Box Ships Inc (TEUFF)

[ivfk]

Do I understand this correct?

1) Box Ship previously had liabilities for the 3 vessels far exceeding the fair market value of the ships (Liabilities of 100 Million)
2) The board decides to sell all 3 vessels for $1.50 to Allseas?
3) Allseas a few months later sells one of the vessels (Maule) for 20.3 Million to a former client of Box Ships. (CMA CGM)

Since Box Ship was released of the liability, did Allseas assume the 100M liability or was this debt forgiven by the lender as part of the $1.50 transaction?