Honestly, I have not played a bankruptcy since the financial crisis (SIRI, CITI, etc.). I knew nothing then compared to now (bachelors in finance and accounting, CPA, real world experience, etc.). BUT, this whole thing makes me feel like I still know nothing. I am glad I got into it, because the learning experience has been well worth what I put into it.
Does it go back to trading? No, I don't think it can. This would not be a shell like I was thinking last week. They fully "canceled and extinguished" the stock.
Unless... GAMCO's buying makes absolutely no sense. They surely should have understood what was going to happen. The only plausible explanations to me are:
-They thought the chapter 11 would not get approved and they expected a shareholder class action
-They plan to sue
-They have algo trading that is not routinely monitored for this type of situation and the computers didn't know to stop buying
-Most likely is that it is probably none of the above. But, I am really interested to see how this develops.
They even disclosed their ownership the day before the shares were cancelled. I suppose their next filing will show that they are not holding any more INAPQ. Who knows?
