IN THEIR EAGERNESS to get their hands on Twitter stock, investors have accidentally awoken a bankrupt company.
Tweeter, a home entertainment group that filed for bankruptcy in 2007, saw its share price shoot up over 1,500 per cent yesterday after the micro-blogging site announced their IPO.
While Twitter will file under the TWTR listing, Tweeter has a similar acronym: TWTRQ.
That confusion and the hope of making a quick buck saw 11.7 million shares bought in Tweeter by mid-day on the New York Stock Exchange.
Tweeter filed for bankruptcy in June of 2007 and its assets were acquired by Schultze Asset Management on according to a filing with the U.S. Securities and Exchange Commission.
However, those who sold high probably didn’t make out like bandits.
Despite a 1,500 per cent return on investment, the stock hit a high of 15 cents a share, before dropping to just over four cent.
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