Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=105408895
JOIN IN TODAY A BRIGHT FUTURE IS AHEAD
What many don't understand is how a bond works. The bonds collateral is kept of the balance sheet as well as the debt. The assets are leased back to the company at a cost this lease can be wet or a dry lease in this case it is a wet lease were all services are charged back that represents a loss to the company in this case as due noted in the financials.
Just got back from New York had great weather there took in the financial course given at the New York library as well as visit the financial museum on wall street that I highly recommend if you should visit New York. The New York stock exchange is still under repair so I didn't get to visit inside it but took time to see the play Pippin north of 42 ST and Seventh Avenue around 45 ST. very well worth seeing.
http://www.lexology.com/library/detail.aspx?g=ce02164a-d3d6-4e60-8a76-0a2fdbb9bfaa
trading should resume soon
On March 28, 2014, the Genco Auvergne was arrested due to a disputed claim with the charterer of one of our other vessels, namely the Genco Ardennes. In order for us to release the Genco Auvergne from its arrest, we entered into a cash collateralized $0.9 million bank guarantee with Skandinaviska Enskilda Banken AB (the “SEB Bank Guarantee”) on April 3, 2014. The vessel has since been released from its arrest and the bank guarantee will remain in an escrow account until the arbitration related to this case is completed. The SEB Bank Guarantee resulted in additional indebtedness. As we are currently in default under the covenants of its 2007 Credit Facility due to the default on a scheduled debt amortization payment due on March 31, 2014, on April 3, 2014 we received a consent from the lenders under the 2007 Credit Facility to incur this additional indebtedness. Also, under the $253 Million Term Loan Facility for which the Genco Auvergne is collateralized, we may not incur additional indebtedness related to its collateralized vessels under this facility. We also received a consent from the lenders under the $253 Million Term Loan Facility on April 3, 2014 in order to enter the SEB Bank Guarantee.
Don't worry about such a small detail it is but one ship and one entity the rest can carry it out of the situation He He
there were few shareholders at that time but yes your right but don't forget they were reissued new shares a 1000 times what the original S1 said were issued the date is were many a folk gets mixed up with but not that it matters those shares were lent back to the company in trenches they like to call them and latter as DIPS directors interest payments that were used to underwrite even more shares and as you can see there are billion or more shares outstanding.
it is the dilution through fractional shares issued to these individuals that pays future interest owed often noted in layman terms as dilution.
In the end should you hang on and not trade ones shares everyone would pay the same but why would anyone want to do that my gosh I can't say how crazy that is and to get caught holding the purse for twenty years on a company making a 10% return after depreciation cost is crazy it is why there public companies in the first place so they can be traded.
I must have missed something. Weren't all existing shares canceled?
Shareholders?
if i may add something to the pricing of the options and wht they will do with the money is first the new capital will go too paying the dip financing that will end up taking the assets that are now $.30 on the dollar based on the earnings of those assets not the actual value paid on the assets nor the new depreciation figure that has been increased that will reflect a tax saving down the road.
This all depends on if they can sell the new warrants to help pay the dip financing and if they can recover most of the original issued shares through the first rights offering the shareholders today has with the company allowing the company first rights and being shareholders own the company this gives fist rights to thee shareholders in turn.
it will be a very interesting period to if they can pull it off but should they we could see a huge up side
watch for a forward split and take advantage of the trading opportunities that will unfold in the near future as prices fall lower due to shear volume of shares leaving opportunities along with a whole lot of big ups and downs to be capitalized on for both the company and shareholders alike.
oh gosh not very good
How are those valuable warrants coming along?
