Internap Corp fka INAPQ

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Pennsy

06/23/20 3:41 PM

Post #466

Are they suspended or what? I guess it's a crime to go from $22 down to .012 in 5 years. It sure should be. Gezzz. Need new management or a miracle.

Homebrew

05/12/20 5:51 PM

Post #465

Some brokers take their time dealing with cancelled shares in accounts.

starteam0031 Terminated

05/11/20 1:14 PM

Post #463

Re: #462: @interloper - My shares went to zero

Really ? I still have mine for the moment .. I wonder why ..

interloper Free

05/11/20 1:02 PM

Post #462

Re: #461: @starteam0031 - Zero what ? .. I still have my

My shares went to zero

starteam0031 Terminated

05/11/20 1:01 PM

Post #461

Re: #460: @interloper - Well I think we just got our answer.

Zero what ? .. I still have my shares ..

interloper Free

05/11/20 12:53 PM

Post #460

Re: #457: @Bert_From_Accounting - Honestly, I have not played a bankruptcy since

Well I think we just got our answer. I just check my holdings. Zero

Homebrew

05/11/20 11:17 AM

Post #459

Re: #454: @starteam0031 - So Bert. What happened to my shares now?

No. Shares no longer exists. Done, kaput. Tax writeoff

"...any chance it could go back to regular trading once bankruptcy is over ?..."

interloper Free

05/11/20 11:09 AM

Post #458

Re: #457: @Bert_From_Accounting - Honestly, I have not played a bankruptcy since

Well that sucks if they won’t be trading any longer. I was out with a profit and went back in. Ugh

Bert_From_Accounting Free

05/11/20 11:05 AM

Post #457

Re: #456: @interloper - I don’t know

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?

interloper Free

05/11/20 10:48 AM

Post #456

Re: #452: @starteam0031 - Interloper.. how come is not trading ?

I don’t know

starteam0031 Terminated

05/11/20 10:38 AM

Post #455

And yes why is Gamco was buying up until Thursday? something is fishy you’re right .. is the story not over .. YET ?

starteam0031 Terminated

05/11/20 10:37 AM

Post #454

Re: #453: @Bert_From_Accounting - Totally baffled GAMCO was buying up until Thursday

So Bert. What happened to my shares now? .. will it disappear or just sitting there ? .. any chance it could go back to regular trading once bankruptcy is over ?

Bert_From_Accounting Free

05/11/20 10:34 AM

Post #453

Re: #451: @Bert_From_Accounting - Correct. The form 4's filed Friday evening state:

Totally baffled GAMCO was buying up until Thursday 5/7/2020...

Were they expecting a different outcome? Is the story not over?

INFORMATION WITH RESPECT TO
TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR
SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)
SHARES PURCHASED AVERAGE
DATE SOLD(-) PRICE(2)

COMMON STOCK-INTERNAP CORPORATION

GAMCO ASSET MANAGEMENT INC.
5/07/20 100,000 .0520
5/06/20 625- .0344
5/05/20 625- .0450
GABELLI FUNDS, LLC.
GABELLI SMALL CAP GROWTH FUND
5/06/20 175,000 .0280
4/28/20 25,000 .0280

(1) UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED
ON THE NASDAQ.

(2) PRICE EXCLUDES COMMISSION.

starteam0031 Terminated

05/11/20 10:28 AM

Post #452

Re: #450: @interloper - Something is amiss

Interloper.. how come is not trading ?

Bert_From_Accounting Free

05/11/20 10:28 AM

Post #451

Re: #449: @starteam0031 - INAPQ not trading anymore ?

Correct. The form 4's filed Friday evening state: "all previously issued and outstanding Common Stock was canceled and extinguished."

Full: Explanation of Responses:
1. As previously disclosed, on March 16, 2020, Internap Corporation (the "Company") and certain subsidiaries (the "Debtors") filed voluntary petitions for relief (collectively, the "Chapter 11 Cases") under Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York, White Plains Division (the "Bankruptcy Court"). On May 5, 2020, the Bankruptcy Court entered an order, which approved and confirmed the Debtors' First Amended Joint Prepackaged Chapter 11 Plan (the "Plan"). On May 8, 2020 (the "Effective Date"), the Debtors satisfied the conditions to effectiveness of the Plan and emerged from their Chapter 11 Cases.
2. Pursuant to the terms of the respective equity award agreements, immediately prior to the Effective Date, the restrictions on all outstanding restricted stock lapsed and all outstanding restricted stock units vested and shares of the Company's common stock, par value $0.001 per share (the "Common Stock") were issued in accordance with such equity award agreements.
3. In connection with the effectiveness of the Plan, all previously issued and outstanding Common Stock was canceled and extinguished.

interloper Free

05/11/20 10:07 AM

Post #450

Re: #449: @starteam0031 - INAPQ not trading anymore ?

Something is amiss

starteam0031 Terminated

05/11/20 9:58 AM

Post #449

INAPQ not trading anymore ?

Homebrew

05/10/20 10:30 PM

Post #448

Re: #447: @starteam0031 - Can somebody tell me why my INAPQ account

Brokers are often slow to update accounts when stocks die. It leads to much confusion.

Can somebody tell me why my INAPQ account is still trading and active ? I thought the stock is delisted .. thank you

starteam0031 Terminated

05/09/20 11:44 AM

Post #447

Can somebody tell me why my INAPQ account is still trading and active ? I thought the stock is delisted .. thank you

lvald13

05/08/20 10:47 PM

Post #442

Re: #441: @JP717 - I sold today my 60K of shares at

Same here, bought 200k shares at 0.31 and sold them today at 0.8

JP717

05/08/20 10:36 PM

Post #441

I sold today my 60K of shares at a 200% profit. This time I was lucky!

lvald13

05/08/20 9:34 PM

Post #440

Re: #438: @Homebrew - Looks like you sold just in time.

I bought some on Monday and the rest on Tuesday, sold them today

lvald13

05/08/20 8:51 PM

Post #439

Re: #429: @lvald13 - So Bert why is people buying then if

I owe you big time man, thanks a lot

Homebrew

05/08/20 8:50 PM

Post #438

Re: #437: @lvald13 - The money is in my account

Looks like you sold just in time.

"...The money is in my account..."

lvald13

05/08/20 8:47 PM

Post #437

Re: #436: @Homebrew - What does your brokerage account show?

The money is in my account

Homebrew

05/08/20 8:46 PM

Post #436

Re: #435: @lvald13 - I sold mines, so it won't affect me right

What does your brokerage account show?

lvald13

05/08/20 8:45 PM

Post #435

Re: #434: @Homebrew - Whoever had shares lost their investment.

I sold mines, so it won't affect me right

Homebrew

05/08/20 8:42 PM

Post #434

Re: #433: @lvald13 - Renee what happens with the transactions that took

Whoever had shares lost their investment.

"...Renee what happens with the transactions that took place today?..."

lvald13

05/08/20 8:33 PM

Post #433

Re: #432: @Renee - INAPQ: Bankruptcy PLAN effective. All shares cancelled. ***Note:

Renee what happens with the transactions that took place today?

Renee

05/08/20 6:14 PM

Post #432

INAPQ: Bankruptcy PLAN effective. All shares cancelled. ***Note: 831,000 shares traded today at a PPS of .083, up 25 % on the day.

https://otce.finra.org/otce/dailyList?viewType=Deletions

starteam0031 Terminated

05/08/20 6:05 PM

Post #431

Is last few days of volume and price action are mostly daytraders or legit run toward upward ? anyone have the technical?

Bert_From_Accounting Free

05/08/20 12:19 PM

Post #430

Re: #429: @lvald13 - So Bert why is people buying then if

See my post #428

lvald13

05/08/20 12:05 PM

Post #429

Re: #427: @Bert_From_Accounting - If your shares are converted to warrants, that

So Bert why is people buying then if they are going to get only 0.01?

Bert_From_Accounting Free

05/08/20 11:59 AM

Post #428

Re: #426: @JP717 - Why it is the 75k shares the limit

The 75k threshold had to be met by 4/10. So, it's not triggering increased demand. It is decreasing supply. I think shorts covering triggered some day traders to jump in not knowing the fully story. So, it was sort of a short squeeze in my best guess.

Bert_From_Accounting Free

05/08/20 11:57 AM

Post #427

Re: #425: @lvald13 - Now I found your text, so if your

If your shares are converted to warrants, that is the book value based on those statements. But, your only getting warrants if you opted in by 4/10 and you have at least 75k shares

JP717

05/08/20 11:19 AM

Post #426

Re: #423: @Bert_From_Accounting - No the the deadline to opt in was

Why it is the 75k shares the limit to get $0.01 or how much more if I have over 75K? Is this the reason why we see activity, trying to reach 75K?

lvald13

05/08/20 10:15 AM

Post #425

Re: #423: @Bert_From_Accounting - No the the deadline to opt in was

Now I found your text, so if your numbers are right after a class 3 claim you estimate I could get close to $1.71 per share

lvald13

05/08/20 9:13 AM

Post #424

Re: #423: @Bert_From_Accounting - No the the deadline to opt in was

Well actually I bought 200k shares

Bert_From_Accounting Free

05/08/20 9:07 AM

Post #423

Re: #421: @lvald13 - so my friend, i bought my shares yesterday,

No the the deadline to opt in was April 10th. Still, anything less than 75,000 shares only gets you a cash payout of less than .01 per share. I've posted the math here before.

Bert_From_Accounting Free

05/08/20 9:05 AM

Post #422

Re: #420: @starteam0031 - but can i still buy and sell INAPQ

Yes

lvald13

05/08/20 9:02 AM

Post #421

Re: #416: @Bert_From_Accounting - What do you mean still trading? Your INAPQ

so my friend, i bought my shares yesterday, lets say they emerge from bankruptcy, do i also need to opt in to the new company and that happens automatically

starteam0031 Terminated

05/08/20 9:01 AM

Post #420

Re: #419: @Bert_From_Accounting - If you did not opt in, you will

but can i still buy and sell INAPQ on my account? That’s the most I’m concern about.. according to my account yesterday it’s still trading..

