Apple took GT Advanced out of the market — with a loan.

Apple brilliantly prevented every other handset maker on earth from using GT Advanced glass for the cost of carry on a $578M loan — a slim price to pay to keep GTA glass out of circulation — while maintaining an option to use the glass itself.

A shrewd move. Cost of carry to Apple on that loan is mouse nuts. Value of keeping the glass out of competitor’s products?

With shrewd loan terms, specifically liquidation preference, Apple could end up with the whole enchilada, glass and all.