GNKOQ: Bankruptcy plan effective. All shares cancelled:
http://www.otcbb.com/asp/dailylist_detail.asp?d=07/10/2014&mkt_ctg=NON-OTCBB
http://www.sec.gov/Archives/edgar/data/876661/000087666114000242/xslF25X02/primary_doc.xml
UNITED STATES
OMB APPROVAL
OMB Number: 3235-0080
Expires: December 31, 2014
Estimated average burden
hours per response: 1.7
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 25
NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number 001-33393
Issuer: GENCO SHIPPING & TRADING LTD
Exchange: NEW YORK STOCK EXCHANGE LLC
(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)
Address: 299 Park Ave 12th Fl
New York NEW YORK 10171-0002
Telephone number:
(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)
Common Stock
(Description of class of securities)
Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:
17 CFR 240.12d2-2(a)(1)
17 CFR 240.12d2-2(a)(2)
17 CFR 240.12d2-2(a)(3)
17 CFR 240.12d2-2(a)(4)
Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. 1
Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.
Pursuant to the requirements fo the Securities Exchange Act of 1934, NEW YORK STOCK EXCHANGE LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.
2014-06-06 By Michele Lee Manager
Date Name Title
1 Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
GNKOQ receives delisting notice from NYSE.
Share price drops 36%
Yes.... I plan on buying
I,m always hedged on these plays. You would be crazy not to be.
Greed will take down the best of traders if you hedge out to far from the core market value of the property in question.
Right on ..... Short term investors
Good luck to all!
Jack good luck to you man with that line of thinking.
looking at those multiples and seeing the number of shares the company is holding in there treasury is going to attract more to come and speculate regardless of forward valuation into the future.
If they cancel he common those multiples look attractive so the million dollar question is are the commons going to be canceled then I can see them jumping at the deal.
If your saying to go long and hold here your crazy this like holding a hot potato but I can see your logic taking the liquidity out of the stock is a good strategy but not a honest one were I put the truth out there and that for the most part takes care of the liquidity in the stock making for wilder swings for us day traders.
The multiples are a joke and way over valued for the amount of debt along with negative earnings to the equity paid in by investors.
They will have to increase the multiples by another two zero's before bond holders I believe will be interested in the deal as well as adjust the terms of the lease's held to date.
Flipping / daytraders are NOT real Investors into a corporation. They are gamblers at best...
I made a nice 75% on the last run before the water fall was released on top of us.
Don't sell the seed as it is said and reap what has grown a wise old farmer told me once and what that means is don't sell your initial investment because you will be rewarded through dilution because of fractional shares. The way one does this is buy holding those initial shares in a different account then the one you do your every day trading from. The pennies you don't want to get caught with holding if you can but with that someone always does but it is those shares that allows the collateral to be built on for more leverage down the road.
Congrats ...... Why do you post that sell info again? Some are flip trading this for profit!
Where can I read more about that?
But now all that is set to change. The canal is undergoing a major facelift, widening the beam to 49m, and ushering in a new era of shipbuilding. Boat builders are bracing for orders as shipping companies look to buy wider, bigger vessels. And at the same time maritime engineers are being given the chance to start with a clean sheet and design ships from scratch.
The new panama canal will allow chances for shipping companies that have ships coming to the useful live to up grade to take advantage of the new Panama Canal as well to outfit the ships with new hydrogen powered engines.
I would have to agree with you.
I still believe we see more upside before June 1 due to the hedge fund purchase of 10% of the stock at a price of 1.73 and 2.00......What is your opinion.....thanks in advance
Well they do have leased assets that need work that are none performing costing them capital but I can see the rolling over of the debt not paying it off but that will cost lots in up front fees to do that
So now they are being paid does that mean bills will be paid?
That is all part of your DD man you got to do that stuff as mundane as it is you got to set up a time line for the revenue on contracts signed and payment that will be received for the work and because it is accure accounting principals being applied here.
Do your own DD but let me tell you with the up coming falling amortization in revenue from the deal
Whats the name?
Its not BS. man go back and look in the fillings this deal was some ten years ago under the old name.
