IIJI - Internet Initiative Japan Inc. (ADR) (NASDAQ:IIJI)

Sir Wildman

The White Knight
Punti reazioni
Sembra stia ripartendo.
Possibile morning star e rottura del cuneo. Bene anche gli oscillatori. Direi interessante.

Per essere ancora piu' sicuri dare un'occhiata al comportamento vicino alla media mobile a 50gg. Se rompe pure quella....;)


  • image2.png
    22,1 KB · Visite: 585
Ultima modifica:
mi fa paura quel gap aperto intorno ai 3 euro... se fossi entrato pregherei per una chiusura sopra 7.3
Scritto da carpediem80
mi fa paura quel gap aperto intorno ai 3 euro... se fossi entrato pregherei per una chiusura sopra 7.3

Sembra che vogliano accontentarti. E poi non tutti i gap vengono chiusi. Ci sono gap a gap...;)
7.49....direi che la mm50 e' andata se si chiude su questi livelli...
Manca solo ancora un po' di volume.
Che dici, ce la fa o non ce la fa a tenere 7.35....sarebbe di buon auspicio per domani....;)
Se l'AT conta qualcosina ...... ;) .....


  • image1.png
    22,1 KB · Visite: 488
Anche oggi UP.

Ma la cosa non interessa nessuno?
io ci sono :D da ieri... entrato a 7.15 potevo fare meglio se mi sbrigavo
Io non c'ho messo un granche', perche' ero bloccato su altra roba, ma l'entrata a 6.87 mi sembrava un must. Quando l'ho segnalata e' rimasta in quella zona per quasi un'oretta....
vero...segnalazione direi ottima! ... Purtroppo ero n'attimino indaffarato con le goam :( ...a volte si pensa troppo :p
Vediamo di fissare qualche TP...?
Chi vuole partecipare ;) ?
Beh i volumi dovrebbero aumentare ancora un po per essere in una situazione ottimale

Se tutto va come spero..le vedo nel breve a 8.75

Se in quel momento abbiamo i volumi cercati forse si supera rapidamente....
... e non le mollo fino a 11.6
:D ...

Graditi commenti..
Discreto storno.....che vuole fare ....ritestare la mm.....

Stare attenti.
Crosswave Communications and Its Subsidiaries File for Corporate Reorganization in Japan
Wednesday August 20, 5:25 am ET

TOKYO--(BUSINESS WIRE)--Aug. 20, 2003--Crosswave Communications Inc. ("Crosswave Communications", NASDAQ: CWCI) and its Japanese subsidiaries, Crosswave Facilities Inc. ("Crosswave Facilities") and Crosswave Services Inc. ("Crosswave Services", and, together with Crosswave Communications and Crosswave Facilities, "Crosswave"), filed voluntary petitions for commencement of corporate reorganization proceedings with the Tokyo District Court today.

Upon filing of the petitions, the court appointed Masaaki Oka to act as the preservative administrator and issued a preservative administration order to protect Crosswave's assets from creditors. Crosswave intends to continue to provide its clients with stable data communication services.

Depending upon the value of Crosswave's assets to be determined through the proceedings, shares of Crosswave Communication's common stock and American Depositary Shares representing such shares will most likely lose all value. Specific details regarding corporate reorganization proceedings in Japan are discussed later in this press release.

Crosswave Communications America, Inc., Crosswave's non-Japanese subsidiary, is not included in the petition of corporate reorganization.

Since its incorporation in 1998, Crosswave Communications has been providing corporate clients with data communications services as a Type I Carrier in the telecommunication business. It won high praise in the market for its quality, technological skill and capabilities and acquired an increasing number of clients. However, as a result of severe price competition in the Japanese data communications market and a depressed domestic economy, Crosswave has been unable to achieve profitability and has experienced increasing funding constraints. Although the company has continued to attempt to increase sales, limit capital investments, reduce costs, rationalize the organization to operate more efficiently and find new sources of financing, such measures have not been sufficient to meet Crosswave's cash-flow requirements.

In light of these circumstances and its current inability to pay obligations becoming due, Crosswave decided that the most appropriate course of action was to file a petition for commencement of corporate reorganization proceedings in order to be able to continue to provide its clients with stable data communication services and avoid the confusion that would result from the suspension of these services.

Through the reorganization process, Crosswave hopes to obtain new funding to supplement Crosswave's existing capital and help it restructure its business operations.

