Ticker: GT
Rating: BUY
EOY 2021 Target: 17 (conservative)
Feb. 2021 Target: 12.5
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Positions I’m Considering

Naked Pre-earnings Play: 10c exp. 02/12/21
Long Call Spread: BUY 7c, SELL 15p exp. 02/12/21
LEAP: 11c exp. 4/16/21
Thesis 1: Air and land travel will increase in 2021 as global economies recover from the pandemic. Goodyear will be a beneficiary of this recovery.
Catalyst 1: According to CNN, US air travel hit its highest level since mid-March (2020) over the (thanksgiving) holiday and millions of Americans still traveled by car to join family and friends.
TSA said it screened 1.17 million people on Sunday when many Americans were heading home from their Thanksgiving travels. That was 41% of the 2.9 million people screened by TSA on the same day in 2019. Thanksgiving 2019 set a TSA record.
That means more than 9.4 million people have been screened in the Thanksgiving travel window, which began on the Friday before the holiday.
According to NBC news, TSA data showed that 1,191,123 travelers passed through airport checkpoints nationwide Wednesday, the most since March 16.
From Friday to Sunday, a combined 3.2 million people boarded planes, according to agency data — more than 1 million a day.
Thesis 2: Goodyear will benefit in 2021 because of Biden’s energy initiative..
Catalyst 2: Biden has stated that he wants to position the U.S. Auto Industry to Win the 21st Century with technology invented in America.
Biden will use all the levers of the federal government, from purchasing power, R&D, tax, trade, and investment policies to reverse this trend and position America to be the global leader in the manufacture of electric vehicles and their input materials and parts.
Biden will spur an expansion of factory floors and a re-tool of existing manufacturing capacity, and create 1 million new jobs in auto manufacturing, auto supply chains, and auto infrastructure
America must accelerate its own R&D with a focus on developing the domestic supply chain for electric vehicles. A specific focus of Biden’s historic R&D and procurement commitments will be on battery technology – for use in electric vehicles and on our grid, as a complement to technologies like solar and wind – increasing durability, reducing waste, and lowering costs, all while advancing new chemistries and approaches. And Biden will ensure that these batteries are built in the United States by American workers in good, union jobs.

About Goodyear

Goodyear is one of the world's leading tire companies with operations in most regions of the world and one of the most recognized brand names. Together with its U.S. and international subsidiaries, Goodyear develops, manufactures, markets, and distributes tires for most applications.
Goodyear is one of the world's largest suppliers of aviation tires for commercial, military and general aviation aircraft. Operating a global business from its Akron, Ohio headquarters, Goodyear manufactures aviation tires and retreads in the United States, Thailand, Brazil, and The Netherlands.
Goodyear Segmentation: Automobile industries
Goodyear Target Market: Racing cars, heavy duty vehicles, passenger cars, bikes, industrial equipment-like forklifts, bulldozers, cranes, airplanes, etc.
Goodyear Positioning: Excellent product quality maintained over decades with continual improvement.
SWOT Analysis

1. With the turnover of over $22 billion they are one of the world’s leading tire makers with no.1 position in North America & Latin America and second position in Europe.
2. It has a Global Footprint with operations at 54 sites spread over 22 countries.
3. Innovation centers at Ohio and Luxembourg provide them with a competitive edge in technology.
4. Excellent management team with over 70,000 employees globally
5. Company has established a strong brand identity and customer loyalty.
6. Most successful tire supplier in Formula 1.

Potential Weaknesses

1. Penetration level in Asian emerging economies is less
2. Intense competition in the tire industry makes market share constant
3. Studies reveal it company produces high amount of air pollution

Potential Opportunities

1. Emerging markets need to be capitalized on (EV in particular)
2. Tie-ups with Automobile manufacturing giants may go a long way.
3. Innovative and catchy advertising campaigns

Potential Threats (not including the ongoing Covid pandemic)

1. Volatility in raw material prices.
2. Low priced substitutes
3. Stiff competition both from national and international companies.
4. Government Policies - export duties, import duties, tax levied on automobile industries and economic condition of the nations as it determines the sale of automobiles.
5. Introduction of other transport facilities like metro, monorails and local trains keeping pollution hazards caused by combustion of automobile fuels.
6. Fluctuations in exchange rates

Facilities in the United States

https://preview.redd.it/por5r05pmt861.png?width=1208&format=png&auto=webp&s=6aef0f1bd5a925ee05d2eff30c68b40984133da4

Environmental Responsibility

https://preview.redd.it/k4v2clivmt861.png?width=1208&format=png&auto=webp&s=6132c9f6eb4663ac5ba4ae3c3fc1d130d0728a29

A Few Goodyear Competitors

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https://preview.redd.it/wetgvn07nt861.png?width=1238&format=png&auto=webp&s=776cbfb651b222dbc64a395d73b1dd8f93d07860

Current Tire Market (https://www.tirereview.com)

Smithers published the Future of Global Tires to 2024 report, which sized the tire market at over 2.36 billion units in 2019, with topline volume growth expected to continue at a 3.1% compound annual rate from 2019 through 2024. In 2024, total global industry tire volume was expected to reach 2.75 billion units. The 2019 market value of $239 billion was expected rise to $280 billion in 2024, for a 3.2% compound annual growth rate. Considering the impact of COVID-19 on the global tires market, Smithers sees little recovery in 2020-2021, with real recovery starting in 2022 and 2019 tire volume not being reached again until 2023.
As part of its Global Tires report refresh that accounts for the impact of COVID-19 on the industry, Smithers estimates volume growth over the next couple of years will fall significantly with market conditions prolonging the status quo in technology. The market adjustment will slow the adoption of electric vehicles and delay ride sharing, as well as drive supply chain consolidation and other disruptions.
Although COVID-19 will significantly impact 2020 tire sales, the tire market in Asia is forecast to pick up and grow on average by 3.6% until 2025.
General tires will continue to make up the majority (84.2% share) of the total Asia tires market by 2025, but significant stronger growth is forecasted in aircraft, specialty and OTR tires.
https://preview.redd.it/4ju8hmhbnt861.png?width=1242&format=png&auto=webp&s=8450bd3dbc24f6d8fc029729263d29462f22b0a0
The high-performance passenger calight goods vehicle segment is the largest in volume and value for specialty tires and is growing rapidly, driven by the growth of CUV, SUV and pickup truck segments in Asia.
Current tire technology in China is focused on low rolling resistance (LRR) tires, driven by pressure from the government to reduce CO2 emissions and the establishment of the China Rubber Industry Association (CRIA) tire labeling system.
List of the Top Key Players of Low Rolling Resistance Tire Market:

