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The suspension was a long time coming!
What is surprising is that people were still investing in the stock
Bertsos had a great teacher - like teacher-like student !!!
Research NEWLF
Research Michael Zolotas the former NEWLF CEO
You need to look at what is happening with NewLead Holdings Ltd - NEWLF
All the action is there !!!
In Retrospect - SHELDON GOLDMAN ADVISORS - Advisor to NewLead Holdings Ltd
A Means to an End – The Mergers & Acquisition Award
http://www.goldmanadvisors.com/documents/MMMag_2010_02_MA.pdf
In retrospect this is interesting reading
http://amaliatank.blogspot.com/2009/09/grand-union-aries-merger-where-is-value.html
THURSDAY, SEPTEMBER 17, 2009
Grand Union-Aries merger: where is the value?
This reverse merger is one of the strangest shipping deals ever done. Aries (RAMS) is an ailing NASDAQ-listed company with nine product tankers, two container ships and big financial problems. The original IPO had a rough start with a lot of question marks and thereafter there were operating setbacks. Things improved somewhat when Jeff Parry, formerly of Poten, took the helm at CEO. The deal is a barter where Aries (RAMS) acquires three middle-age Capesize bulk carriers in return for a complicated share exchange agreement as well as management and debt restructuring. Whilst the deal may be attractive to major shareholders, it not so clear whether investors are getting much of deal.
Grand Union is Greek shipowning venture launched by Newfront Shipping boss Nick Fistes and Stamford Navigation’s Michael Zolotas. It also by coincidence the name of a well-known US supermarket chain. This is a privately owned, family-controlled shipping company with a fleet of 46 bulkers, tankers and newbuildings. The companies have been around for a number of years, but this is a fairly new venture that has had a very aggressive expansion plan. As a private firm, it difficult to assess its financial condition and how it has been impacted by the financial crisis and bear shipping market environment. Aries (RAMS) is a penny stock and it has had a balance sheet qualification about its future as a going concern.
The vessels that Aries is acquiring are the 135,364-dwt Yiosonas (built 1992), the 151,738-dwt Grand Nike (built 1995) and the 172,972-dwt Grand Mirsinidi (built 1993) in return for transfer a complicated share exchange and debt restructuring. 2,67 million Aries shares are being transferred to Rocket Marine (controlled by Mons Bolin and Gabriel Petrides), giving Rocket 36.8% of the total shares and Grand Union (controlled by Michael Zolotas and Nick Fistes) control of 34.2%. But the voting agreement gives Grand Union control of 71% of Aries. As part of the overall transaction, Investment Bank of Greece is buying $145m in 7% senior unsecured convertible notes, due in 2014, which Aries plans to use for vessel acquisitions and paying down debt, among other potential uses.
The Securities Purchase Agreement is subject to a number of conditions, including but not limited to (1) the entry into definitive agreements for the issuance of the Convertible Notes and the closing of that transaction; (2) the entry into definitive agreements with the Company's existing syndicate of lenders for the refinancing of the Company's existing credit facility; and (3) the absence of any event reasonably likely to have a material adverse effect on the Company or the three Capesize drybulk carriers.
The deal will see Fistes become chairman of Aries, while Zolotas will become executive director and president, as the board swells to seven members. It is difficult to evaluate the financial impact of this complex transaction on Aries. The management and BoD changes are significant.
Financially no party appears to be putting cash in the deal. The 'equity' appears to be in the vessel transfer. Further there appears to be some additional debt and refinancing from a bond issue with the Investment Bank of Greece, not a run of the mill shipping finance entity. It is not clear whether this increases Aries leverage. Some cash in the deal would have provided more transparency and plain vanilla comfort for investors.
The weakest point is the lack of commercial synergy. The biggest value in Aries is its nine product carriers (their container business is a dead letter, but the product sector is also in deep recession), but Grand Union brings no expertise or contract base to service these units. A merger with a group like Scorpio (of Monte Carlo) would have offered a better synergy, adding more value here. Aries (RAMS) is clearly betting all their strained resources on the Capesize unit additions in the dry bulk sector. This follows the Top Ships example of opportunistic fleet diversification to get out of their hole at the time, but at much lower asset price entry levels and ready financial structuring that purports to improve the balance sheet.
