It's Really Starting to Stink: An executive from bankrupt GT Advanced Technologies who oversaw its troubled sapphire production facility set up a plan to sell part of his shareholdings after the company failed to meet Apple's technical milestones on time.
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."
The WSJ added that "Squiller's sales came after initial signs of trouble at GT's sapphire plant."
While Apple claimed last week that they were surprised at GTAT's bankruptcy filing, the fact is that they were the ones who saw the mounting problems of GTAT not being able to meet the technical milestones that they were supposed to on time. Bells should have gone off at that time.
We noted yesterday that "Apple Legal will Attempt to stop their Sapphire Plant Plans from being leaking in Court this Week." The Court hearing is taking place tomorrow in New Hampshire. It'll either be a quiet textbook hearing or one that turns in a circus with spin from both GTAT and Apple. Once again, stay tuned as this is far from over.