Box Ships Inc (TEUFF)

[Hummingbird2]

Box Ships Inc. (the “Company”) today announced that it entered into a third amending and restating agreement (the “Amendment Agreement”) with ABN AMRO Bank N.V., for the full and final satisfaction of all amounts due and outstanding by the Company under the $100,000,000 Syndicated Secured Term Loan Facility (the “Facility”). Pursuant to the Amendment Agreement, the Company agreed to transfer ownership of the issued and outstanding share capital of three of the Company’s subsidiaries (the “Subsidiaries”), which Subsidiaries owned the vessels Maule, Box Voyager and Box Trader and secured the Facility, to entities affiliated with Mr. Michael Bodouroglou, the Company’s Chairman, President, Chief Executive Officer and Interim Chief Financial Officer, for an aggregate purchase price of $1.50 (the “Sale”). Pursuant to the Amendment Agreement, all of the assets and liabilities of the Subsidiaries were assigned to and assumed by the new entities and the Company was fully released. The Sale was approved by a Special Committee consisting of the Company’s four independent directors. The Special Committee determined that the proposed purchase price represents fair market value for the assets and liabilities transferred to the new entities, based on vessel valuations and an independent fairness opinion.

Pursuant to a share purchase agreement (the “Purchase Agreement”) between the Company and entities affiliated with Mr. Bodouroglou (the “Buyer”), the Buyer granted to the Company a right to buy back the issued and outstanding share capital from the Buyer at the same purchase price (the “Call Option”), for a period of 90 days from November 24, 2016, subject to, among others, lenders’ approval and reimbursement by the Company of all loan and interest repayments that will be made by the Buyer under the Facility until the Call Option date and reimbursement of all other relevant costs and expenses.


https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11713814
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So, he made $20mil from Maule, one of the 3 vessels, he bought for $1.50 from Box Ships in November of last year.