Box Ships Inc (TEUFF)

[Toxic Avenger]

You are pretty much spot on. They loot the public company to enrich themselves. It happens all the time on the OTC. It's harder to get away with on an exchange, but obviously TEUFF and other Greek shippers were able to do so.

Knowing this was a likely outcome however, they set up the structure so no one can touch them criminally or civilly. So buying control of the company does nothing other than send more cash to insiders.

Most of the OTC is a perfect example of what happens when capital markets go lightly regulated and massive loopholes are allowed to remain.