Paragon Shipping Inc. (PRGNF)

[redsky7]

What he (CEO) has done here is

what he has been doing for a long time
with Box...buy back or convert preferred
into common. He has in the past year
bought many preferred back with cash,
and those left, by converting. He's
trying to get rid of debt by dilution
so to clean up the balance sheet. Box
could get the same 6-K if any are still
out. Last Summer he hired a New York
firm to buy as many back as they could
for a fee.

Anyway, unlike others, I believe he will
merge Paragon and Box. And start all over
again with fresh balance sheets. And of
course, one way he has done this is
transferring some ships to his private
company and scrapping others. Box has no
debt, and so he's working on Paragon debt
now.

How much shareholder value will exist by
May 31 and after.....I have no idea. I'm
down 6K dollars now.

Dry Ships (DRYS) has had R/S 5 times within
the past 13 months. That's a killer. No,
I mean over kill.