Note on Japanese Corporate Reorganization Proceedings

Under the Japanese Corporate Reorganization Law, a company may apply to a court for commencement of corporate reorganization proceedings ("CRP"). CRP is similar to Chapter 11 of the United States Bankruptcy Code in that it allows a company to reorganize its business and its finances in order to continue the business operations of the company. After receiving a petition for CRP, a court will normally grant a preservative administration order by which a preservative administrator is appointed and the company's assets are temporarily protected from creditors. The company continues its business operations under the authority of the preservative administrator, the successor to the pre-petition management, who is normally an attorney-at-law and who is charged with investigating the financial condition of the company with the assistance of a certified public accountant, and studying the feasibility of a successful reorganization of the company. This process typically takes one to two months, though it can be substantially longer. Unlike "debtor in possession" bankruptcies in the United States, prior directors and officers forfeit their prior power to manage the company and dispose of its assets.

If the preservative administrator finds that the company has a good chance to be successfully reorganized under CRP, the court will issue an order for the commencement of CRP and will appoint a reorganization administrator to assume responsibility for the company. The reorganization administrator is normally the former preservative administrator. The reorganization administrator will then seek a financial sponsor, typically an entity that is willing to provide financial assistance in order for the debtor company to maintain liquidity and continue its business operations. If the company successfully finds a financial sponsor, the court will appoint an additional reorganization administrator who is usually a business person chosen by the financial sponsor. If the preservative administrator finds, however, that the company is unlikely to be successfully reorganized under CRP, the court is likely to reject the CRP petition and therefore a liquidation of the company's assets will occur, similar in respects to Chapter 7 of the United States Bankruptcy Code.

If the order is given to begin CRP, a number of procedures are carried out. First, the court will notify creditors of the CRP and provide them with the opportunity to verify their credit claims with the court. The reorganization administrator checks the nature and amount of the claims. Second, the reorganization administrator will audit company properties with the goal of clearly identifying the company's assets, estimating the degree of recovery possible for the creditors and assessing the values of the secured claims. Third, the reorganization administrator will propose a reorganization plan, including a repayment schedule. If the company's liabilities are greater than its assets, the reorganization plan will typically include a provision which extinguishes all existing equity shares held by shareholders at the date the plan becomes effective. At the same time, the company may issue new shares to creditors as part of a debt-equity swap or to parties providing additional financing. As a result, prior shareholders would most likely lose all rights and value in their shares by operation of law with no consideration deliverable to such shareholders. Crosswave's liabilities exceeded its assets as of June 30, 2003. Fourth, creditors vote whether to approve the reorganization plan and the court then endorses the plan, unless it is deemed unfair or unlawful.
IIJ Makes Statement Regarding Crosswave's Filing for Corporate Reorganization Proceedings
Wednesday August 20, 5:26 am ET

TOKYO--(BUSINESS WIRE)--Aug. 20, 2003--Internet Initiative Japan Inc. (IIJ, NASDAQ: IIJI), a leading Internet access and comprehensive network solutions provider in Japan, today issued a statement about the simultaneous filing today by Crosswave Communications Inc. ("Crosswave", NASDAQ: CWCI), a 37.9% owned affiliate of IIJ, and two Japanese subsidiaries of Crosswave, Crosswave Facilities Inc. and Crosswave Services Inc., of voluntary petitions with the Tokyo District Court in Japan for corporate reorganization proceedings.

The Court accepted the filing, appointed Masaaki Oka as the preservative administrator and issued an order to preserve the assets of Crosswave and the subsidiaries from creditors. Corporate reorganization proceedings are proceedings to rehabilitate an insolvent company similar to Chapter 11 bankruptcy proceedings in the United States. Crosswave has announced that it intends to begin the process of restructuring its business operations and finances under the management of the preservative administrator and supervision of the Tokyo District Court.

Crosswave currently owes IIJ approximately JPY 1.72 billion in loans. IIJ will owe banks JPY 5.0 billion under a cash deficiency support agreement in connection with bank loans made to Crosswave. Such obligation will likely be set off against IIJ's current security deposit of JPY 5.0 billion with the banks, which would increase Crosswave's indebtedness to IIJ by the same amount pursuant to the terms of the cash deficiency support agreement. The book value of IIJ's equity interest in Crosswave under U.S. GAAP was JPY 828 million as of June 30, 2003. IIJ expects that these claims and equity interests in Crosswave will become of no or little value as a result of the corporate reorganization proceedings and related developments. IIJ believes that the reorganization filing will seriously impact IIJ's financial position and results of operations, but IIJ itself does not plan to seek any judicial relief for protecting its own assets. IIJ plans to undertake efforts to obtain new funding and to improve its financial condition as soon as possible.

