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NEWS: Ch 11 Plan Confirmed AND 10-K out
http://archive.fast-edgar.com//20200508/AM2FK22CZC2292F2222N2242Q2OAZC22D222/
http://archive.fast-edgar.com//20200508/AQZZO22CO222B2AZ2C2A22Z2NDQOZ22IZ422/
Who knows bother, but there was good volume. But the last time it had good volume the next day was low.
Nice . You think this run is legit and real ?
Well I bought a small amount before the close on the pull back.
I agree . Take profits when you can. but seriously you think this price increases can continue tomorrow ? What’s your gut feeling telling you ? I think the restructuring is going well...
Risky play, and when it dumped like that it could get real bad. So I took profits when I could.
What’s happening here guys? are they emerging out of bankruptcy? Why we went up so much today ? good news leaked ? Anyone know ?
Omg ??.. why did you sold ?
I fricken sold today when it came up out of that dip with a %14 profit. Jeez
is the stock price making a comeback? Headfake ?
Gentlemen.. we got volume and the SP has gone up today !! What’s going on? Good news leaked out ?
Hi Bert, any ideea what will happen with the stakeholders who did not opt-in? And with their shares? Thx
Anyone seen my last post ? If so please explain the documents?
https://reorgdocumentlibrary.broadridge.com/Client/Client?data=0420/N45665/45885A/c.. good morning gentlemen.. just got this from the company I’m not a attorney anything or smart for that matter .. would any of guys review it and let us know what’s up? Please explain it what’s it in it for us shareholders.. thank you
Good morning SC777 and Bert.. so what can we expect this week especially May 4th? ... and what about the stock price? Can we go up slowly ? What does the charts and technical say ? Thank you
There's a gap at .10, and 50 day moving average is at .225. If it starts getting some volume can hit both of those IMO.
And one more thing I want to mention to Bert and SC777.. very interesting the company file some form stating that they will give securities to their employees.. so take it what it’s worth but I think it’s a good sign that they will be a successful company in the future.. comments and analysis welcome gentlemen....
And what will happen to the company should they emerge out of bankruptcy? .. can the stock get out of pink sheet ? .. will they emerge out being a viable company again? Thank you
SC7777.... what does your chart telling you? Are we heading up higher ? possibly .07 this week ?
PrimeClerk - there’s a hearing now on May 28, looks like for Asset Purchase on the Houston assets, they won’t be able to emerge until that is settled:
https://cases.primeclerk.com/inap/Home-DownloadPDF?id1=MTQwNjMyNA==&id2=0
Where did you see that?
Looks like a portion of hearing got pushed to end of May - that means they won’t come out of Bankruptcy for at least a month.
Still time for stock to pop, good chart setup here.
Is the confirmation here still May 4? Or is that getting moved due to COVID?
Yes and no. It has been part of the chapter 11 plan to incentivize them to stay throughout the bankruptcy. Which, is good for the success of the company, but it technically will dilute shares on the other side of the warrant conversion.
I dont do these bankruptcy plays often.but, I see two possibilities. 1. The court approves the plan. If that happens, you get a cash payment for your shares at the ratio mentioned before(this may not be the case if you purchased after the company approved the plan). 2. The court does not approve and this all gets drawn out and who knows then...
At this point, it seems very likely to me that the court is going to approve. I think the price is going up, because people are trying to either get to the 75,000, or people are trading this thing and there is very low liquidity as a result of people having their shares locked in from the opt-in.
What will happen to the shares of those people who did not opt in? Can some please respond.
https://stocktwits.com/Newsfilter/message/209733946.. the company offering stocks to their employees!! .. good sign !!
Stock price is creeping up slowly....
If nothing else the stock price is creeping up slowly every single day.. something brewing ...
It seems the stock is trying hard to go up but not enough power ..
Agreed. so what happened to the shareholders who DID NOT opt in? What will happen to their shares now ?
In hindsight, yes. That play would have worked better and I could sell happy and move on. However, there is still a chance the amount paid changes or the plan gets amended. So, I am keeping my fingers crossed here, but we should know more next week.
Wow.. so in hindsight we should’ve NOT opt-in right ? Let the process take care of itself ? Am I right Bert ?