1. Apollo Tyres Ltd
2. Bridgestone Corp
3. Continental AG
4. Cooper Tire and Rubber Co
5. Hankook Tire and Technology Co Ltd
6. Michelin Group
7. Pirelli and C Spa
8. The Goodyear Tire and Rubber Co
9. The Yokohama Rubber Co Ltd
10. and ZHONGCE RUBBER GROUP Co Ltd

China is, and will continue to be, the biggest EV market, and its progress in the segment will influence the rest of the world. This is due to government policies designed to reduce pollution in cities and dependence on imported oil. The government also desires to dominate this growth industry. In Asia, the electric bus market is expected to be dominated by China and India in size and to be predominantly BEVs (Battery Electric Vehicles). Japan and South Korea will also invest significantly in electric buses, as will the Southeast Asia region led by Singapore.
List of major players operating in the South East Asian tire market include PT Gajah Tunggal TBK, PT Suryaraya Rubberindo Industries, Bridgestone Corporation, Compagnie Generale des Etablissements Michelin, Sumitomo Rubber Industries, Continental AG, The Goodyear Tire & Rubber Company, Deestone Corporation Limited, Toyo Tire & Rubber Co. Ltd, The Yokohama Rubber Co., Ltd., etc.
https://preview.redd.it/74mrc4jint861.png?width=1262&format=png&auto=webp&s=0523aad0d4ce01b1959802c901dd1d0a978ef086

South East Asia Rubber Market Analysis and Forecasts to 2023 (https://www.globenewswire.com/)

Asia accounts for 93% of the world natural rubber production with Thailand being the largest producer followed by Indonesia and Vietnam. Other large rubber producers in the region include India, China and Malaysia.
In 2019, the global natural rubber production stood at 13.804 million tonnes. It is expected that in 2020, the production will increase 2.7% to 14.177 million tonnes. The first two months of 2020 have recorded an annualized fall of 5.2% in global natural rubber production. The global synthetic rubber market is projected to grow at a CAGR of 5.1% in the period 2015-2023 and be worth USD 45,767.1 million.
Economic downturn being experienced by China which is globally the largest importer of rubber is keeping rubber prices balanced in a scenario where supply outstrips demand. The oversupply situation persists even though the three largest producers of rubber, Malaysia, Indonesia, and Thailand are reducing the output of the material used in manufacturing of a range of products from gloves to car tires. China is also the world's largest consumer of natural rubber followed by India and the United States. The slowdown in the Chinese economy remains a concern for the global rubber industry. The Coronavirus global outbreak is expected to have long-reaching hampering effects on the Chinese as well as the global economy.
Goodyear does not own any rubber tree plantations, but they have taken actions as a purchaser of natural rubber with Goodyear Orient Company. Goodyear Orient Company (Private) Limited (GOCPL) is a wholly-owned subsidiary of Goodyear Tire and Rubber Company (GTRC) and has been around since 1917.

Goodyear and Some EV News

Goodyear And TuSimple Collaborate On Autonomous Vehicle Freight Operations - prnewswire - 11/20/20
The Goodyear Tire & Rubber Company (NASDAQ: GT) announced today a strategic relationship with TuSimple, a global autonomous trucking technology company, to provide tires and tire management solutions to TuSimple's Autonomous Freight Network (AFN).
Goodyear will provide products and repair services to enhance the safety and operation of autonomous trucks. Additionally, Goodyear and TuSimple will conduct wear studies designed to understand how autonomous trucks and tires can help better predict maintenance, understand tire longevity and reduce the carbon impact of fleets.
Collected data from the study will also deliver insights into the difference between an autonomous and human driver with respect to the tires.
"With our leadership in products, fleet support and advanced innovations, Goodyear is applying knowledge to help deliver performance and safety with autonomous vehicles," according to Erin Spring, Goodyear's director, new ventures.
GOODYEAR, ENVOY TECHNOLOGIES PILOT DIGITAL SERVICE SOLUTION FOR SHARED, ON-DEMAND EV FLEETS - news.goodyear.eu/ - 3/21/20
The Goodyear Tire & Rubber Company today announced a new pilot program with Envoy Technologies, a provider of shared on-demand, community-based electric vehicles (EVs). The pilot, which launched early this year, is testing services aimed at minimizing operational downtime for vehicle fleets
Goodyear’s unique predictive tire servicing solution for connected fleets is being used to forecast and automatically schedule needed tire maintenance and replacement. Envoy’s fleet managers can see its fleet’s status, schedule maintenance needs and update appointments with Goodyear’s on-demand scheduling program, helping to keep its vehicles operational and avoid the typically unforeseen issues that might suddenly force a shared vehicle to be pulled from service.
To do this, Goodyear gathers secure, anonymized data from Envoy’s connected vehicles and uses it to predict and schedule service needs. Goodyear then utilizes its network of outlets and mobile vans to provide service to the vehicles. The mobile vans can install tires on-site at their charging stations, maintaining vehicle safety with minimal time required by Envoy staff.
“With on-demand car sharing and ride hailing services on the rise, Goodyear is extending its fleet services business model to shared mobility providers to improve urban fleet operations,” said Chris Helsel, Goodyear’s chief technology officer.
Envoy provides shared, community-based electric vehicles where people live, work and stay, with a significant percentage of its fleet dedicated to deployment in disadvantaged communities. The two-year-old company recently passed a milestone of more than 100 vehicles deployed at partner sites with a pipeline of 1,800 vehicles to be launched in major metropolitan areas across the nation, including Portland, Seattle, Austin, Chicago, New York, Boston, Miami and Washington, D.C.
Goodyear’s effort with Envoy builds on a successful test program with Tesloop, a city-to-city mobility service that exclusively used Tesla electric vehicles, and the commercialization of Goodyear Proactive Solutions for truck fleets, using advanced telematics and predictive analytics technology to allow fleet operators to optimize fuel efficiency and precisely identify and resolve tire-related issues before they happen.
Goodyear Partners with Lexus to Shape the Future of Electric Mobility - news.goodyear.eu/ - 3/5/20
Lexus LF-30 Electrified concept was originally presented sitting on four bespoke Goodyear concept tires at the 2019 Tokyo Motor Show. It was presented again on Tuesday, March 3rd at Lexus’ live press conference during the Virtual Press Day of the 2020 Geneva International Motor Show.
Goodyear’s concept tires are tailor-made to benefit the modern, sleek and sporty design of the Lexus. They support EV motors and are designed to improve the overall comfort and performance of the car.
The LF-30 Electrified concept tire includes several innovative features:
EV motor cooling: Drawing on Goodyear’s expertise in aerodynamics, the concept tires are designed to improve the cooling of the EV motors. Cool air enters through the front bumper intake and fins on the tires drive the flow towards the electric motor positioned behind each wheel. The hot air produced by the EV motor is then expelled towards the outer edge of the rim of the LF-30 Electrified.
Reduced aerodynamic drag: The tire design along with the outer tire shape would improve the Lexus’ aerodynamics by reducing drag, resulting in higher efficiency and battery range.
Noise reduction through biomimicry: Goodyear found inspiration in nature when designing the concept tires. The leading edges of the cooling fins are covered with fine velvet like on the wings of an owl, which enables the predator to silently catch their prey at night. Through this biomimetic solution, the rolling noise of the tire would be reduced to a minimum.
Goodyear’s concept tire for the Lexus LF-30 Electrified concept comes in a 285/35R24 size.
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Goodyear touts mileage gains in 2nd-gen EfficientGrip EV tires - tirebsiness.com - 3/3/20
Goodyear is preparing to launch later this year the second generation of its EfficientGrip Performance electric-vehicle tire line, promising the new version will deliver 50% longer life than the first generation, which launched in 2018.
Goodyear held a video press conference from its European headquarters office in Brussels to launch the EfficientGrip Performance 2 and unveil its latest concept design, the Goodyear reCharge, which features a self-regenerating tread.
Goodyer claims the EfficientGrip Performance 2 offers 20% more tread life than the "next best tested" competitor, while continuing to outperform the competition wet and dry braking, according to Mike Rytokoski, chief marketing officer, consumer Europe.
Mr. Rytokoski said half of all the new tires Goodyear has designed now are for electric vehicles, which require bespoke EV tires because they are heavier, due to weight of the batteries, and deliver extra torque.
As for future generations of EV tires, Goodyear said industry figures show 57% of all passenger vehicle sales, and over 30% of the global passenger vehicle fleet, will be electric by 2040.
Goodyear's vision of a next-generation tire for EVs is the reCharge, a non-pneumatic design that features a self-regenerating tread based on the use of biodegradable liquid.
To regenerate the tread, the vehicle owner inserts a capsule containing the liquid into the hub, where it mates up with the tubes. The centrifugal force of the rolling tire/wheel distributes the liquid up to the base of the tread elements, Goodyear showed in a video.
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The tread compound also would be reinforced with fibers inspired by spider silk, Goodyear said.
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The tire maker did not elaborate on what materials it envisions for the reCharge's wheel or how the tread elements would renew if supplied with a liquid from underneath but did say it envisions the liquid could be engineered to allow the vehicle owner to customize the tire tread to climatic or environmental changes.

