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GT Advanced Technologies Trustee Denied

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According to the U.S. Bankruptcy Court docket, the Court denied GT Advanced Technologies’ (GTAT) equity security holder T. Richard Falloh’s motion for the immediate appointment of “a trustee to safeguard the Debtors’ estate from further gross mismanagement by employed Manager Tom Gutierrez and cohort.”

As previously reported, the motion sought an examiner’s appointment on the following grounds: “For Dishonest representation of GT Advanced Technologies’ ability to meet its (publicly concealed) contractual terms with Apple Inc., For Incompetence in allowing trade secrets to be pilfered by Apple, Inc. employed, For failure to establish a production line with back-up power on a 30-day constant growth cycle who’s failure on a per-cycle basis instantly results in tens of millions of dollars in losses, for gross mismanagement of the Company’s assets by placing them into remote corporate entities with the explicit goal of making them difficult to manage during a pre-planned bankruptcy which benefitted only Apple Inc. and the GTAT Employee Managers who pushed their equity onto public investors.” Learn more about GTAT’s Chapter 11 proceeding.