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Everybody was forced to sell.
I called TDA and they said won’t clear until Wednesday of this week.
Even the TDA representative said that was messed up and why SEC didn’t do anything. Goodluck
George timed this right at the start of the coming boom.
Not only was it undervalued now, its likely going to increase enormously in value in the coming years
The worst in Wall st. theft
Disgraceful
We are in the age of fed pumping money into a service economy. It will be very bad if cental banks ever stop. At least I took him on the $90 pump for 3 times what I lost this year lol
me too Double. Like Filter and others said, this has got to be the most disturbing financial fraud of the century in the investment community, and makes Bernie Madoff look "nice", and why I said for some years, someone inside SEC and elsewhere had to be involved for something of this magnitude to go on for so many years, and so blatantly obvious the whole time...
it goes against EVERYTHING any MBA course would outline for "CEO's 1st priority is to all invested Shareholders who helped support/build said company..."
Yes DRYS is finally gone from site after decades. Economou stole $Hundreds of Millions or more from the world investment community... SEC did not one damn thing about it or this phony "buy-out".
Like One Investor exclaimed, "just think, people go to jail for stealing a damn loaf of bread, but you dress up in a nice suit, and get away with such robbery..."
Yes and right before the shipping sector is taking off.
The excessive dilution to wipe out common shareholder and build a company on their backs was unfortunate but not allowing them to gain some back off the new improved company when the sector has solidified makes this charade truly disturbing
Anyone involved in the scheme is absolute scum.
Yes
Greed is the driver.
Can’t believe USA would allow this criminal behavior. He is the same as Bernie Madoff.
Just shows in my account that I sold @5.25.
One of the most disturbing stories i've witnessed in the markets. Truly shameful for any involved. Lowest of the low
so its dead in the water,,more lawsuits will be issued no doubt
What happens to shorty????
Lol
Short squeeze coming????
Can only hope... DRYS phones and lines down, can't even send an e-mail to the fkr to tell him to rot in hell... I have been trying to do so
This whole company NEEDS to be a case study example in MBA courses today...
I still think GE will spike it on the way out
It’s his style
Last FU to Wall Street
Doubledown, I guess this is a sad goodbye. Many have written me as shareholders past & present.
This is so fkng crooked and fixed.
I really thought 3 years ago or so after this entire fleet and company was rebuilt, GE would start acting ethical and as a respectable CEO and do his global shipping business. So I re-bought a sizeable investment again in this Shipper, after staying away a few years prior. Previously I amassed a nearly a 3" file then, written FINRA & SEC so many times as to what he did in those years with repeated R/S, his CFO making false public statements to Shareholders, making himself so wealthy and rebuilding the entire fleet, yet ruined every global investor small & large who believed the SEC filings and reports... it went on so long back then, I should never had bought this stock again...
But even presently, contacting SEC and so on, seems they do not give a sh!!t for Shareholders still and all of it, along with the entire securities industry, including asshatts on cnbc, etc are all part of a major collaborative financial scheme and there is no real justice or safety mechanisms for global retail investors when you come down to it- seeing what this CEO has/was able to do and get away with it for 2 decades !!!
GLTA... it will be years before my entire losses can even be written off or absorbed by IRS filings, as they only allow us little people to write-off $3,000.00 per year maximum as you know... I may be dead by then anyway...
Rick what happens to those short, as per TD Ameritrade brokerage, Short Interest is around 9%....
What happens to the Institutionals where TD states 1.06% hold this stock still?
This entire fiasco is unbelievable, and as I have posted for years, if what Economou has done for well over 10+ years to its Shareholders (massive R/S) was so ethical & grande, why the hell has no other CEO of any reputable company out there ever done the same- and got away with it???
Why I still believe, Economou has/had some relationship going on inside with someone at SEC to allow this to continue, and now allow for this Fake Buyout, in which he is the CEO of the acquiring holding company !!! And remember the Kalani Deal (fkng crooked Canadien hedge Fund owner) a couple years back...
This man ought to rot in prison...