It would be helpful if Aries (RAMS) prepared an investor presentation to make sense of this complicated transaction. Perhaps something will be soon available so we can make further comments.
The End
Bertsos was CFO of NewLead Holdings
BEWARE: Highly likely Boston will follow in the same path as NewLead Holdings.
https://www.sec.gov/litigation/opinions/2019/34-86475.pdf
If you saying convertible debt, and if it is correct
Then you need to look at NEWLF where Bertsos was CFO
The convertible debt was used to trade shares off-market. This is discussed in the SEC complaint against certain individuals where NEWLF debt was converted into shares and selling into the open market - flooding the market
This makes sense
More than likely, this is probably how Bertsos is paying his $1.5 million salary and other expenses
In my opinion no news is good news
PR will only tell you more dilution or more promissory notes or "fake news"
Your observation and comment is well received
You write: "This shipping business has been a sinking ship and it sounds like its not managed well".
Read the NEWLF bulletin board - it will give you some background
Do some research on NewLead Holdings - it will provide an insight
Boston CEO was CFO and on the BOD of NEWLF
You are deluded if you expect BSTN to be any different
"On 10-05-2019 (Friday), the shares-rate of the Company Newlead Holdings Ltd, NEWLF exchange OTC US, is an exciting player in the Transportation."
It seems somebody forgot to tell David Holmes that NEWLF does not trade.
SEC has not released any information indicating the suspension has been lifted
https://nysenewsanalyst.com/2019/05/13/these-stocks-might-change-the-kismet-of-investors-newlead-holdings-ltd-otc-usnewlf/
https://nysenewsanalyst.com/author/admin/
https://www.sec.gov/litigation/opinions/2019/34-85268.pdf
https://www.sec.gov/litigation/suspensions/2018/34-84192.pdf
Greek Shipowners - RIP
Graveyard
Boston Carriers ("BSTN")
NewLead Holdings ("NEWLF")
FreeSeas ("FREEF")
Nobody said anything about Defendant
https://www.pacermonitor.com/case/27120259/Securities_and_Exchange_Commission_v_Sason_et_al
NewLead, Zolotas and Bertsos mentioned in court filings in the US Southern District of New York
Securities & Exchange Commission vs Joshua Sason et al - No: 19-cv-1459 ........... Docket 50
Bertsos mentioned in court filings in the US Southern District of New York
Securities & Exchange Commission vs Joshua Sason et al - No: 19-cv-1459 ........... Docket 50
Comment "craftly worded"
Seems you are proposing "pump and dump"
Your comment: in my opinion, the only variables are the timing of the announcements ("pump") and the PPS ("dump").
Bertsos was CFO of "NEWLF" and Board Member with Michail Zolotas
SEC Filing
https://www.sec.gov/comments/265-31/26531-4502426-175975.htm
Subject: File No. 265-31
From: Christopher J Diiorio
Affiliation: Whistleblower
October 10, 2018
Brett Redfearn SEC Dir Trading and Markets at SIFMA October 2018
"If a company is a dark company and listed in the OTC market and hasn't put out financials in six months, maybe it shouldn't be quoted to retail investors."
Echoing Jay Clayton and Hester Peirce.
More lip service. This isn't "fishing with dynamite". This is CYA as well as an amazing admission that the SEC continues to side with criminal entities like Knight/KCG/VIRT over their stated mandate of protecting the investing public: Main Street
Mr Redfearn joined the SEC from the criminal Bank J P Morgan. The same J P Morgan who looked the other way as Madoff ripped off Main Street investors for a decade+. The same J P Morgan that rejected 4000 worthless securities pledged by Knight on the heels of the Aug 1 2012 "trading glitch" but looked the other way when it knew exactly what a fraud the Knight balance sheet was. The same J P Morgan that pledged $1.6 billion in financing for the VIRT acquisition of KCG.
Yes, Mr Redfearn and his former employer J P Morgan are well aware of the core business at NITE/VIRT: Abusive naked shorting OTC shells to facilitate money laundering.
Mr Redfearn, Ms Peirce et al KNOW FULL WELL that this latest pr stunt does absolutely nothing to protect "Main Street" Because shells go "dark" on SEC filings only AFTER their massive fraud has been perpetrated.
I filed separate but related for 2 NITE top traded shells: NewLead Holdings and FreeSeas. 2 Shells claiming to be Greek "shipping companies". In fact, these 2 shells are money laundering vehicles for NITE/VIRT,Buckman Reid, Dawson James,Deutsche Bank, Credit Suisse, Hanover/Magna, Crede, JSJ, Alpha Capital Anstalt, Asher, AGS etc etc.
In NewLead, a shell where the CEO is also a Deutsche Bank Investment banker arrested for fraud and corruption in Greece and Cyprus. In 2013, commodities trader TransAsia filed a massive lawsuit alleging blatant and egregious fraud. What happened next: The grossly corrupt SEC facilitated theCEO, his wife, associates, and their 75 shell entities scattered across the globe to dump and launder more than $200 million in physical certs on the investing public. The SEC and FINRA approved dozens of reverse splits in NewLead that helped facilitate this fraud and money laundering. Wiping out Main Street investors. Capital destruction on a massive scale.Of course, NITE was a top trader in NewLead as this fraud was taking place. ALL of this activity took place with the TransAsia fraud suit in the public domain and the SEC in possession of my TCR. NewLead conceded guilt in the TransAsia suit but that STILL wasn't enough for the SEC to shut it down. In addition, Mary Jo White and Andrew Ceresney firm Debevoise was also involved in perpetrating this fraud on Main Street.
So, after laundering more than $200 million in physical certs (a clear AML red flag) and millions in abusive naked shorting profits for NITE/VIRT at the expense of Main Street investors, NewLead has gone dark on its filings. Damage done. SEC CYA.
The same fraud is taking place in FreeSeas. Real Time. Many of the same players. Plus Greenberg Traurig. With my TCR in hans for several years, the SEC facilitates and perpetuates the massive fraud on Main Street. This process is evident in literally hundreds of NITE/VIRT top traded shells.
This lates pr stunt by the SEC is yet another example of the SEC's gross negligence in executing its mandate to protect the investing public so that large market participants like Mr Redfearn's former employer J P Morgan and its customers like NITE/VIRT can reap massive profits at the expense of Main Street.
Cheers
Christopher Diiorio
SEC Filing
https://www.sec.gov/comments/265-31/26531-4502426-175975.htm
Subject: File No. 265-31
From: Christopher J Diiorio
Affiliation: Whistleblower
October 10, 2018
Brett Redfearn SEC Dir Trading and Markets at SIFMA October 2018
"If a company is a dark company and listed in the OTC market and hasn't put out financials in six months, maybe it shouldn't be quoted to retail investors."
Echoing Jay Clayton and Hester Peirce.
More lip service. This isn't "fishing with dynamite". This is CYA as well as an amazing admission that the SEC continues to side with criminal entities like Knight/KCG/VIRT over their stated mandate of protecting the investing public: Main Street
Mr Redfearn joined the SEC from the criminal Bank J P Morgan. The same J P Morgan who looked the other way as Madoff ripped off Main Street investors for a decade+. The same J P Morgan that rejected 4000 worthless securities pledged by Knight on the heels of the Aug 1 2012 "trading glitch" but looked the other way when it knew exactly what a fraud the Knight balance sheet was. The same J P Morgan that pledged $1.6 billion in financing for the VIRT acquisition of KCG.
Yes, Mr Redfearn and his former employer J P Morgan are well aware of the core business at NITE/VIRT: Abusive naked shorting OTC shells to facilitate money laundering.
Mr Redfearn, Ms Peirce et al KNOW FULL WELL that this latest pr stunt does absolutely nothing to protect "Main Street" Because shells go "dark" on SEC filings only AFTER their massive fraud has been perpetrated.
I filed separate but related for 2 NITE top traded shells: NewLead Holdings and FreeSeas. 2 Shells claiming to be Greek "shipping companies". In fact, these 2 shells are money laundering vehicles for NITE/VIRT,Buckman Reid, Dawson James,Deutsche Bank, Credit Suisse, Hanover/Magna, Crede, JSJ, Alpha Capital Anstalt, Asher, AGS etc etc.
