Twenty-four hours ago I thought I’d probably remember Monday, October 06, 2014, best for putting out an issue of Hybrid Vigor while in the afterfog of a redeye. Last week’s California trip was a huge success, both in terms of growing our business and in connecting with friends old and new in the state I grew up in. In order to get a little extra time in my new favorite place in California, Fresno—you read that right—I planned on the redeye. By the time I got to Phoenix it was almost 9 pm, and by the time I got back to my Westchester office it was 7:30 today. As I said, I figured I’d remember today for that non-CRM cloud you get after such a trip.
Well, I may remember that too, but today will live in the annals of convertible infamy as GTAT flash bankruptcy day. While I’m not sure how much we can really add at this point given the circumstances and clarity, or lack thereof, we’ll at least try to put things in some kind of context. We did, after all, discuss the name last week. What a difference a week makes.
Before we do that, we’ll talk a little bit about a couple of new solar names. Solar was GTAT’s area until it made the move that seemed brilliant, betting the company on sapphire. If you owned GTAT you’re pretty depressed right now—you understand why perhaps the most famous author ever from California, and certainly the one most associated with the Great Depression, stole a line from a Robert Burns poem about a mouse to describe how things can go horribly wrong. If Steinbeck were still alive, I’d try to get him to write a short story about GTAT and its convertibles.
As is our habit, we’ll begin with the Hillside Ugly 20, which reflects a continued cheapening—or, rather, anti-richening—in our market. Perhaps readers will go out tonight and nurse their GTAT wounds—a terrible swift sword of bankruptcy indeed--with a copy of the Ugly 20 and a bottle or two of the vintage that the grapes of wrath have stored.