Huge yuge massive bigly ludicrous large enormous gigantic losses Thursday as investors head for the exits in droves. Expect $0.0001 print. DRYS is finally all dried up like a rotten prune in the middle of the hot scorching Sahara Desert. Dried up like drywall. Dried up like dry poop. Investors taken to the dry cleaners. Investors hung out to dry. To dry or not to dry is the question ‘‘tis noblest in the mind. What’s that you say ? You disagree ? Well then dry off. Dry you.
Approved BS! ONLY by Economou's majority owned shares. No other shareholder voted for this at all (no other shareholders' vote even counted)- Absolutely ridiculous to see. This ought to be stopped and SEC does nothing. Economou is CEO of the damn acquiring company and a major conflict of interest any other time ...
He ought to be jailed for what he has done to global investors for years, rebuilding his entire fleet, stealing their monies... I speculate this idiot of a human being will not live to a ripe old age- I'd be afraid to be him after this stunt; having to always look over his back the rest of his miserable life...
>>>>
Holders of 77,832,018 shares of the Company’s common stock voted in person or by proxy at the special meeting, representing approximately 89.6% of the total shares of the Company’s common stock outstanding and entitled to vote at the meeting.
deal was approved,,gl.
Special Shareholders Meeting today....
Glory Be! Closed up, now at 5.26 after hours...
WOW Folks! Market on Close huge volume buy-in pushed this though 5.25 now...???
Makes you wonder what will happen come Monday now... Nothing surprises me with this CEO or this stock after nearly 15 years dealing with them...
I know. Pathetic. Many know. Many upset with this man. He is going to have to look over back of his neck the rest of his life is this is consummated by end of Q4...
As I posted for years, and in regards to other corps in various financial strains over those years, if this is so "legal" to do as GE has done (to his Shareholders) and gotten away with, why has no other CEO of any other reputable company ever done what GE has for so any years???
Least GE could do is spike this before it goes private.
We missed the entire BDI last run up. Should be over $10 by now.
SEC Investigators read this revised SC 13E3/A last night: Are you all at SEC so damn stupid as to not see this as a huge conflict of interest, and mainly There is NOT anything fair for any public shareholder involved in this whole entire deal....
>>>>>>>>>>>>
SUMMARY TERM SHEET—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders; Recommendations of the Special Committee; Recommendations of the Company Board—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders
The section under the caption “SUMMARY TERM SHEET—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders; Recommendations of the Special Committee; Recommendations of the Company Board—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders” on page 12 of the Proxy Statement is hereby amended as follows:
The following is hereby added as a new paragraph at the end of the section:
“The Special Committee’s decision to approve the merger at this time on behalf of the Company was also motivated by the fact that the Buyer Group was willing at this time to enter into the merger agreement at the $5.25 per share price the Special Committee negotiated. Based on discussions with the Buyer Group, it was the view of the Special Committee that there was a meaningful risk that, if it failed to approve the proposed merger at this time, the Buyer Group was unlikely to agree to the proposed price or a higher price in the future.
1 The reasons for the Buyer Group’s decision to propose the merger at this time, are described under “Special Factors-Buyer Group’s Purpose of and Reasons for the Merger; Position of the Buyer Group as to the Fairness of the Merger to Public Shareholders” beginning on page 43.”
SUMMARY TERM SHEET—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders; Recommendations of the Special Committee; Recommendations of the Company Board—Recommendation of the Company Board
The section under the caption “SUMMARY TERM SHEET—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders; Recommendations of the Special Committee; Recommendations of the Company Board—Recommendation of the Company Board” beginning on page 13 of the Proxy Statement is hereby amended by adding the following as the second to last sentence:
“In reaching its decision, the Company Board adopted as its own the analyses performed by or on behalf of the Special Committee as well as conclusions reached by the Special Committee regarding the merger agreement and the transactions contemplated thereby, including the merger, and the Company determined to undertake the merger at this time based on the analyses, determinations and conclusions of the Special Committee and the Company Board.”
