Box Ships Inc (Preferred) (TEUCF)

[ivfk]

Does anybody know if Box Ship is allowed to purchase back their own preferred shares on the open market without SEC filing?

I am trying to find a logical reason as to why Box Ship's management decided to move the preferred shares (TEUCF)to the OTC Pink Sheets (Grey Market) and not on the much more liquid and regular OTC where the common is trading?

1) It is an unregulated market with no rules.
2) Market Makers can do whatever they want
3) There are no visible BID and ASK prices
4) Last trade prices are often not reported thus making price quotes completely unreliable
5) Front running is common due to the manual nature of the market.
6) It is extremely difficult if not impossible to buy and sell.
7) Most self-directed corporate 401K accounts restrict investors from purchasing stocks from the grey market OTC

I have a hunch that Box Ship may derive a benefit from doing this. What if their strategy is to buy back their own outstanding preferred shares for pennies on the dollar thus ridding themselves of a huge financial future obligation.

If you have 1 Million of outstanding preferred shares with an obligation of $25 Million dollars plus annual accruing dividend of $2.5 Million, wouldn't it be in the best interest of the company to buy back as many shares as they can?

Any ideas?