Goodyear and Biden Connection - thehill.com - 08/19/20

Democratic presidential nominee Joe Biden defended Goodyear tires after President Trump urged Americans to boycott its products after he claimed the company announced a “ban” on his campaign’s “Make America Great Again” attire.
“Goodyear employs thousands of American workers, including in Ohio where it is headquartered. To President Trump, those workers and their jobs aren't a source of pride, just collateral damage in yet another one of his political attacks,” Biden said in a statement. “President Trump doesn’t have a clue about the dignity and worth that comes with good-paying union jobs at places like Goodyear — jobs that can support a family and sustain a community.”

Electric Vehicle Outlook (bnef.com) (added 2/2/21)

Automakers are accelerating their EV launch plans, partly to comply with increasingly stringent regulations in Europe and China. COVID-19 will delay some of these, but by 2022 there will be over 500 different EV models available globally
Passenger EV sales jumped from 450,000 in 2015 to 2.1 million in 2019. They will drop in 2020 before continuing to rise as battery prices fall, energy density improves, more charging infrastructure is built, and sales spread to new markets.
https://preview.redd.it/0gbbbh727x861.png?width=1978&format=png&auto=webp&s=20cb377070f4f985736eac0b1628a9ff0f5696cd
By 2040, over half of all passenger vehicles sold will be electric. Markets like China and parts of Europe achieve much higher penetrations, but lower adoption in emerging markets reduces the global average.
https://preview.redd.it/tc4xvfj87x861.png?width=1978&format=png&auto=webp&s=7660e30f3ca257d167a901c5ee90d967bd493199
Despite the rapid growth, there will be 1.4 billion passenger vehicles on the road in 2030 and EVs account for just 8% of these. This rises to 31% by 2040 as the fleet slowly changes over.
https://preview.redd.it/b8qqvjcf7x861.png?width=1978&format=png&auto=webp&s=f199055564d3bbcafe3982078ff7296c3da776f5
Number of countries that have announced plans to phase out sales of internal combustion vehicles.
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Looking beyond passenger cars, several ‘killer apps’ are emerging for electrification. Two-wheeled vehicles (scooters, mopeds, motorcycles) and municipal buses are already going electric quickly and accelerate further in the next ten years. Delivery vans are the next segments to cross the tipping point.
https://preview.redd.it/26eh761v7x861.png?width=2520&format=png&auto=webp&s=45795432025a2d904065ae9eeb6f0dad042fe1ad

