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PSINet, the Ashburn-based Internet service provider that filed for bankruptcy last spring, has sold its entire investment in Foliofn back to the company for $1.5 million.
According to court documents, Foliofn recently repurchased a variety of securities from PSINet that collectively represent 18 percent of Foliofn shareholders' voting power.
PSINet CFO and Chief Restructuring Officer Larry Hyatt confirms PSINet (www.psinet.com) has sold its investment back to Foliofn for a one-time payment. Foliofn spokesman James Kim declined to comment.
Foliofn offers investors prepackaged portfolios or allows them to choose up to 150 stocks for a flat fee.
PSINet's total investment in Foliofn - including...