Bert_From_Accounting Free

05/08/20 8:56 AM

Post #419

Re: #418: @starteam0031 - or my shares are no good anymore ?

If you did not opt in, you will not own the new company. This is my interpretation, not legal advice. I suggest you research or call your broker.

starteam0031 Terminated

05/08/20 8:54 AM

Post #418

Re: #417: @starteam0031 - Wow ok now I understand much better now

or my shares are no good anymore ?

starteam0031 Terminated

05/08/20 8:53 AM

Post #417

Re: #416: @Bert_From_Accounting - What do you mean still trading? Your INAPQ

Wow ok now I understand much better now thank you . so if the company finish restructuring and out of bankruptcy can INAPQ get out of pink sheet and start trading at INAP again? .. I’m not locked in I still have my 20,000 shares.. I’m waiting this out.. I’m hoping they have a successful story and emerge out of the pink sheet.. in another words I’m here long term..

Bert_From_Accounting Free

05/08/20 8:45 AM

Post #416

Re: #415: @starteam0031 - I hope you wrong. but my account yesterday

What do you mean still trading? Your INAPQ shares? That's not exactly what I meant. I just mean that the Internap company that emerges from chapter 11 will no longer be INAPQ. They are now separate. Yes, INAPQ will still trade, but there is no company. I think the volume is all day trading at this point. The price is going up because there is very limited supply on the market as a result of trading restrictions on shares owned by people that opted in to convert to warrants of the new company. They cannot sell. Mine are locked. I just really wish I had 75k instead of 40k.

starteam0031 Terminated

05/08/20 8:41 AM

Post #415

Re: #414: @Bert_From_Accounting - Any trading on the stock is irrelevant to

I hope you wrong. but my account yesterday is still trading .. maybe someone can clarify this...

Bert_From_Accounting Free

05/08/20 8:19 AM

Post #414

Re: #413: @starteam0031 - Good morning Bert. What does the 10k say

Any trading on the stock is irrelevant to ch 11 filings. At least how I understand. They are now seperate entitities. INAPQ becomes a shell. Someone correct me if I am wrong. But, Internap is now essentially separate.

starteam0031 Terminated

05/08/20 8:17 AM

Post #413

Re: #411: @Bert_From_Accounting - NEWS: Ch 11 Plan Confirmed AND 10-K out

Good morning Bert. What does the 10k say ? anything important? .. did you see the price and volume increase yesterday ? .. I think the restructuring is going well and thus causing the stock price increase.. what you think ?

Bert_From_Accounting Free

05/08/20 8:16 AM

Post #412

Re: #411: @Bert_From_Accounting - NEWS: Ch 11 Plan Confirmed AND 10-K out

A lot to digest, but the 10-K was released prior to news of the chapter 11 plan confirmation. So, everything in the financial statements is somewhat irrelevant at this point. It just states that the confirmation of the plan is pending and unknown.

Older

Internap Corp fka INAPQ

Followers	15	Posters	67
Posts (Today)	0	Posts (Total)	466
Created	12/22/03	Type	Free
Moderators

https://www.inap.com/

https://www.milbank.com/en/news/milbanks-leading-financial-restructuring-team-advises-debtors-in-chapter-11-cases.html

Internap Corporation: On March 16, 2020, Milbank filed chapter 11 bankruptcy protection petitions on behalf of Internap Corporation and certain affiliates (together, “INAP”) in the United States Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”). Milbank has served as counsel to the global provider of premium data center infrastructure and cloud solutions since January 2020, when INAP approached the firm to help it navigate complex financial challenges. Stemming from market competition that resulted in sinking profits and a liquidity crisis, INAP’s balance sheet was insurmountably overleveraged, holding approximately $463.9 million of prepetition funded indebtedness and about $4 million cash on hand.

Prior to the filing in the Bankruptcy Court, and after INAP was unable to find a suitable buyer, the Milbank team successfully secured a Restructuring Support Agreement for an ad hoc group consisting of 77 percent of INAP’s prepetition term loan lenders, putting INAP on a path for success post-bankruptcy by deleveraging its balance sheet. The agreement backed a prepackaged reorganization chapter 11 plan which will equitize approximately $426.4 million of the company’s prepetition term loans, unimpair its general unsecured creditors, and allow current equity holders to obtain new equity in the reorganized company. Also pursuant to the agreement, the ad hoc group has already provided a $5 million bridge loan and will provide $70 million in debtor-in-possession funding. A May 4, 2020 combined hearing will determine the approval of INAP’s disclosure statement and prepacked plan.

Chapter 11 Restructuring Case Information and full docket:
https://cases.primeclerk.com/inap/Home-Index

Pro Forma statements from Bankruptcy Filings: