Ondrej Holzman Surprising message from earlier in the week about the significant financial problems of sapphire-producing company GT Advanced Technologies seems to have a clear cause - GT's dependence on its partnership with Apple. According to the WSJ, he withheld the last contracted payment of $139 million shortly before GT filed for bankruptcy.
It was supposed to be the last installment of the total 578 million dollars on which Apple and GT Advanced they agreed a year ago when concluding a long-term cooperation agreement. However, the aforementioned $139 million was not supposed to arrive in GT's accounts in the end, and the company filed for creditor protection on Monday.
Apparently, the sapphire maker spent about $248 million of its cash in a single quarter, but still failed to meet the plan it agreed with Apple and thus missed the final installment. Here, GT bet everything on cooperation with Apple, and in the end it paid off.
Apple entered into exclusive contracts with GT Advanced, which prevented the sapphire manufacturer from selling products in large quantities to other companies. On the contrary, Apple was not obliged to buy sapphire from GT if it was not interested. The bet on an almost exclusive collaboration with Apple obviously did not work out. GT's stock plummeted after filing for creditor protection, and is now trading around $1,5 a share. Just last year, their value was over 10 dollars.
Although it is not yet known exactly what is behind the sudden bankruptcy of GT Advanced, its executive director Thomas Gutierrez sold nine thousand shares of the company with a total value of $160 the day before the launch of the new iPhones. Back then, their price was more than $17, but after the introduction of the new iPhones, which did not have sapphire displays, as some expected, they dropped to less than $15.
Meanwhile, GT had more than doubled its share price over the previous twelve months, when shareholders believed the alliance with Apple would be successful. According to the company's statement, it was a pre-planned sale established already in March of this year, but there is no pattern to be found in the sales of Gutierrez's shares. In May, June and July, GT's CEO always sold shares during the first three days, but then remained inactive until September 8.
Three days before the launch of the new iPhones, he acquired almost 16 shares, most of which he subsequently sold. Since February of this year, he has already sold almost 700 thousand for more than 10 million dollars. GT declined to comment on the matter.
However, according to the latest news, the bankruptcy of GT Advanced Technologies should not affect the production of the Apple Watch, which uses sapphire for its display. Apple can also take sapphires of this size from other manufacturers, it is not dependent on GT.
Isn't such a speculative sale by a member of management, just before bankruptcy, a crime?
Why should he? This is nonsense, even if the director acts like a stock owner in the market. On the contrary, he would be a moron if he didn't. When you have an s.r.o. with us, the company guarantees up to the amount of its assets, not the property of the owner, unlike vos and ks.
This is also no longer quite true since 2014 under certain circumstances... Nothing changes for the partners, yes for the executives...
Under certain circumstances, see http://cs.m.wikipedia.org/wiki/Insider_trading ...
Of course, it can be a terrible act and I will certainly investigate it.
She moved her hand to the glans and squirted the urine out of me again, She tapped it. She pressed against me with her breasts, stomach and lap, and I could feel the stroking of my scrotum. The penis quickly stiffened. I moaned and spewed my seed into the darkness. Gita turned me towards her. I could feel my cock rising again, groping her dress. She grabbed his cock and immediately he was groping with his wet glans in the bushy growth of her beautifully bulging mound, she had no panties on. She helped the penis between the warm labia and I lost control. I penetrated her hot vagina. With my head on her shoulder, I pumped my cock rhythmically inside her like a piston, my tension quickly becoming almost unbearable. As it came, I thrust my cock into her, gripped her by the shoulders, and with a grunt spewed powerful loads of seed into her. Gita squealed and screamed like in wild ecstasy, after a while she softened and I only held her back thanks to my grip on the smooth trunk.