“Apple Inc. asked a court for permission to file under seal its objections to GT Advanced Inc.’s bankruptcy motions, as the iPhone maker seeks to keep information about its business secret,” Dawn McCarty reports for Bloomberg. “‘The bases for the objection involve confidential research, development, or commercial information regarding Apple’s business processes,’ Apple said today in a court filing. The company said it wants to protect sensitive information and comply with the terms of confidentiality agreements with GT Advanced.”
“GT Advanced, which last year announced a supply agreement with Apple, filed for bankruptcy last week without specifying why. The Merrimack, New Hampshire-based company has asked for court permission to file documents under seal unless a bankruptcy judge directs otherwise,” McCarty reports. “The state of New Hampshire and the U.S. Justice Department’s bankruptcy watchdog have objected to GT Advanced’s secrecy.”
Read more in the full article here.
Related articles:
U.S. Trustee and state of New Hampshire: GT Advanced must reveal bankruptcy cause – October 14, 2014
GT Advanced suggests it could sue Apple – October 10, 2014
GT Advanced blames ‘oppressive and burdensome’ Apple terms in quest to ax sapphire production – October 10, 2014
GT Advanced to request to shut down synthetic sapphire production – October 10, 2014
Shattered sapphire dreams at GT Advanced – October 8, 2014
Apple’s withholding of $139 million payment led to GT Advanced bankruptcy filing – October 7, 2014
GT Advanced CEO sold 9,000 shares the day before Apple’s iPhone 6/Plus event – October 7, 2014
Law firms launch investigations into possible violations of federal securities laws by GT Advanced – October 7, 2014
Analyst: Apple may take possession of sapphire furnaces from GT Advanced – October 7, 2014
Apple to provide debtor in possession financing to GT Advanced? – October 7, 2014
Investors stunned over GT Advanced bankruptcy filing – October 7, 2014
GT Advanced files for chapter 11 bankruptcy court protection – October 6, 2014
Apple and GT Advanced rampup sapphire production in Mesa – August 11, 2014
GT Advanced expects sales of sapphire production tools to boost profit; shares surge – August 5, 2014
Apple and GT Advanced open second sapphire plant in Salem, Massachusetts – June 19, 2014
Apple patents method for embedding sapphire displays in LiquidMetal device chassis – May 27, 2014
I can’t stop myself from feeling that Assmung somehow has their greasy fingers in this matter.
in what way
I’m no corporate insider, Chief—it’s just a feeling. But it’s been said by “experts” a year ago that Apple’s moves could’ve preemptively cornered the industrial sapphire market. And now this. Time reveals all.
I agree, it’s too convenient. Their CEO wants out of Apple contract, a legal way of revealing Apple trade secrets AND to close down shop – presumably the factory equipment will be sold for pennies on the dollar to the highest bidder (who could well be in South Korea)
If this isn’t Samdung’s own doing it’s like winning the lottery for them.
This might be a legal play on GT’s part to attempt to end Apple’s exclusive licensing agreement, thus enabling GT to sell to all and sundry (and Samsung).
To me, the secrecy is slowly coming out. Apple is probably trying to keep their trade secrets – secret! Since Apple was in on the initial meetings with court officials after bankruptcy was declared – keeping things secret is in their best interest.
GT would have to declare info that was privy to NDAs in a bankruptcy court. Apple doesn’t want that.
IF I were Apple, I would not want that.
And you learned this where? Tim tell you? Gees.
hey stupid, he prefaced his opinion with “To me..”
It seems likes the courts don’t give a damn about corporate secrets and therefore potential advantages. Just lay it all out there for your competitors to see! Our courts need an overhaul and weeding of the doofi Judge herd.
Having a hard time believing that you really thought this through. Are you really saying that you believe bankruptcy procedings should be allowed to be secret? That corporations should be allowed to get them out of contracts and remove debt obligations just ‘cuz they claim a need for secrecy?
Wow. mumble, mumble … weeding of the doofi… mumble, mumble.
not sure if you forgot your sarcasm tag…
I don’t think that everything that goes throughout the courts as trade secrets in the course of bankruptcy should just become public knowledge, no. You can let a judge decide how relevant it is or not to release but even that is fraught with peril with judges we’ve seen lately (who need to be weeded out). There are things like court gag orders so I don’t think a little sensitivity is uncalled for when necessary. It’s not a public right to know everything.
In the bankruptcy of a publicly traded corporation it is the right to know everything. Anything less would be a privilege not enjoyed by any private citizen. The terms of contracts cannot be deemed a trade secret so sacrosanct that share holders and investors cannot be privy. You are advocating for a very dangerous idea. Think about it.
I think you can discuss things and reason for bankruptcy failure in broader terms and it isn’t necessary nor would most people be interested in the exact details as in revealing special manufacturing processes competitors could steal. Apple share holders and investors are not privy to their inner workings.
Yeah I’d want to know what happened if I were a GT Advanced stockholder but that’s a lot different than divulging trade secrets that serve no useful purpose being revealed. Nothing dangerous about it at all.
These folks seem to agree:
http://www.turnaround.org/Publications/Articles.aspx?objectID=1223
So I spend millions developing and testing a product then ask a manufacturer to make it for me..
Out of sheer management incompetence they bankrupt the company.. after I already paid them a significant amount.
You’re saying that – on top of my lost time and money in dealing with this moronic supplier – my work, provided in strict confidence to them, should then also become public knowledge?
Maybe patents will protect me… [joke]
This whole debacle makes me wonder if Apple would have been better off sourcing sapphire abroad rather than trying to be so politically correct and try to get it done domestically.
No lauded, noble or kind domestic act goes unpunished.
Wow another stinker “According to the Wall Street Journal (WSJ), “Daniel Squiller, GT Advanced Technologies’ chief operating officer and the point man at the Mesa, Ariz. sapphire plant it opened in partnership with Apple, sold $1.2 million of stock in May and set up a plan under which he sold another $750,000 of shares over ensuing months before the company filed for bankruptcy on Oct. 6, according to filings.”
So GT figured they would be in trouble back in May already… Did they really know back then they couldn’t deliver on the promises – or did they accept another offer from a certain Seoul company?
Looks like another ENRON but on a smaller scale.
I think all the enron execs got a slap on the hands and time in the minimum security country club for a prison.
yuck, yet another legal pile of dogcrap.