+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

A Man Invested In An Apple Supplier Wrote A Heartbreaking Letter Protesting The Company's Bankruptcy

Oct 18, 2014, 04:15 IST

Advertisement

When multimillion-dollar businesses file for bankruptcy, the small-time investors don't usually get a say.

But that didn't stop Chad Cooper, who claims to be a shareholder in GT Advanced Technologies (GTAT), from sharing his emotional story with a bankruptcy court in New Hampshire, where GTAT's Chapter 11 filing is under way.

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

GTAT makes sapphire screen covers for the Apple Watch. Sapphire was long-rumored to be replacing Corning's Gorilla Glass on the iPhone 6, but that never happened.

When GTAT announced its decision to file Chapter 11, its stock lost nearly 93% of its value in just three days.

Advertisement

Cooper unflinchingly accounted his investment in GTAT in a letter to Judge Henry Boroff.

"I took a huge stake in GT Advanced Technologies," he wrote. "I stand to lose most of my retirement account. I believed in the company and I believed in its product."

He said hearing news of GTAT's Chapter 11 filing felt "like a punch in the gut."

"I cried for 24 hours knowing I ruined the future for my family," wrote Cooper.

Advertisement

The point of Cooper's letter seems to be drawing attention to the individual investors who get wiped out when companies like Apple switch suppliers or, in this case, effectively force a company into bankruptcy.

"Please listen to the shareholders who have been blindsided by this action," he wrote. "I hope somebody will listen."

Here's the entirety of Cooper's letter:

Next Article