09/30/20 10k SEC Filing

Product

Bullish Statements
Net sales in the third quarter of 2020 were $3,465 million, compared to $3,802 million in the third quarter of 2019. Net sales decreased in the third quarter of 2020 primarily due to lower global tire volume, unfavorable foreign currency translation, primarily in Americas, and lower sales in other tire-related businesses, primarily due to lower aviation sales globally and a decrease in third-party sales of chemical products in Americas. These decreases were partially offset by improvements in price and product mix, primarily in EMEA and Americas.
Europe, Middle East and Africa: In the third quarter of 2020, Goodyear net loss was $2 million, or $0.01 per share, compared to net income of $88 million, or $0.38 per share, in the third quarter of 2019. The change in Goodyear net income (loss) was driven by lower segment operating income, partially offset by lower income tax expense.
Net sales in the third quarter of 2020 were $1,156 million, decreasing $49 million, or 4.1%, from $1,205 million in the third quarter of 2019. Net sales decreased primarily due to lower tire volume of $97 million. This decrease was partially offset by improvements in price and product mix of $40 million, driven by higher proportionate sales of commercial tires, and favorable foreign currency translation of $5 million, driven by the strengthening of the euro.
Bearish Statements
Worldwide tire unit sales in the third quarter of 2020 were 36.6 million units, decreasing 3.7 million units, or 9.1%, from 40.3 million units in the third quarter of 2019.
Net sales decreased in the first nine months of 2020 primarily due to lower global tire volume, lower sales in other tire-related businesses, primarily due to a decrease in third-party sales of chemical products in Americas and lower aviation sales globally, and unfavorable foreign currency translation.
Net sales decreased in the third quarter of 2020, primarily due to lower global tire volume of $295 million, unfavorable foreign currency translation of $56 million, primarily in Americas, and lower sales in other tire-related businesses of $48 million, primarily due to lower aviation sales globally and a decrease in third-party sales of chemical products in Americas.
Europe, Middle East and Africa: Net sales in the third quarter of 2020 were $1,156 million, decreasing $49 million, or 4.1%, from $1,205 million in the third quarter of 2019. Net sales decreased primarily due to lower tire volume of $97 million. This decrease was partially offset by improvements in price and product mix of $40 million, driven by higher proportionate sales of commercial tires, and favorable foreign currency translation of $5 million, driven by the strengthening of the euro.
Europe, Middle East and Africa unit sales in the third quarter of 2020 decreased 1.3 million units, or 8.9%, to 13.2 million units. Replacement tire volume decreased 1.0 million units, or 8.2%, primarily in our consumer business, reflecting decreased industry demand as a result of the economic impacts of the COVID-19 pandemic and expected declines resulting from our initiative to align distribution in Europe. OE tire volume decreased 0.3 million units, or 11.3%, primarily in our consumer business, driven by lower vehicle production as a result of ongoing pandemic-related impacts at major OE manufacturers and our continued exit of declining, less profitable market segments.
Europe, Middle East and Africa unit sales in the first nine months of 2020 decreased 10.0 million units, or 23.8%, to 32.1 million units. Replacement tire volume decreased 6.4 million units, or 20.5%, primarily in our consumer business, reflecting decreased industry demand as a result of the economic impacts of the COVID-19 pandemic and expected declines resulting from our initiative to align distribution in Europe.
America: Net sales in the third quarter of 2020 were $1,823 million, decreasing $226 million, or 11.0%, from $2,049 million in the third quarter of 2019. The decrease in net sales was driven by lower tire volume of $155 million, unfavorable foreign currency translation of $58 million, primarily related to the Brazilian real, and lower sales in other tire-related businesses of $42 million, primarily due to a decrease in third-party sales of chemical products and lower aviation sales.
Asia Specific: Net sales in the first nine months of 2020 were $1,208 million, decreasing $361 million, or 23.0%, from $1,569 million in the first nine months of 2019. Net sales decreased due to lower tire volume of $320 million, unfavorable foreign currency translation of $27 million, primarily related to the weakening of the Indian rupee and Australian dollar, and lower sales in other tire-related businesses of $26 million, primarily due to lower aviation and retail sales.
Asia Specific: Replacement tire volume decreased 2.1 million units, or 15.3%, primarily in our consumer business, reflecting decreased industry demand as a result of the economic impacts of the COVID-19 pandemic.
Net sales in the third quarter of 2020 were $486 million, decreasing $62 million, or 11.3%, from $548 million in the third quarter of 2019. Net sales decreased due to lower tire volume of $43 million, unfavorable price and product mix of $9 million, and lower sales in other tire-related businesses of $8 million, primarily due to lower aviation sales.
We expect our liquidity to remain strong through the remainder of the year. However, the borrowing base under our first lien revolving credit facility is dependent, in significant part, on our eligible accounts receivable and inventory, which have declined as a result of our lower sales and production levels due to the COVID-19 pandemic.

Earnings

Bullish Statements
The change in Goodyear net income (loss) was driven by lower segment operating income, partially offset by lower income tax expense.
Our earnings and forecasts of future profitability, taking into consideration recent trends, along with three significant sources of foreign income provide us sufficient positive evidence that we will be able to utilize our remaining foreign tax credits that expire between 2025 and 2030.
Bearish Statements
Earnings in other tire-related businesses decreased by $25 million, primarily due to lower aviation and motorcycle sales.
Additionally, on April 17, 2020, we reached a tentative bargaining agreement, which was ratified on May 1, 2020, and subsequently permanently closed our Gadsden, Alabama manufacturing facility (“Gadsden”) as part of our continuing strategy to strengthen the competitiveness of our manufacturing footprint by curtailing production of tires for declining, less profitable segments of the tire market.

Expenses

Bullish Statements
These negative impacts were partially offset by cost savings of approximately $76 million, including raw material cost saving measures of approximately $6 million.
These decreases were partially offset by a $24 million increase in expense related to potentially uncollectible accounts receivable, primarily in EMEA and Americas.
Interest expense in the first nine months of 2020 was $246 million, decreasing $15 million, or 5.7%, from $261 million in the first nine months of 2019.
SAG decreased primarily due to lower global travel-related expenses of $8 million and lower product liability costs of $5 million in Americas.
We have taken, and will continue to take, other actions to reduce costs and preserve cash in order to successfully navigate the current economic environment, including limiting capital expenditures to no more than $700 million for the full year and reducing discretionary spending, including other selling, administrative and general expenses (“SAG”), which, in total, decreased by $17 million and $118 million in the three and nine months ended September 30, 2020, respectively.
These decreases were partially offset by improvements in price and product mix, primarily in EMEA and Americas. In the third quarter of 2020, Goodyear net loss was $2 million, or $0.01 per share, compared to net income of $88 million, or $0.38 per share, in the third quarter of 2019. The change in Goodyear net income (loss) was driven by lower segment operating income, partially offset by lower income tax expense.
Europe, Middle East and Africa: These decreases were partially offset by lower raw material costs of $11 million and improvements in price and product mix of $10 million.

Cashflow

Bearish Statements
We are actively monitoring our liquidity and have taken a number of actions aimed at mitigating the negative consequences of the COVID-19 pandemic on our cash flows and liquidity, such as suspending production at most of our manufacturing facilities during parts of the first half of 2020, reducing our second quarter payroll costs through a combination of furloughs, temporary salary reductions and salary deferrals, refinancing our first lien revolving credit facility to extend its maturity and increase its borrowing base, issuing $800 million of 9.5% senior notes due 2025, temporarily suspending the quarterly dividend on our common stock, reducing capital expenditures and discretionary spending, and using governmental relief efforts to defer payroll and other tax payments globally.

Debt

Bearish Statements
In addition to our previous financing activities, we may seek to undertake additional financing actions which could include restructuring bank debt or capital markets transactions, possibly including the issuance of additional debt or equity. Given the inherent uncertainty of market conditions, access to the capital markets cannot be assured.

Technical Analysis

Leap PT: 17
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Medium (Earnings Run) PT: 12.5
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Option Order Flow

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Dec. Dark Pool Prints

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Rating: BUY
EOY 2021 Target: 17 (conservative)
Feb. 2021 Target: 12.5
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Positions I’m Considering

Naked Pre-earnings Play: 10c exp. 02/12/21
Long Call Spread: BUY 7c, SELL 15p exp. 02/12/21
LEAP: 11c exp. 4/16/21

Rapid growth of technology, up gradation of technical innovations, and a high rate of obsolescence in the electronics industry have led to one of the fastest growing waste streams in the world which consist of end of life electrical and electronic equipment product such as:
Refrigerator, Washing machines, Computers and Printers, Televisions, Mobiles, I pods etc.
​
Shocking Facts of E Waste Management in India
According to Comptroller and Auditor-General’s (CAG) Report, over 7.2 MT of Industrial Hazardous Waste, 4 lakh Tonnes of electronic waste, 1.5 MT of Plastic waste, 1.7 MT of medical waste and 48 MT of municipal waste are generated in the country annually.
Facts about E-waste management in India:-

• There are 10 states that contribute to 70% of the total E-Waste generated in the country.
• 65 cities generate more than 60% of the total E-Waste in India.
• Among the top ten cities generating E-Waste, Mumbai ranks first followed by Delhi, Bengaluru, Chennai, Kolkata, Ahmedabad, Hyderabad, Pune, Surat & Nagpur.

