Inphonic (MM) (INPC) Quote

Not much action here. Is anyone buying?

Close @ .02 936,447 slowly up.

WOW! Afterhour 3.1 million shares traded @ .018 time 17:20.

Warrants to Purchase Common Stock INPHONIC INPC
2007-12-11 Common Stock 488,889 (1) $ 0.01
2007-12-11 Common Stock 687,500 (1) $ 0.01
GS Investmet Strategies, LLC

I hope they cover, if they do it should atleast get to 40 cents.

Judge OKs Versa Takeover of InPhonic
12.14.07, 1:45 PM ET


PHILADELPHIA - Philadelphia's Versa Capital Management won court approval to take over InPhonic Inc., after reaching a deal with creditors of the Web-based retailer of wireless devices and services.

Judge Kevin Gross approved the deal at a hearing Thursday in the U.S. Bankruptcy Court in Wilmington, Del. In a prepared statement, Versa officials said they believe the business "holds great promise."

The Washington, D.C. company filed for Chapter 11 protection Nov. 8, shortly after Versa positioned itself for the takeover by acquiring $90 million worth of top-level bank debt at a steep discount.

Unsecured creditors opposed Versa's bid to acquire InPhonic (nasdaq: INPC - news - people ), arguing they were getting nothing out of the deal, and therefore, Chapter 11 bankruptcy was not an appropriate forum.

To win creditors over, Versa agreed to help fund wind-down costs, including investigations that could lead to a recovery for the vendors InPhonic is leaving unpaid.

"Versa is making certain funding available so we can get this case resolved in Chapter 11 through a plan," said Claudia Springer of the law firm of Reed Smith, attorney for the official committee of unsecured creditors.

Some creditors will be made whole thanks to the takeover, because the buyers have to make good on old debts owed to vendors whose contracts they want to continue in the revived InPhonic.

"We think this was a good settlement, based on the type of case that it is," Springer, commenting on the urgent need to get the company into new hands if the business is to be preserved.

InPhonic's plunge into bankruptcy followed admissions of flawed accounting and tainted financial reports filed with the Securities and Exchange Commission for 2006.

Read about INPC

http://www.forbes.com/personalfinance/2006/10/11/inphonic-goldmansachs-wireless-pf-guru_in_nh_1011unwiredportfolio_inl.html

InPhonic Gets OK to Borrow $2.3M
Associated Press 12.12.07, 12:44 PM ET
WILMINGTON, Del. - Web-based wireless seller InPhonic Inc. has won court approval to borrow $2.3 million in bankruptcy financing from a private-equity firm that is seeking to buy the company.

Judge Kevin Gross approved the financing at a hearing Tuesday, but warned creditors, the company and private-equity firm Versa Capital Management that they "are running very serious risks." The Washington, D.C.-based company, lawyers say, is losing more than $3 million a week, and the interim loan is only enough to cover this week's payroll.

Gross said if the parties don't reach an accord by Thursday, InPhonic (nasdaq: INPC - news - people )'s Chapter 11 bankruptcy could be converted to a shoestring Chapter 7 liquidation proceeding.

InPhonic filed for Chapter 11 protection last month.

No other bidders have stepped forward to top Versa's offer, which consists of canceling debt, rather than coming up with new cash for creditors.

InPhonic attorney Thomas Califano said Versa is the only entity that has offered aid to keep the company running. The company, he said, has had no offer of help from creditor "committee members like Yahoo (nasdaq: YHOO - news - people ) and Google (nasdaq: GOOG - news - people ) who have more money in the cushions of their couch than would be required" to keep InPhonic alive.

Creditors say it's time for InPhonic to cut its losses and that, since there's no hope for a reorganization, Versa should be forced to exercise its remedies as secured lender to foreclose on the company outside of Chapter 11.

Versa entered the picture shortly before InPhonic's bankruptcy filing, by acquiring about $90 million worth of secured bank debt. It's offering to exchange most of that debt to buy InPhonic in bankruptcy.

According to Versa, unsecured creditors could still get something out of the case. It says it will leave creditors with about $300,000 to try to pursue lawsuits against InPhonic's former leaders, who admitted earlier this year that accounting errors would require restatement of 2006 financial results.

The Chapter 11 filing means creditors would be entitled to the first payout from lawsuits against InPhonic's officers and directors. InPhonic carries about $35 million in insurance for misdeeds by officers and directors, Califano said.

A court-approved Chapter 11 sale offers a neater solution and other advantages to the buyer, when compared with a foreclosure outside bankruptcy. Bankruptcy sales allow buyers to walk away with assets free and clear of prior claims, but a foreclosure could leave Versa battling other InPhonic creditors. Versa says it's not a predator, but a "rescue financier."

Creditors don't like the Chapter 11 sale plan, which they say would leave them with less than they would get if the case was a Chapter 7 liquidation. Versa is the only entity with something to gain from taking over InPhonic in Chapter 11 and that a takeover will only plunge InPhonic further into debt, said Claudia Z. Springer, attorney for the creditors committee.

"We don't want this hole to get any bigger than it currently is," said Springer, who is with the law firm of Reed Smith.

http://www.forbes.com/feeds/ap/2007/12/12/ap4432093.html

Goldman sachs & Co sold 5,000,000 @.02

that will be really nice.
my question is when that "some day" will be.
I wish it happens before CH11 is approved.

yota- I dont know if there a hearing but my chart shows me believe me or not that this can get to 39 cents someday. Wouldnt that be nice.

yes
I am wondering what is happening.

some kind of hearing will be held sometimes this week, right?

Getting a little interesting here.

Bankruptcy Info. link

http://www.sec.gov/investor/pubs/bankrupt.htm

Hope this helps

WOW! down to .012 .

maybe shorts covering?

Maybe a New Bidder? so it gives CommonHolders VALUE!
At this point it sure won't take much.

LOL
Anyone got any info why this is moving up?
Dead cat bounce?

Hope it's a Bid, but not holding my breath.

INPC its got buyers!

new bidder??

Put 130,000 shares away.
Will this move.

Today i bot some.

Wannnnng....r u still in? I am thinking of reload at this level! U?? thanks

WANG - Maybe they dont want u to have any. LOL

Very weird... not getting filled at ask.(buy order)

IF stocholders don't get a piece of the pie ? ? ?

close should be .031.

Possible. Good luck to you and everyone still in this.

who knows maybe they'll get new offer 200mil +$ ? lol

no biggy

I'm afraid on this one, there may not be a bottom.

The company has already declared that the shares will be worthless. While, IMO, that is not precisely true, it looks like the company will come out of Chapter 11 a shell. What's a NASDAQ shell worth these days?

INPC all the bad news out?
Are we at bottom here at .03s?

me too, i will hold until the shares become unvalue, woooooww~~~~ cheers~~~!!!!

Bot some at .0475 today
I'll hold over night.
and see what happens.
lol
wdik

ONE WORD "TORRID" :(

They already did last Wednesday--they released that earnings projection knowing full well they were going to file Thursday.

BOUNCE may surprise -- holding -- IMHO --

they have been dumping quitely

you have answered my question in two posts shares will be wothless and if they issue new shares comon shareholder will get zilch so that is not even a 50/50 bet to ride.


notice they payed off sachs and goldmen those there cvreditors dont care itss going bk anymore that was the crunch of the deal, plus with 50 million towards there debt they gettng it for nothing

I allready sold just dont want to see other screwed like the ones that held it.

gl

looking for the dead cat bounce....

it will... just wait and see. management will punp it just enough to dump their shares... you gotta beat them before they do. if you don't, you hold the bag.

yup... it is.

considering it took a dump and forgot to flush.

People¨got screwed, see this is posted on the I box above.

"CHAPTER 11 FILED. SHAREHOLDERS DISPOSED OF. COMPANY SOLD OFF. WE GET NOTHING."

If you didnt sell yet, sell first minute Monday morning. This is going to zero soon.

Oh, this stock is crap right now. Dont believe a word of what you say.

They also said they signed a sales agreement....

"...that it has entered into an agreement to sell substantially all of its assets to an affiliate of Versa Capital Management, a Philadelphia based private equity firm."

which literally means that the shares in effect could be cancelled and new shares issued for the new company; common shareholders usually get nothing in a bankruptcy.

You will have to wait and see what happens, or sell out now and walk away.

well I believe the pr said something different

like.... "The Company expects that shares of its common stock will have no value as a result of the Chapter 11 filing."

it did not say the shares WILL be worthless... they expect it to be. Very different verbage.

If what you say is true, the value would be zero by now....

go figure.

Dragon, did you not read what they said shares will be worthless so its dead, whom every is playin it now are worst gamblers than we were. They hopin for a spike but it will never go back to where it was.


lost like many of you did


,,,,,,,,,,,

Juat a note... Chap 11

is not a total BK but a REORG Bk....

They still will trade and hopefully stave off the creditors while it restructures it's finances. No more luxury vacations, 3 martini lunches.... they have to tighten the belt now.

Possible to see a bounce back later.

All is not lost yet.

There will no doubt be at least some moments of optimism as the scenario plays out. We should see some good trading opportunities in this stock in the days and weeks to come, regardless of the long term outcome. Better luck in your future investments/trades.

Damn... Thanks for the info! I will still hold on and hope for the best.

The stock will still trade for pennies give or take, on the pink sheets at least until they exit bankruptcy probably a few months from now. It almost looks like they did a prepack so this might not take too long by Ch. 11 standards. But to answer your question in a word, no. They are too far out of the money for the common shares to have a realistic chance of any long term survival. The only chance they had was to do some kind of debt for equity swap but it sounds like they ran out of time too quickly.

So is there any hope for this stock? Like if that company buys them for 50 Million? I'm trying to do my research because I lost BIG on this one.

hope some of you got some today.