In NewLead, a shell where the CEO is also a Deutsche Bank Investment banker arrested for fraud and corruption in Greece and Cyprus. In 2013, commodities trader TransAsia filed a massive lawsuit alleging blatant and egregious fraud. What happened next: The grossly corrupt SEC facilitated theCEO, his wife, associates, and their 75 shell entities scattered across the globe to dump and launder more than $200 million in physical certs on the investing public. The SEC and FINRA approved dozens of reverse splits in NewLead that helped facilitate this fraud and money laundering. Wiping out Main Street investors. Capital destruction on a massive scale.Of course, NITE was a top trader in NewLead as this fraud was taking place. ALL of this activity took place with the TransAsia fraud suit in the public domain and the SEC in possession of my TCR. NewLead conceded guilt in the TransAsia suit but that STILL wasn't enough for the SEC to shut it down. In addition, Mary Jo White and Andrew Ceresney firm Debevoise was also involved in perpetrating this fraud on Main Street.
So, after laundering more than $200 million in physical certs (a clear AML red flag) and millions in abusive naked shorting profits for NITE/VIRT at the expense of Main Street investors, NewLead has gone dark on its filings. Damage done. SEC CYA.
The same fraud is taking place in FreeSeas. Real Time. Many of the same players. Plus Greenberg Traurig. With my TCR in hans for several years, the SEC facilitates and perpetuates the massive fraud on Main Street. This process is evident in literally hundreds of NITE/VIRT top traded shells.
This lates pr stunt by the SEC is yet another example of the SEC's gross negligence in executing its mandate to protect the investing public so that large market participants like Mr Redfearn's former employer J P Morgan and its customers like NITE/VIRT can reap massive profits at the expense of Main Street.
Cheers
Christopher Diiorio
Bertsos made enough money to buy his own Greek Island and retire, grow olive trees and make olive oil.
Bertsos made $4.5-6 million (as per 20F)
Interesting concept. Pay yourself a high salary, pocket the money and run.
Let the company evaporate, leaving investors holding the losses
https://www.sec.gov/Archives/edgar/data/1174672/000172186818000310/f2sbstn20f041218.htm
On August 22, 2016, the Company entered into an executive employment agreement with Mr. Antonios Bertsos, the Company’s Chief Executive Officer, Chief Financial Officer and member of Board of Directors. Upon the occurrence of a change of control as defined in the executive employment agreement with Mr. Antonios Bertsos, the Company shall pay to Mr. Antonios Bertsos a lump sum cash amount equal to twenty times the sum of his then-current base salary and pro rata portion of any annual bonus, if any, in U.S. dollars, within 30 days following the effectiveness of the termination. Mr. Antonios Bertsos’ current base salary is $1,500,000 (refer to Note 12).
Bertsos had a good teacher and mentor - Michalis Zolotas a/k/a Michael Zolotas
Zolotas indicted and facing charges in Cyprus
Zolotas facing lawsuits in the United Kingdom, New York, Monaco, Greece, Bermuda
SEC filed lawsuits against his business associates
On the vessel NIKIFOROS
Bertsos was CFO of "NEWLF" and Board Member with Michail Zolotas
SEC Files Order to Show against NewLead Holdings
SEC Administrative File No. 3-18786
Seems like Zolotas is failing to respond, co-operate with the SEC
Accordingly, Respondents are ORDERED to SHOW CAUSE by March 21, 2019, why the registrations of their securities should not be revoked by default due to their failures to file an answer and to otherwise defend this proceeding. When a party defaults, the allegations in the OIP will be deemed to be true and the Commission may determine the proceeding against that party upon consideration of the record without holding a public hearing.
If Respondents fail to respond to this order to show cause, they may be deemed in default, the proceeding may be determined against them, and their securities may be revoked.