SPECIAL FACTORS—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders
The section under the caption “SPECIAL FACTORS—Reasons for the Merger; The Special Committee’s Position as to the Fairness of the Merger to Public Shareholders” beginning on page 28, and extending to page 31, of the Proxy Statement is hereby amended as follows:
The following is hereby added as a new paragraph immediately prior to the last paragraph beginning on page 29:
“In addition, the Special Committee did not consider the Company's net book value, which is an accounting concept based on historical costs (defined as total assets minus total liabilities attributable to the shareholders of the Company), as a factor in reaching its determination and making its recommendation. The Special Committee believes that net book value is not a relevant measure in determining the fairness of the merger agreement and the transactions contemplated thereby, including the merger, because it is not a material indicator of the value of the Company as a going concern but rather is indicative of historical costs and does not, for example, take into account the current or future charter-free market value of the Company's vessels, quality of earnings, cash generation capability, the future prospects of the Company, market conditions, trends in the drybulk, tanker and offshore support shipping industries in which the Company conducts its business or the business risks inherent in competing with other shipping companies in the same industries.”
The last paragraph beginning on page 30 (which extends to Page 31) is amended by adding the following at the end of such paragraph:
“The Special Committee relied on the financial analyses and opinion of Evercore regarding the fairness, from a financial point of view, to the public shareholders of the merger consideration of? $5.25 per share in cash, without interest, to be received by the holders of shares of Company common stock in the merger (as more fully described in the section entitled ”Special Factors-Opinion of the Financial Advisor to the Special Committee”) because the holders of shares of Company common stock that will receive the merger consideration in the merger and the security holders that are unaffiliated with the Company are the same group of security holders. The Buyer Group will not be receiving consideration in the merger and, to the knowledge of the Company, no affiliate of the Company other than the Buyer Group holds shares of Company common stock.”
The following is hereby added as a new paragraph immediately prior to the first full paragraph on page 31:
“The Special Committee’s decision to approve the merger at this time on behalf of the Company was also motivated by the fact that the Buyer Group was willing at this time to enter into the merger agreement at the $5.25 per share price the Special Committee negotiated. Based on discussions with the Buyer Group, it was the view of the Special Committee that there was a meaningful risk that, if it failed to approve the proposed merger at this time, the Buyer Group was unlikely to agree to the proposed price or a higher price in the future. The reasons for the Buyer Group’s decision to propose the merger at this time, are described under “Special Factors-Buyer Group’s Purpose of and Reasons for the Merger; Position of the Buyer Group as to the Fairness of the Merger to Public Shareholders” beginning on page 43.”
SPECIAL FACTORS—Recommendation of the Company Board
The section under the caption “SPECIAL FACTORS—Recommendation of the Company Board” beginning on page 31 of the Proxy Statement is hereby amended by adding the following as the second to last sentence:
“In reaching its decision, the Company Board adopted as its own the analyses performed by or on behalf of the Special Committee as well as conclusions reached by the Special Committee regarding the merger agreement and the transactions contemplated thereby, including the merger, and the Company determined to undertake the merger at this time based on the analyses, determinations and conclusions of the Special Committee and the Company Board.”
I did.
I can’t believe $5?
Too low
More like $200 for all the shenanigans
For holders as of Friday, August 30, 2019
CUSIP: Y2109Q
Proxy Vote is in effect. VOTE NO if you are a Shareholder ! October 9th is Special Shareholder meeting. SEC needs to step all over this if they ONLY do one ethical thing in their pathetic regulatory existence of "protecting investors"...
Also, SC13E3/A Revised financial statements filed last night.
You saw what happened to the other lawsuits. Nothing! The system stinks.
FINRA & SEC needs complaints now Investors. Week and a half before the October special shareholder meeting....
Only thing special about it is Economou can do what he wishes with majority shares, so SEC filing is a lie, and NONE of us global investors who rebuilt this company even matters.... This is not right, and it has to be stopped...
Interesting Point from another Investor's post:
The SEC could suggest that GE make at least some of the shareholders from the past reverse splits whole. The sum of the 7:1, 5:1, and other 7:1 would only make $245/share. GE could afford that he's rich. The SEC should do something because other criminals will see this and figure out other ways to rob investors then the entire system fails. Its like a virus that needs to be stopped.
BDRY is etf for the Baltic dry index
Kings the SEC filing from many weeks ago said he has till end of the quarter to determine to do so if he is going to do so... "End of Q4 to consummate the merger" was the exact language.
whens georgie takin this private,,anyone know??
