Box Ships Inc (TEUFF)

[carusso]

Good plan; I do not own shares in BOX Ships, only in Paragon, so have been looking on in awe and admiration what you guys have accomplished.

I hope they understand that Paragon common shareholders feel the same way as you Box Ship holders, even though Paragon has much debt. I believed Mr. Bodouroglou's letter from last July, and was encouraged by the $39 million debt reduction, but very very disappointed by the RS approval, which makes no sense whatsoever given current share structure. The RS proposals obviously point to an
Unspoken plan for a massive dilution; otherwise there would be no shares left trading in case of an RS. So the proposal (3), for each company, was crafty and dishonest in what it failed to state would be an inevitable course of action before any RS would be possible in either case.