Crosswave provides IIJ with a significant portion of IIJ's network, data center facilities, network, and telecommunications facilities. Under Japanese corporate reorganization proceedings, IIJ will be unable to vote its shares in Crosswave or otherwise control or influence the operation or management of Crosswave. However, as Japanese corporate reorganization proceedings are aimed at ensuring the continuity of the entity and provide the company with protection from creditors while a determination is being made as to the feasibility of reorganization, IIJ believes that Crosswave will continue to provide its services as before during this period, and thereafter if reorganization is approved by the Court. IIJ itself plans not only to continue offering existing services, but to continue to actively provide new services to meet its customers needs.

IIJ intends to continue providing its clients with high quality services based on its cutting-edge technology as a leading Internet access and comprehensive network solutions provider, and appreciates the continued understanding and support of its valued customers.
UPDATE - Japan's Crosswave seeks bankruptcy protection
Wednesday August 20, 7:11 am ET

(Adds details, company comments)
TOKYO, Aug 20 (Reuters) - Nasdaq-listed Japanese broadband communications firm Crosswave Communications Inc (NasdaqNM:CWCI - News) said on Wednesday it had filed for protection from creditors in Japan with total group debts of 68.4 billion yen ($577 million).


"As a result of severe price competition in the Japanese communications market and a depressed domestic economy, Crosswave has been unable to achieve profitability and has experienced increasing funding constraints," the company said in a statement.

Crosswave was established in 1998 by Internet service provider Internet Initiative Japan Inc (IIJ) (NasdaqNM:IIJI - News), Sony Corp (Tokyo:6758.T - News) and Toyota Motor Corp (Tokyo:7203.T - News) to provide data communications services to customers in Japan.

IIJ, which is owned by Itochu Corp (Tokyo:8001.T - News), Sumitomo Corp (Tokyo:8053.T - News) and NTT Communications, holds a 37.9 percent stake in Crosswave while Sony and Toyota each hold 23.9 percent.

Crosswave fell into negative net worth in June when its liabilities exceeded assets by $10 million.

The company said on Wednesday it had filed for bankruptcy protection as a way to continue to provide services and avoid the confusion that would result from the suspension of its services.

"Through the reorganisation process, Crosswave hopes to obtain new funding to supplement Crosswave's existing capital and help it restructure its business operations," the statement said.

A Crosswave spokesman said the company's fate rested with its court-appointed administrator, but he said he could not rule out the possibility of a rehabilitation under a private equity fund such as U.S. investment firm Ripplewood Holdings.

Ripplewood, which has shown its interest in the Japanese telecoms industry, is expected to strike a $2 billion deal soon to buy the Japanese fixed-line operations of British telecom giant Vodafone Group (London:VOD.L - News).

Crosswave reported a first quarter net loss of 3.45 billion yen ($29.11 million) on revenues of 4.97 billion yen ($41.9 million).


IIJ, which is also listed on Nasdaq, said Crosswave's filing would have a serious impact on its financial position and operations. But it said it had no plans to seek judicial relief to protect its own assets.

IIJ, whose president, Koichi Suzuki is also the head of Crosswave, is estimated to have lost 10.9 billion yen ($92 million) from its investment in Crosswave, including loans and loan guarantees, an IIJ spokesman said.

He said the company would seek new funding to improve its financial condition.

The impact on other shareholders is expected to be limited.

Toyota, which holds $25 billion in cash, has poured a total 7.29 billion yen ($61.5 million) into Crosswave -- six billion yen at the time of establishment and 1.29 billion yen in loans later.

"When we decided to invest in the venture, we were hoping to aid in the expansion of infrastructure for new data communications services," a Toyota spokesman said.

"We deeply regret that it has come to this, but we are hoping for Crosswave's success in rehabilitation."

Shares in Crosswave closed down 2.47 percent at $6.33 on Nasdaq on Tuesday.

($1=118.51 yen)
Fenomenale la cosa......per fortuna le ho scaricate in premarket.....al diavolo.
Visto che l'AT non e' tutto....:rolleyes: