proceeding is taking place, waiving all its rights to the contract confidentiality at least allowing GTAT shareholders, among which such brand name mutual funds as Fidelity, to finallize understand how they were duped by the company which went from smashing success to pre-liquidation over a weekend.

Of course, that won’t happen. Neither will GTAT provide any further information about its bankruptcy, which furthermore suggests that all of its “audited” financials were also nothing but a farce.

But worst of all, if as we expect will happen, the US Trustee hems and hews and does nothing to demand transparency and clarity, it will confirm what we have suspected all along: in the grand case of Apple Inc vs the United States of America, it is the former that now calls the shots and has all the leverage, and what’s worse: is now above the law.

This article is brought to you courtesy of Tyler Durden From Zero Hedge.

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