Box Ships Inc (TEUFF)

[Pdaddy2]

Preferred shares and dividends came up on this morning's posts. The actual rule from a GAP perspective is that once the Preferred Dividend is declared it becomes a liability of the company, meaning the money is due and payable.

However, after digging further into the 20-F statements filed on the Box Ships website, it has come to my attention that the only preferred shares held are Series C shares, roughly 879,000, by Neige International a company controlled by Mr Bodouroglou.

These transactions are highly questionable and imo would not stand the scrutiny of a court room or the SEC as at the time these transactions started to occur the stock was still being traded on the NYSE.

Additionally, I have not done a thorough review of the financials, but all of the internal business dealings within the various Mr. B companies become highly suspect.

BUT, the single most important item I took from reading the 20-F's are that Mr. B. can lay in the weeds until July 29, 2018 at which time he can exercise any one of a number of options, none of which are good for any current shareholders of the company.

If we're going to hope to have any possibility to salvage this company, time is of the essence.