​
chart of top cities generating e waste in India

• Main source of electronic waste in India are the government, public and private (Industrial) sectors – 70%
• Contribution of individual house hold – 15%
• Rest being contributed by manufacturers.

A report of the United Nations predicted that by 2020, E-Waste from old computers would jump by 400% on 2007 levels in China and by 500% in India.
Additionally E-Waste from discarded mobile phones would be about seven times higher than 2007 levels in China and in India 18 timers higher by 2020.
Since India is highly deficient in precious mineral resources (whereas untreated e-waste goes to landfill), there is need for a well designed, robust and regulated e-waste recycling system which would generate jobs as well as wealth.
Some stats taken from https://www.epa.gov/

Guten Morgen, y'all zombie slayers. It's weekend again and I figured out you folks might feel like to have something to read about the story. And with that I do not mean the direct story of the events of Ultimis, Victis and Primis, but the story that lays in the shady background the entire time. Its all hypothised, nothing proved, but I hope the following chapters (which are all works of CoDZ Forums) may inspire y'all for brand new, out-of-the-box ideas and theories. You don't need to read it all in one time, just take your time and, most importantly, enjoy. There's a zombie slayer in all of you! Auf Wiedersehen!

Ancient Aliens

In ancient times, aliens visited earth and interacted with early humans, leading to the gods of our myths and legends. The mythologies of early civilizations show aliens helping early mankind, and explain the rise of mankind from primate to the domination of our planet. The main argument for the theory is that much of early man’s megastructures required technology, engineering, mathematics, and other sciences that we simply weren’t capable of back then. Similarities among images from various cultures that never had contact with each other shows a common experience of these ‘gods’ coming from above, as do strange images that seem to be of modern day tech such as the famous hieroglyph of what seems like a helicopter or spacesuits.
Alfred Russell Wallace, a biologist living in the same era as Darwin, believed that Darwinian evolution couldn’t completely explain life on earth. He theorized that a Higher Being intervened in the evolution of life three times: creating life from organic matter, creating consciousness in animals, and finally giving humans sentience. This idea is pretty similar to many creation stories, like the well-known one in the Bible. Later writers expanded upon this idea with the Spirit being replaced by extraterrestrials.
The Swiss author Von Daniken believed that early man had progressed just enough technologically to construct the wonders of the ancient world, and stated that famous landmarks such as the Great Pyramids of Giza and the Moai heads of Easter Island were either constructed by aliens or by humans with extraterrestial assistance. He theorized that early humans viewed alien technology as supernatural, divine magic, the aliens theirselves as gods, because their technology was so far beyond humanity’s.
An interesting observation is how similar the Pacific cargo cults are. These cults arose when island cultures that were more primitive concerning technology, met with foreign WWII soldiers who gave them the aforementioned cargo, in the form of material assistance. The cults arose when they began to worship the advanced humans as gods, going so far as to create costumes similar to the soldiers to try and convince their gods to return. They created elaborate rituals and even using wooden replicas of the technology the soldiers used.
One of the most important ‘ancient-alien’ writers was Zecharia Sitchin, who declared that aliens interacted with the homo sapiens living in Mesopotamia, coincidentally the area with the first known human civilisation on Earth, where they became the gods of their religion. Sitchin claims that the Mesopotamian myth Enuma Elis, which details the gods or “annuaki” created mankind as servants, was in fact describing the work of aliens. These aliens came to mine raw materials, but decided to have others do the work. To this end, they genetically bio-engineered the first humans, possibly from already existing primates, creating what they called “adapa,” or model man. This is where the name of the first man, Adam, comes from. These “annuaki” were directly involved with human civilization, until the destruction at the end of the last ice age 12,000 years ago, which is often theorized to be the basis of the myriad flood myths of world cultures: Noah’s Ark, the Ragnarok, the tales of the mythical empires of Atlantis, Lemuria and Mu, swallowed by the sea. By many of these legends, a Great War between highly intelligent beings, whether it are between Gods or between advanced civilisations, is included, leading to the concerning Doom.
There was a tribe in Mali, called the Dogon, who had detailed legends about creatures they named the Nommo helping their ancestors. The curious thing is that supposedly, before the Dogon met modern civilization, they claimed the Nommo came from the star Sirius, which they maintained had two companion stars. Interestingly, modern science did not discover the second companion until 1915 due to its faintness. Theorists claim that the Dogon also had knowledge of the rings of Saturn, as well as the moons of Jupiter, despite the plain lack of telescope technology...
The Nazca Lines, gigantic ancient structures in South America which reveal drawings of various animals when viewed from high in the air, are cited as being signals for aliens, who could properly view the drawings from their flying machines. The Hindu work Ramayana depicts their gods and demons using flying vehicles called Vimanas. These Vimanas were said to fly on a beam that was as “brilliant as the sun and made a noise like the thunder of a storm”, quite similar to a rocket-powered vehicle.
Even a war among the gods is depicted by theorists as being an actual thermonuclear war between groups of ancient aliens for dominance. In the tales of the sunken continents, the civilisations sought refuge for the radiation underground, where they created the subterranean world ‘Agartha’. In some theories, the Bible even gets used quite a bit. The Nephilim of the Old Testament, offspring of man and angel, are claimed to be alien hybrids who dominated mankind until humanity rose up and destroyed them. The Nephilim are said to use the skills given to humanity by angels, called Watchers (synonym for Keepers, anyone?), until the Deluge destroyed the civilization. Even the famous vision from Ezekiel of the Wheels in the Sky are claimed to be sightings of ancient UFOs.
There also is a very similar, yet different theory: It aren’t extraterrestrials. Long ago, prior to our known history, a race of advanced humans built a mighty civilization in ancient times and helped other cultures to evolve with gifts of knowledge and technology. This “mother culture”, was destroyed in some form of cataclysm millenia ago but lives on as the legends of lost places, such as Atlantis, Lemuria, and Mu.
Whether our stories of gods are real, made-up, or inspired on highly advanced humans or extraterrestials in the far past, I leave that up to you. They were so influential, however, that they are even said to inspire the entire Nazi-ideology. They set expeditions to reveal the mystery of the past, and ancient clues of this theory are even believed by some to have led to the creation of Nazi wonderweapons that have brought them so close to world domination. And to what extent is it similar to the story of the Keepers, the Great War and their creation of Agartha? Are they, perhaps, a warning for humans to remain wary with advanced technology? Have they assisted, or created early mankind? Or were they once actually humans themselves?
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Die Glocke

