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InsWeb, Now Internet Patents, Pays Out Most Of Net Value (INSW, PTNT)
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Internet Patents Corporation (NASDAQ: PTNT) is a company most investors do not know. The company is the former InsWeb Corporation (NASDAQ: INSW). Now it has declared a special cash distribution of $5.00 per share of common stock. This total comes to about $33 million if you tally up the outstanding shares. The new company has started operations as an intellectual property outfit and claims that it has licensing opportunities in its portfolio of e-commerce and online insurance distribution patents. Shares closed at $7.99 and the market cap was about $49 million before this distribution.
Talk about a company long forgotten in the market’s sands of time… The new market cap will be too small for most traders to even consider, as if the $49 million was not there already.
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