You said a mouthful there, Iman:)
GE like a modern age Al Capone lol
Just read earnings. This guy pissses me to no end. Can't figure him out... Now he talks as if business as usual and even completing the drydocking & ballast scrubbers work, etc mentioned last year and goes on about "future proofing" the entire fleet for profitability, etc.. Talks like he is letting his Shareholders know what positives the company is doing, yet in another breath he wants to destroy all of them too....
Then as you read down, there is a paragraph titled:
Pending Merger with SPII . Pending, meaning can change and not set in stone....
All of this is ridiculous, and even tonight, CNBC finally after years speaking about "transports" being ignored so long and now focusing on that... God if this collar were lifted from this stock it would go bonkers IMHO.... Who or what is keeping it down???
He files with SEC and acts like business, yet we all know of his previous announcements, then out of the blue, he increases that buyout price... Now SEC filing says "pending merger"......
Thanks Iman
Earnings could come out and show mad $$$ for Q. $5.25 isn’t the ceiling. Plus it’s GE.....he don’t play by the rules, dude makes his own lol. GE knocked it down to $3, then it was $4 cap and now $5.25 cap.
What are we out if we buy at $5.24?
Goodluck
TD says 14.5 million float for DRYS..... 23 Institutions holding shares........ 86.9 million shares outstanding......
Kings, last night's PR that tonight earnings release now ... George likes doing everything last minute with no notice for sure....
Funny CNBC Trader bigmouths other day going on about companies and the 1st responsibility of any CEO is to its shareholders, etc... Then you got a CEO like George doing what he has so many years to its Shareholders and he still is not behind bars !!!
Double it's all too weird. Now tonight after market close, DRYS putting out earnings !
Why the hell even go through such if your intention is to kill the public trading stock and go private ????
>>>>>>>>>>>>>>>>>>>>
DryShips Inc. Announces Second Quarter 2019 Results Release Date
4:05 pm ET September 16, 2019 (Globe Newswire)
DryShips Inc. (NASDAQ:DRYS) (the "Company" or "DryShips"), a diversified owner and operator of ocean going cargo vessels, and through the acquisition of Heidmar Inc. ("Heidmar"), a global tanker pool operator, announced today that it will release its results for the second quarter 2019 after the market closes in New York on Tuesday September 17, 2019.
Good man wobbles:)
Notice it traded above $5.25.
How can that happen??? lol
GE magic
Did you guys get your proxy vote?
I voted against it.
it was his buyout price
King was that a buy or sell?
5.25 is what the deal is going private,so im holding till it completes,,never know if georgie runs it big before he takes it private
Anyone know what the float is at currently????
That’s what happens when you buy a turd!
Kings, this is NOT being allowed to aprreciate above 5.24 day after day as you state. Why you got to ask? I am frustrated too seeing volumes and this double-dealing GE doucebag do what he has for years to Shareholders and get away with it...
Doubledown and all Shareholders, here is my efforts. Please you all do the same to STOP this madness by this CEO.
>>>>>>>>>>>>>
Dear Mr. Xxxxxxxxxxxxxx:
Thank you for contacting the U.S. Securities and Exchange Commission (SEC).
We appreciate your informing us of your concerns regarding DryShips, Inc. The Office of Investor Education and Advocacy (OIEA) processes many complaints received from individual investors and others. We keep records of the correspondence we receive in a searchable database that SEC staff may make use of in inspections, examinations, and investigations. In addition, some correspondence received by OIEA is referred directly to other SEC offices and divisions for their review. If they have any questions or wish to respond directly to your comments, they will contact you.
The SEC conducts its investigations on a confidential and nonpublic basis and neither confirms nor denies the existence of an investigation unless the SEC brings charges against someone involved. We do this to protect the integrity and effectiveness of our investigative process and to preserve the privacy of the individuals and entities involved. As a result, we will be unable to confirm whether an investigation exists or provide you with any updates on the status of your complaint or of any pending SEC investigation. Information on our policy is enclosed. You may wish to check our website, www.sec.gov, for information about pending SEC civil actions, administrative cases, and other matters.
If you have any questions, please contact me.
Sincerely,
Lisa Skrzycki
Attorney
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission
(800) 732-0330
www.sec.gov
www.investor.gov
www.twitter.com/SEC_Investor_Ed
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