Even before the Second World War, Hitler was aware of "Anti Gravitational Fields" very early on in his rise to power. It is speculated that he became interested when when he would see glowing orbs following around aircraft. Now, old mythologies involving Vril Energy mentioned ancient flying pyramids called Vimana's, using a so-called Mercury Vortex Engine as well as the power of an Eclipse to form a Tornado that activated the anti-gravity mechanism inside the vessel. After getting familiar with the mythos, Hitler put his top scientists on the job to figure out as much as they could. One thing they figured out was the existance of "Super fluids" that are essentially metals that can be transformed into a liquid state and effectively conduct electricity. The prime example of a "super fluid" here on earth is Mercury. A type of Mercury that is believed to exist is red mercury, a substance of uncertain composition purportedly among others, used in the creation of nuclear weapons. The Nazi's also equiped it on their most top-secret project: Die Glocke.
Die Glocke, also known as the Bell, was a purported top secret Nazi scientific technological Wunderwaffe. It is a metallic object said to be between 12 to 15 ft tall and about 9 ft in diameter, in the shape of a large bell. The device ostensibly contained two counter-rotating cylinders which were be filled with an extremely unstable radioactive mercury-like substance, violet in color. This metallic liquid was code-named Xerum 525 and was stored in a tall thin thermos flask a meter high encased in lead. Additional substances said to be employed in the experiments, referred to as Leichtmetall (light metal). The bell was said to have an effect zone stretching between 490 and 660 ft. around the craft. Some claim that unexplainable things occurred within this zone, such as the formation of crystals within animal tissue, the decomposition of plant matter into a greasy substance, and the gelling and separation of blood. What the exact purpose of the device was is widely speculated by conspiracy theorists, but the words ‘anti-gravity’, ‘time travel’ and ‘Nazi UFO’ are mentioned the most. Die Glocke was housed in a facility referred to as “Der Riese,” or “The Giant” in English. Within the zombies community, this place is notorious for being the operation base of Group 935.
The Der Riese facility was disguised as a gold mine with a strange structure outside of it, dubbed as ‘The Henge’. This Henge can be seen in the map Der Riese, and shooting it is the first step in the Fly Trap Easter Egg quest. The Henge was the testing area for Die Glocke, which apparently needed a ton of electrical energy to use. When it was in use, it could only go for a minute or two before shutting itself off, and it gave off extremely large amounts of radiation. During its first use, several of the scientists working on it died, and the ones that didn't suffered memory loss, permanent metallic taste in their mouths, and sleep loss. Group 935 recognized the danger, and began to test its effects on plants, animals and toys. It was reported that after it's use, the test subjects decomposed into a blackish-purplish goo on the floor. Also, while Die Glocke was in use, some objects began to lift off the ground, propelled by some sort of anti-gravity field.
When talking about the origins and inspiration of Die Glocke, most fingers point to the ancient India. An old Hindu manuscript, Samarangana Sutradhara, circa 1000 AD, describes a very machine very similar to the Nazi Bell.
"Strong and durable must the body of the Vimana be made, like a great flying bird of light material. Inside one must put the mercury engine with its iron heating apparatus underneath. By means of the power latent in the mercury which sets the driving whirlwind in motion, a man sitting inside may travel a great distance in the sky."
According to another ancient Hindu text the Mahabharata, one Vimana variety was shaped like a sphere and borne along at great speed on a mighty wind generated by mercury.
Myths and legends of ancient India had a huge impact on Germany of the 1940s. A hefty portion of the Nazi dogma of racial purity and the concept of the Aryan race is largely derived from ancient Hinduism. The Aryans they claim to descent from are thought to have invaded India eons ago from Central Asia and established a rigid social structure which has evolved into the caste system. The Swastika and the Black Sun symbols, infamous for their use by the Nazi’s, originated from the Hindu religion. The Nazis have also lead multiple expeditions into India and Tibet with the intent of studying Vedic-Hindu legends and artifacts and to trace the Aryan ancestry. One of the more notable of these was the Schaefer Expedition which many writers have theorized had a sinister hidden agenda. As other Nazi expeditions were known to have been conducted in 1931, 1932, 1934, 1936 and 1939, it is theorized that at during one or more of these expeditions information was obtained that contributed to building Die Glocke. As Vimanas can be seen in the Shangri La loading screen, it could be very likely that Group 935 investigated the ancient devices in the Lost City, leading to the creation of Die Glocke at Der Riese.
“Behind the veil of legend and scientific truth comes out that three flying-cities were made for and were used by the demons. Of these three, one was in a stationary orbit in the sky, another moving in the sky and one was permanently stationed in the ground.” - Prof D.K. Kanjila.
So according to ancient Hindu scripts, the Vimanas, chariots of the gods, were powered by something called a Mercury Vortex Engine. The Mercury Vortex Engine is creating the Tornado. It needs a special type of solar energy from the eclipse, in order to be activated. It was said that Vimanas were being powered by a Solar energy, and then switching to a free-form type of energy that sounded much like Anti-Gravity.
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So Die Glocke is said to be based upon something in Shangri La, or possibly on the entire city. ElectricJesus, a guy on the CoDZ forums, once mentioned the possibility of Shangri La being a huge prototype teleporter, mankind's 'ground zero' of contact with the Aether. Both Der Riese and Shangri La seem to (be able to) get stuck in time when the Eclipse occurs. So what is the connection? I am quite convinced it has to do with the technology at the sites. Lots of things in Shangri La refer to the idea of the natives being visited by Ancient Astronauts, assisting them with issues such as irrigation, as the water system in the map seems pretty well-developed. An argument for this could be the fact that Ancient Mesoamerican, Asian and Arabian tribes even mention having learned matters as irrigation from their gods. The entire timetravel mechanism could also be teached, or even build, by these ancient astronauts. Maybe Shangri La is the origin of the human branch of the Order of the Keepers, the place where mankind was teached about the Keepers, the Apothicans, the Aether, et cetera. Though this is genuine interesting matter, I have too few time to go into all that now and must continue with the main point: the Time Paradox. Activating the Eclipse made Brock and Gary get stuck in not merely the temple complex, but in that fraction of time.
Brock: "I have found some unfinished carvings around the structures I can't make out. They do not look like...wait...what is this?"
Gary: "What the hell is that? Why is the sky dark?"
Brock: "It's an eclipse! We must've-"
Gary: "Run!"
The moment the Eclipse radiates it's energy through the site, it get stuck in a time loop. Exactly the same seems to have happened in the Der RIese facility upon Ultimis' arrival. That the two events relate isn't coincidence, as Die Glocke is based upon the Shangri La temple system. Die Glocke is said to create an Extreme Low Frequency (which was by the way most likely the reason the bees died), similar to the Schumann field, Earth's electromagnetic 'rythm'. In this thread I've discussed the Schumann field's connection with the Aether, our Life Force and our brain. As time doesn't exist in the Aether, is this the reason Die Glocke/Vimaña's could make the time stand still? Brock and Gary find themselves in the exact same position as Ultimis in Der Riese, only lacking an overloaded MTD to escape this 'artificial time pocket'.
A question would be, what exactly happened at Der Riese that made this Die Glocke be activated? Perhaps it is tied by 'Operation Shield', which is still unclear what it exactly means. All we know is that Richthofen would get rid of the Maxis family and begin Operation Shield. Now in older threads on this forum, the 'Shield' is by some believed to be Die Glocke. Radzakpak, the writer of the awesome CoD: Zombies Storybook (https://www.callofdutyzombies.com/topic/183877-the-cod-zombies-storybook/), considered the possibility that Die Glocke could be connected to the teleporters at Der RIese, which may also explain why right at the moment of activation the time is seen to stop in the Giant. Activating Die Glocke and bringing the facility in a time paradox might be what Operation Shield is. The energy of the Eclipse 'holds' the site at that given time period, exactly those few seconds that the Eclipse occured and radiated the energy. In Gorod Krovi, it is also said that "Die Glocke research continues to inspire new theories of time displacement and possibly even movement across dimensions". Interesting that they don't mention matter transference, but time displacement. It would fit with the Nazi conspiracies believing the device was a time travel machine, just like the extraterrestial moving cities. Now the final note I would like to make is that (if I recall correctly) the Frozen Forest also has an Eclipse. Could this too be a time paradox site, locked out of the other dimensions?