Here is the response I got from PrimeClerk:
The warrant conversion ratio was updated pursuant to the below excerpt within the plan. You may no longer withdraw your submission or increase your participation amount, as the opt in deadline expired on 4/17. If a participating holder owns fewer than 75,000 shares, they will receive a cash distribution to the extent such distribution exceeds $50.00.
So, if you are not opted-in, you either sell or hold the shares in speculation that the plan is rejected. If you are opted in, as I am, we are locked with our shares. If the shares you have opted in is under 75k, as I do, we are at the mercy of the companies valuation of those shares. Based on their notice sent out, that value is about .008. So, this sucks. Because , if I treated this as a trade, I would have doubled up. Instead, I opted in and I am losing over 50%.
Hi guys! First thank you for nice conversations. I m having fun to read all of them... I have one question... I m kind of new in investment stuff and I have really no idea what to do with INAP stocks... I have around 11.500 stocks which I bough it was 0.019 USD...
But I think today is the Delist day right? So my question is what should I do? I wanna hold it and money ofcourse if it is possible... I wrote the company directly and they did not answer to me. What do you think I should do ?
... and i got it today.
Its dated 23rd. I got it in email from robinhood.
When did you receive this notice? I did the opt-in and did not receive this.
I saw they changed the conversion ration from 20k to 75k, but I completely overlooked the value until now. Your interpretation seems valid to me. Which, totally screws anyone under 75k. That is an 82% loss from today's close. I have a question into primeclerk who has been managing the case. This person below has been listed as the contact for INAP and has been responding to my questions. I suggest others e-mail their questions to him as well. I think fact that they amended the agreement should allow investors to change their opt-in.
Alex Orchowski
aorchowski@primeclerk.com
Prime Clerk
830 Third Avenue, 9th Floor
New York, NY 10022
212 257 5837 office
847 809 9512 mobile
primeclerk.com
I got below notice, does it mean that if I hold 10000 shares then I will get only USD (10000/75000 *652.05)
75000 is because they have mentioned in the notice that 1 warrant is equivalent to 75000 common shares, and 1 warrant is equivalent to USD 652.05
Can some please validate my understanding.
UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
In re:
INTERNAP TECHNOLOGY SOLUTIONS
INC., et al.,
1
Debtors.
)
)
)
)
)
)
Chapter 11
Case No. 20-22393 (RDD)
Jointly Administered
NOTICE TO HOLDERS OF EXISTING EQUITY INTERESTS OF
FILING OF (A) AMENDED PLAN AND (B) PLAN SUPPLEMENTS
PLEASE TAKE NOTICE THAT on March 16, 2020, Internap Technology Solutions
Inc. and certain of its affiliates, as debtors and debtors in possession in the above-captioned chapter
11 cases (collectively, the “Debtors” or “INAP”), filed voluntary petitions for relief under
chapter 11 of title 11 of the United States Code with the United States Bankruptcy Court for the
Southern District of New York (the “Bankruptcy Court”).
PLEASE TAKE FURTHER NOTICE THAT the Debtors have filed a First Amended
Joint Prepackaged Chapter 11 Plan of Internap Corporation and Its Affiliated Debtors and
Debtors in Possession (the “Plan”)2
[Docket No. 122], which amends the Joint Prepackaged
Chapter 11 Plan of Internap Corporation and its Affiliated Debtors and Debtors in Possession
previously filed at Docket No. 19.
Copies of the Plan and the related Disclosure Statement [Docket
No. 18] can be obtained free of charge by visiting the website maintained by the Debtors’
solicitation agent, Prime Clerk LLC, at https://cases.primeclerk.com/inap, calling Prime Clerk
LLC at (877) 720-6575 (US Toll-Free) or (646) 214-8809 (Local/International), or emailing Prime
Clerk LLC at inapballots@primeclerk.com.
PLEASE TAKE FURTHER NOTICE THAT the Debtors have filed a Plan Supplement
(the “Plan Supplement”) [Docket No. 120], which consists of: (i) the proposed New Common
Equity Warrant Agreement, (ii) a statement with respect to the Fractional Warrant Distribution
Provision, (iii) the Reorganized Debtors’ proposed New Organizational Documents, (iv) a list of
proposed members of Reorganized INAP Board (to the extent known), and (v) proposed term
sheets for the Priority Exit Facility and the New Term Loan Facility.
