Internap Corporation (INAP) News

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.

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

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

My shares went to zero

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

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

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

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

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

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?

I don’t know

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

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 ?

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.

Interloper.. how come is not trading ?

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.

Something is amiss

INAPQ not trading anymore ?

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

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

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

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

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

I owe you big time man, thanks a lot

Looks like you sold just in time.

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

The money is in my account

What does your brokerage account show?

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

Whoever had shares lost their investment.

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

Renee what happens with the transactions that took place today?

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

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

See my post #428

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

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.

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

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?

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

Well actually I bought 200k shares

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.

Yes

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

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..

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.

or my shares are no good anymore ?

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..

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.

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

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.

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 ?

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.