InsWeb, Now Internet Patents, Pays Out Most Of Net Value (INSW, PTNT)
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…
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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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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.