Now we are making money
Followers
|
16
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
438
|
Created
|
10/21/07
|
Type
|
Free
|
Moderators |
http://www.gencoshipping.com/index.html
Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. It transports iron ore, coal, grain, steel products, and other drybulk cargoes. The company principally charters its vessels to trading houses, including commodities traders; producers; and government-owned entities. As of December 31, 2007, Genco Shipping owned a fleet of 28 drybulk carriers consisting of 5 Capesize, 6 Panamax, 3 Supramax, 6 Handymax, and 8 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 2,020,000 deadweight tons. The company was founded in 2004 and is based in New York, New York.
At Genco Shipping & Trading Limited our Chairman and board of directors have substantial experience in the shipping industry.
Our management team is based in New York City and includes several executives with extensive experience in the shipping industry who have demonstrated substantial ability in managing the commercial, technical and financial aspects of our business.
We believe that we possess a number of strengths that provide us with a competitive advantage in the drybulk shipping industry.
We own a modern, high-quality fleet of drybulk carriers. We have a modern fleet consisting of vessels with an average age of 6.42 years as of June 30, 2008 as compared to the average age of approximately 15 years for the world fleet. We believe that owning a modern, high-quality fleet: reduces operating costs and fuel consumption; allows us to secure favorable financing terms by enabling lenders to feel secure with their collateral; makes our fleet more reliable by reducing the likelihood of breakdowns and off-hire; provides us with a competitive advantage in securing favorable time charters from charterers who prefer vessels that have greater fuel efficiency than older vessels and can serve with fewer interruptions due to breakdowns.
Our fleet includes six groups of sister ships. Sister ships can use similar spare parts, and their crews are interchangeable. We believe that maintaining a fleet that includes sister ships increases our revenue generating potential by improving our operational and scheduling flexibility and reduces costs by creating economies of scale in the maintenance, supply and crewing of our vessels. We also believe that having sister ships makes our fleet more attractive to time charterers because they can interchange cargoes among the sister ships.
We benefit from strong relationships with members of the shipping and financial industries. We have developed strong relationships with major international charterers, shipbuilders and financial institutions that we believe are the direct result of the quality and experience of our management team. In addition, we have developed a strong relationship with Wallem, an international vessel management company with over 35 years of experience that currently manages 211 vessels with a carrying capacity totaling in excess of 16 million dwt while meeting strict quality control standards. We currently contract with Wallem for the technical management of the vessels in our fleet. We believe that these relationships will lead to greater charter opportunities for our vessels.
We maintain commercial management of our fleet in-house, thereby benefiting from the substantial experience of our management team in the shipping industry while avoiding brokerage commissions to related parties. It also serves to prevent conflicts of interest because, unlike transactions involving brokers, our employees do not have a personal financial interest in the charter contracts.
Our Business Strategy
Our strategy is to manage and expand our fleet in a manner that enables us to pay dividends to our shareholders. To accomplish this objective, we intend to maintain a modern, high-quality fleet that meets or exceeds stringent industry standards and complies with charterer requirements that are required before a vessel owner can secure employment for its vessels. In addition, we intend to maintain the high quality of our existing fleet and subsequent acquisitions by maintaining, through our technical manager, a rigorous and comprehensive maintenance program, including supervision of our independent third party technical manager by our own staff. Additionally, our technical managers maintain the quality of our vessels by carrying out regular inspections, both while in port and at sea. We believe that this ongoing maintenance program can ultimately reduce periods of off-hire and increase revenues.
Pursue an appropriate balance of time and spot charters.
Maintain low-cost, highly efficient operations.
Capitalize on our management team's reputation for high standards of performance, reliability and safety.
The Daily View | The Weekly View | |
Chart Links -
http://stockcharts.com/charts/gallery.html?HYGS
http://quotes.barchart.com/quote.asp?sym=hygs&what=quote
Stock Due Diligence Link -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29010504
http://www.ddmachine.com/default.asp
Candlestick Analysis:
http://americanbulls.com/StockPage.asp?CompanyTicker=HYGS&MarketTicker=NASD&TYP=S
Learning and Teaching Resources for Investing in the Markets
Wealth University @ i-Hub
http://stockcharts.com/school/doku.php?id=chart_school
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |