iPic Entertainment Inc (IPIC) News

"There will be no assets available for distribution to the stockholders of the Company and it is expected that the shares of the Company will be cancelled for no value in connection with the dissolution."

https://www.otcmarkets.com/filing/html?id=14303349&guid=IWW6Ua9Z5Crvtth

So meanwhile, new buyers who think this is now a shell with 7m os, will be screwed at a later date when shares are cancelled? Someone really messed this one up.

It's up to this guy to dissolve the company in Delaware, from the judge's dismissal order:

5. Paul Safran shall act as the representative on behalf of the Debtors’ estates (the “Estate Representative”) for the purpose of: (a) being responsible for the signing and filing of any remaining federal and state tax returns for the Debtors’ estates; (b) taking any other actions to dissolve and/or cancel the corporate existences of the Debtors, including, but not limited, to, those tasks listed in paragraph 7 of the Initial Order. Upon entry of this Order, William J. Nolan of FTI Consulting, Inc., as the Debtors’ Chief Restructuring Officer as well as any remaining members, officers or directors of the Debtors shall be deemed to have resigned from their respective roles on behalf of the Debtors and shall have no further obligations, responsibilities or duties to or on behalf of the Debtors.

Really surprised he didn't notify FINRA already, though it will be done.

IPICQ changed to IPIC. Bankruptcy Case Dismissed.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

I certainly have bought lots that earned a Q

lol....I know the feeling.

Don't remember FINRA not cancelling the backrupt company first....usually says:
Bankruptcy Plan Effective / Shares Cancelled

Don't ever remember one, where the shares are cancelled, has the Q dropped, and trades the next day. Guess we'll see how it trades tomorrow.

kt

worthless shares after a bankrupcy has never stopped people from buying. I do not think I have ever bought a Q stock. I certainly have bought lots that earned a Q lol

Are the buyers today buying worthless shares?
"There will be no assets available for distribution to the stockholders of the Company and it is expected that the shares of the Company will be cancelled for no value in connection with the dissolution."
https://www.otcmarkets.com/filing/html?id=14303349&guid=4WC6UqHKGkM9vth

If not, when were the shares cancelled? Strange one.

kt

Bankruptcy dismissed - symbol going back to IPIC. dont see that much

finally a little bit of volume selling off. Not sure why they've waited this long

pretty incredible this thing still trades north of .50 and a market cap of 7m

IPIC changed to IPICQ, bankruptcy. Delisted from the Nasdaq to the OTC.:

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

August 14th delisting

https://www.sec.gov/Archives/edgar/data/1720201/000121390019014976/f8k080519_ipicentertaiment.htm

can Nasdaq just send the delisting notification on this already so the Q can be added? Paging Renee

I knew this was being propped up prior to today's BK news! Sadly, when FINRA adds the Q here it will drop another 75%. You've been warned!

pretty crazy this still trades at .65 granted its only 7.6m market cap .... 205m in debt, huge amount of leases. doubt 16 theaters with 123 screens fetches the at least 225m needed to even have a chance at recovery for equity but in this world who knows what could happen.

Past Movie M&A:

Starplex acquired for 172m had 33 theaters 343 screens

Marcus theaters buys movie tavern for 126m consideration, 22 locations 208 screens

Regal buys Hollywood Theaters, for 238m, 513 screens 43 theaters

Granted Ipic has nicer theaters but revenue is revenue IMO

They are trying to bounce this prior to BK....will keep on watch. JMO

Big debt and having trouble making interest payments.

This baby is getting ready for a nice move up

Nice movement lately

Movie and holiday season should move this stock to $5

Such small volume, will be very volatile. I don't see them making it due to their financials and business model. Owners got opportunity to cash out with IPO. Future BK coming regardless of how well movies do.

Up 50%... Now red... Wow..

I think reversal is now starting.. Go IPIC

New partnerships being announced... Increasing investor awareness..

That was my target as well... I figured in the 10 range.. Then i pull the trigger...

I am thinking it will dip slightly below $11 or so before stabilizing.

Exactly why i'm here.... I was hoping they went public.. I will be adding this to my collection.. Waiting to see how far she drops tho b4 i buy more.. All the best... Go IPIC

Watching this like a hawk for long term investment.

IPO is over.... Time to get to work & build investor awareness... Go IPIC