Cold War

It was 1945: Germany capitulated, and after the dropping of two atomic bombs (of which as a matter of fact, one was created in the Hanford Works) Japan as well. Doctor Richthofen had send his demand list to both the United States and the Soviet Union, in exchange for Group 935 scientists and intelligence about their research. After the Greek Civil War in 1946, the era of the Cold War had started. An era of military competition between the United States and the Soviet Union, the two countries that had not only made a deal with Richthofen, but also raided and recovered the work of Group 935 at the Der Riese facility and the other facilities of the Nazi-funded organization.
The Soviet Union’s initial sole deposit of Element 115 was located at Tunguska. The Americans had Groom Lake, Nevada. However, both supplies was limited and both nations wanted to stay ahead of each other. Group 935 intelligence taught them about the large amount of the element on Earth’s Moon, as well as 935’s research base there. Getting Griffin Station would mean becoming the sole superpower and winning the Cold War.

The Ascension Group

With the liberation of Eastern Europe and the conquering of East-Germany, the Red Army discovered a Group 935 facility near the Polish city of Wroclaw. This so-called "Project Riese" was built on another meteorite impact site including Ununpentium. Group 935 had used the element for matter displacement, weapons and many other scientific inventions. With this German knowledge, the research to Element 115 became an important yet secret task for the Russian scientists. In 1948, a top-secret bioweapons laboratory was established on Vozrozhdeniya island, a.k.a. Rebirth Island, in the Kazakh Sovjet Socialist Republic, far from any populated areas, but not that far from the already existing secret station near Baikonur experimenting with Ununpentium. In 1954, Rebirth Island was expanded and named Aralsk-7, one of the main laboratories and testing sites for the Soviet Union's Microbiological Warfare Group tasked with inventing and testing the effects of multiple fatal diseases.
However, with a limited amount of Element 115, the Soviets had looked up in the cosmos: Griffin Station. Directly after the second world war, they had founded an organisation named the ‘Ascension Group’, mainly focussed on reaching Griffin Station, but also the Soviets’ main group experimenting with the mysterious 115. A secret cosmodrome was built in the middle of the Kazakh steppes, and a lot of 115-related experiments from Rebirth Island and the (now by Soviets captured) Siberian Facility were transferred to this Ascension Cosmodrome. The facility, as the name implies, also houses investigation to rocket technology, in order to reach the Moon prior to the Americans.
In 1950, the scientists Igor Tamm and Andrej Sacharov managed it to create the Tokamak, a device that uses a powerful magnetic field to confine plasma in the shape of a torus. This device was based on designs of Group 935’s antigravity mechanism, Die Glocke. The Vril Ya inspired the ancient Indians, inspired the Nazi’s, inspired the Soviets. This device was the basic principle behind later projects including Element 115 and Red Mercury being done by the Ascension Group, namely the Thundergun (Projekt Thunder), the Gersch device (Projekt Mercury) and the Casimir Mechanism. However, their usage of Element 115 became eventually their downfall, and the Cosmodrome and Siberian Facility became overrun by the undead.