PLEASE TAKE FURTHER NOTICE THAT the Plan Supplement’s statement with
respect to the Fractional Warrant Distribution Provision states as follows:
1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification
number, as applicable, are: Internap Technology Solutions Inc. (8343); Internap Corporation (5721); Ubersmith,
Inc. (7677); SingleHop, LLC (4340); Internap Connectivity LLC (7920); Hosting Intellect, LLC (8435); and
DataGram, LLC (3170). The location of the Debtors’ service address for purposes of these Chapter 11 Cases is:
50 Main Street, Suite 1000, White Plains, New York, 10606.
2 Capitalized terms not otherwise set forth herein have the meaning ascribed to them in the Plan.
SRF 41664
244934.00001
Pursuant to Article V.H. of the Plan, the Debtors (in consultation with the
Required Consenting Lenders) have determined that the New Common
Equity Warrants will be issued at a ratio of one (1) New Common Equity
Warrant for 75,000 shares of common stock (or equivalent) of the Existing
Equity Interests, with no fractional New Common Equity Warrants issued
or distributed. The Reorganized Debtors will make distributions to holders
of fewer than 75,000 shares of common stock (or equivalent) of the Existing
Equity Interests to the extent such distribution to any such Holder exceeds
$50.00 in cash.
Pursuant to Article V.H. of the Plan, the Debtors have calculated that cash
consideration will be provided in lieu of fractional entitlements to New
Common Equity Warrants at the rate of $652.05 per whole New Common
Equity Warrant.
You are receiving this notice (the “Notice”) because, according to the Debtors’ books and
records, you are a Holder of an Existing Equity Interest in Class 8 under Article III of the Plan.
Under the terms of Article III of the Plan, holders of Existing Equity Interests are Impaired, not
entitled to vote to accept or reject the Plan, and deemed to have rejected the Plan under section
1126(g) of the Bankruptcy Code.
The issuance of the New Common Equity Warrants remains conditioned on confirmation
of the Plan by the Bankruptcy Court and the occurrence of the Effective Date.
If you have any questions concerning this Notice, the Disclosure Statement, the Plan, or
the Plan Supplement, or if you wish to obtain a paper copy of the Plan, the Plan Supplement, the
Disclosure Statement or any exhibits to such documents, please contact the Debtors’ voting agent,
Prime Clerk, LLC (the “Voting Agent”), at INAP Ballot Processing, c/o Prime Clerk, LLC, One
Grand Central Place, 60 East 42nd Street, Suite 1440, New York, NY 10165, by calling (877) 720-
6575 (US Toll-Free) or (646) 214-8809 (Local/International), or by email at
inapballots@primeclerk.com.
PRIME CLERK LLC MAKES NO RECOMMENDATIONS AND GIVES NO LEGAL,
TAX, OR INVESTMENT ADVICE. EACH HOLDER OF EXISTING EQUITY INTERESTS
SHOULD SEEK LEGAL, TAX, OR INVESTMENT ADVICE FROM AN ATTORNEY OR
INDEPENDENT TAX OR INVESTMENT ADVISOR, ACCORDING TO SUCH HOLDER’S
PARTICULAR CIRCUMSTANCES.
good morning guys. Hopefully the stock will continue upward. Still here thru good times and bad. This too shall pass
Hard to say. I think there are speculators like you and I buying in combination with the fact that many are holding for the ability to convert to warrants, which means less supply. There could be some day trading... I can't imagine institutions like GAMCO would still be buying.
Hey Bert welcome back ! .. long time no see. So what you think happening here ? Daytraders or restructuring are going well.. insiders buying ?
This ticker's bid constantly gets slapped with super odd lot sizes. I watch ed a lot of L2 the last few months and this is one of the weirdest I have seen.
I really don’t know
What you think it’s going on? just daytraders making a quick profits or insiders know restructuring are going well...
Down to .049 ... that’s still over 50%for the day. 35 mins left
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