Box Ships Inc (TEUFF)

[ivfk]

In the past there used to be little or no competition between Michael's 3 entities:

1) Paragon - Bulk Vessels
2) Box Shop - Container Vessels
3) Allseas - Tanker Vessels

Paragon and Box Ship were publicly traded and Allseas is private.

Recently however Allseas expanded into the containership business as stated on their web page which is clearly competing with Box Ship's space.

If we give Michael the benefit of the doubt and assume has has the best interest of Box Ship shareholders in mind, the following maybe a potential strategy.. (Just a rough hopeful guess)

Michael B (if he is an honest guy) is in the process of eliminating the debt of the publicly traded companies by achieving debt forgiveness from the lenders and transferring the assets to his private entity. (Allseas) while selling off fuel inefficient vessels and buying greener more efficient vessels. Once the Greek shipping climate for publicly traded companies has improved, he will initiate a reverse merge with Allseas into Box Ship (tanker and containerships) and focus Paragon on bulk ships. He has a vested interest to do so since he owns a large portion of the preferred shares of Box Ship.

The other option is that he is tired of the publicly traded companies and tries to go private with Allseas by combining all 3 business into a private entity. This however maybe an issue since he has fiduciary responsibility towards his shareholders. Violating this may make him personally liable. I am sure he understands this.

I like to give him the benefit of the doubt and hope that he stands behind his word to his investors.