The Moon landing

"I believe that this nation should commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to the Earth. (JFK, 1961)" - Moon level description
For the sake of Broken Arrow and winning the Space Race, Doctor Schuster was working on an MTD, a Matter Transference Device, linking Groom Lake with Griffin Station. In 1969, the time was there: The first Moon Landing would happen, under the name Apollo 11. What was seen and believed by most people: The lunar module Eagle descended on the Moon surface, the 3 astronauts walked and jumped a bit around, planted a flag in the ground and flew away again, back to Earth. But in our story there happened something different. First of all, the astronauts didn't arrive on the moon by a rocket and lunar module, but by the MTD. Once the astronauts arrived there, strange things happened. A certain professor, who wished to remain anonymous, was engaged in a discussion with Neil Armstrong during a NASA symposium.
Professor: What REALLY happened out there with Apollo 11?
Armstrong: It was incredible, of course we had always known there was a possibility, the fact is, we were warned off! (by the Aliens). There was never any question then of a space station or a moon city.
Professor: How do you mean "warned off"?
Armstrong: I can't go into details, except to say that their ships were far superior to ours both in size and technology - Boy, were they big!... and menacing! No, there is no question of a space station.
Professor: But NASA had other missions after Apollo 11?
Armstrong: Naturally-NASA was committed at that time, and couldn't risk panic on Earth. But it really was a quick scoop and back again. (1)
Armstrong confirmed that the story was true but refused to go into further detail. One unquestionably absolute expert, who was Director of the NASA tracking base in Houston during the Apollo Moon missions, revealed the following conversation "after" he left his work at NASA:
ASTRONAUTS NElL ARMSTRONG and BUZZ ALDRIN speaking from the Moon: "Those are giant things. No, no, no .... this is not an optical illusion. No one is going to believe this!"
MISSION CONTROL (HOUSTON CENTER): "What...what...what? What the hell is happening? What's wrong with you?"
ASTRONAUTS: "They're here under the surface."
MISSION CONTROL: "What's there? Emission interrupted...interference control calling Apollo II."
ASTRONAUTS: "We saw some visitors. They were there for awhile, observing the instruments."
MISSION CONTROL: "Repeat your last information."
ASTRONAUTS: "I say that there were other spaceships. They're lined up on the other side of the crater."
MISSION CONTROL: "Repeat...repeat!"
ASTRONAUTS: "Let us sound this orbita ..... In 625 to 5... automatic relay connected... My hands are shaking so badly I can't do anything. Film it? God, if these damned cameras have picked up anything... what then?"
MISSION CONTROL: "Have you picked up anything?"
ASTRONAUTS: "I didn't have any film at hand. Three shots of the saucers or whatever they were that were ruining the film."MISSION CONTROL: "Control, control here. Are you on your way? Is the uproar with the U.F.O.s. over?
ASTRONAUTS: "They've landed there. There they are and they are watching us."
MISSION CONTROL: "The mirrors, the mirrors...have you set them up?"
ASTRONAUTS: "Yes, they're in the right place. But whoever made those space ships surely can come tomorrow and remove them. Over and out." (2)
The space ships the astronauts talk about are Vimana's, chariots of the Vril Ya. Something or someone activated the Eclipse on the Shangri La loading screen. Meanwhile (as seen in the left upper corner of the comic panels of the Moon loading screen), these Vimana's orbited the Moon, where the "Moon landing" at that moment takes place. In the loading screen, the three astronauts are walking through the alien lunar landscape: Armstrong, Collins and Aldrin . Oddly, there is fourth person standing on the rocks, next to a pyramid that has landed on the Moon surface. who or what is that? It seems to keep an eye on the terrified astronauts. Here is an final unconfirmed report, also documented by Steve Omar, that when Buzz Aldrin opened the door after landing on the Moon, he immediately saw a transparent etherical being staring at him outside.
"They're here. They are right over there and look at the size of those ships. And, it is obvious they don't like us being here" (3)
The astronauts were observed from something from beyond our dimension: An “Angel”…
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The Hanford Site

In 1943, in the midst of World War II, the United States launched the construction of nuclear facilities in the area of the small town of Hanford. For the sake of winning the war, Hanford’s citizens were relocated to new living areas and the area became fully restricted to enter. Huge concrete constructions raised from the ground, miles of road and railway were created, and four electrical substation were built. So-called ‘tank farms’ appeared, which had a function in storing radioactive waste: Large, partly underground, waste cylinders.
In case it wasn’t clear yet: Hanford became a massive top-secret nuclear research facility, mainly focussed on forming plutonium. Remember: This was in a time in which compared with these days very little was known about the effects of radioactive waste on humans. You can imagine relatively few safety measurements were taken. Subsequently, the area became extremely polluted with many types of hazardous elements and chemicals. It was in the drinking water of not only the workers, but also the citizens who lived some miles away. In their blood. In their cells. And many of them died not old.
Now in the Cold War, the United States faced a new strategic threat in the rise of the Soviet nuclear weapon program, and expanded the Hanford Site. By 1963, the Hanford Site was home to nine nuclear reactors along the Columbia River, five reprocessing plants on the central plateau, and more than 900 support buildings and radiological laboratories around and underneath the site. Since the early 1900s, the area had developed from a small farming community to a booming "Atomic Frontier". Starting in 1946, the US government secretly released radioactive fission products in the populated area around Hanford. This event was known as ‘Green Run’, and continued till at least 1962, when more experiments commenced. The purpose of Green Run was to test methods of detecting radiation from the Soviet Union’s nuclear weapons programs, since the released radioisotopes were supposed to be detected by the US Air Force reconnaissance. This unethical human experimentation led to the death of many more local civilians. But the experimentation didn’t stop at “merely” releasing the radioactive isotopes of iodine, plutonium, uranium and xenon in the area…
The two new superpowers were not merely in a space- and nuclear arms race, they were involved in a shadow race for element 115 as well. The US's 115 deposit in Nevada and Japan was limited, and since Griffin Station was overrun by the undead, they had to find a way to gain more of the element in order to continue this arms race against the Soviets. By 1963, the Broken Arrow Program gained approval by the American government, and the Hanford Campus was handed over this brand new 115-studying organisation. The Hanford Campus was home to nine nuclear reactors along the Columbia River, five reprocessing plants on the central plateau, and more than 900 support buildings and radiological laboratories around and underneath the site. Now under Broken Arrow, it became a location where scientists, for the first time, succeeded in artificially creating the element. With the support of several ex-935'ers obtained through Operation Stapler, they were successfully able to generate 115. The barn at Farm has boxes with scratched off signs, possibly storing the element. The Green Run event also included the secret release of Element 115, much of this was leaked in the soil and water too, possibly with the purpose of testing how the Air Force could localize Soviet facilities working with 115.
Now in Tranzit, the doctor-like zombie character models in Green Run wear a sign with 'Hanford Sanatorium' written on it. A sanatorium is a medical facility for long-term illness, most typically associated with treatment of tuberculosis, in the late-19th and 20th century before the discovery of antibiotics. In the United States, especially the West Coast became a popular spot for sanatoria. In 1910, tent cities began to pop up in different areas in this region, some described as places of squalor and shunned by most local citizens. Hanford is not confirmed to have had a for the outside world known sanatorium, but the fact that it isn't registered doesn't mean there never was any.
All zombie models in Tranzit, whether it are doctors, patients or citizens, share a common feature: a wound in their backs, as well as their collars. James C. Burns, the voice actor of sergeant Frank Woods, told us to look at these identical wounds, hinting that it has a reason it is there. These imply that the undead were released from a hospital: the Hanford Sanatorium! It is most likely that the patients, as well as the locals from Town, were experimented upon. Why their backs and collars? It seems like the doctors were performing surgery in their spine, as well as their brain, to control cerebral function. The fact that they are now undead means that Element 115 was also included in these experiments. It could even be possible that the facility's leaking of 115, the infecting of the patients, was done for this purpose. The scientists could be trying to create a new undead super soldier army, or this whole experiment could have been part of Broken Arrow's Project MKAlpha, control over the brain through the usage of 115. MKAlpha was part of Operation MKUltra, the CIA's mind control program. This Operation included methods of brainwash due to physicial, mental, sexual torture, hypnosis and drug use, and the testsubjects were often illegally aqcuired. Several ex-Nazi scientists and investigation, taken during Operation Paperclip, also participated in MKUltra. Operation MKAlpha was a sub-project of this, investigating the use of Element 115 concerning this matter.