Upon review of the filings in response to this order, the Commission will either direct further proceedings by subsequent order or issue a final order resolving the matter.
https://www.sec.gov/litigation/opinions/2019/34-85268.pdf
SEC Files Order to Show against NewLead Holdings
SEC Administrative File No. 3-18786
Seems like Zolotas is failing to respond, co-operate with the SEC
Accordingly, Respondents are ORDERED to SHOW CAUSE by March 21, 2019, why the registrations of their securities should not be revoked by default due to their failures to file an answer and to otherwise defend this proceeding. When a party defaults, the allegations in the OIP will be deemed to be true and the Commission may determine the proceeding against that party upon consideration of the record without holding a public hearing.
If Respondents fail to respond to this order to show cause, they may be deemed in default, the proceeding may be determined against them, and their securities may be revoked.
Upon review of the filings in response to this order, the Commission will either direct further proceedings by subsequent order or issue a final order resolving the matter.
https://www.sec.gov/litigation/opinions/2019/34-85268.pdf
Interesting to say not the "owner of the vessel"
Not surprised - usual scam with Greek Owners.
Sell to a company and sign a lease-back agreement
You create a management company who earns management fees
You pay commission on the sale and the lease-back arrangement to an "arranger" company
The asset has disappeared
The proceeds pay current management expenses - maybe even their salaries and management fees
The management company belongs to management - one removed - never declared to the SEC
The "arranger company" belongs to management or his wife - one removed - never declared to the SEC
A transaction such as this has 10-20% leekage from the asset value
INVESTORS are the losers
CREDITORS have not assets to sell to collect
If you remember the infamous former NEWLF Chief Financial Officer - Antonis Bertsos. Currently runs BSTN - Boston Carriers.
Seems he is running the same business model as NEWLF at BSTN.
Press releases, Promissory Notes, same agreements
You should read the SEC filings - BSTN agreements mirror image of NEWLF
Only time we will tell if we see the collapse of BSTN - No filings since July 2018
https://www.sec.gov/cgi-bin/browse-edgar?company=boston+carriers&owner=exclude&action=getcompany
That would be great - I guess time is on our side
Greek authorities deregister trio of Zolotas companies
Licences withdrawn from NewLead subsidiaries for failing to provide filings on their activities
https://www.tradewindsnews.com/finance/1761819/greek-authorities-deregister-trio-of-zolotas-companies
Greek authorities deregister trio of Zolotas companies
Licences withdrawn from NewLead subsidiaries for failing to provide filings on their activities
Harry Papachristou
Three companies linked to beleaguered former shipping player ¬Michael Zolotas have officially ceased to exist in Greece.
Local authorities have deregistered Newlead Shipping and Newlead Bulkers, two shipmanagement outfits that featured Zolotas as their legal representative.
Newlead Shipping was set up in 2007 as the Piraeus-based arm of Panamanian entities within Zolotas’ NewLead group. Newlead Bulkers was formed in 2010 as an arm of a Liberian entity in the group.
Greece’s shipping ministry said in a document that it withdrew the com¬panies’ licences because they had failed to provide any filings on their activities.
A third company deregistered by Greek authorities is Stamford Navigation, which was set up in 1995 by Michael ¬Zolotas’ estranged wife, Chryss¬anthi Giara, and his brother, ¬Panagiotis.
The three delistings complement a picture of outright collapse around the former owner. NewLead group had already abandoned its Piraeus offices last year, as TradeWinds reported. Shortly afterwards, the US Securities and Exchange Commission (SEC) suspended the trading of shares of NewLead Holdings, his formerly US-listed outfit, for failing to file documents on time.
Last November, Piraeus Bank foreclosed on a Zolotas-owned property worth €420,000 ($494,600), to recoup part of a €568,500 debt. The bank ultima¬tely bought the property at auction, TradeWinds is told.
Another online auction of Zolotas’ assets was scheduled to take place in October. It involved a house clearance, with assets including furniture, air conditioners, utensils, carpets, a home cinema, porcelain dolls, paintings, icons, cutlery, a ¬microwave oven, a coffee machine and even a model of a former company bulker valued at €100.
Zolotas is cited as being a resident of Monaco in the auction ¬papers filed to an official Greek website in November, but that is no longer the case following legal action this year.
His apartment in the princi¬pality was foreclosed on by the creditor bank for non-payment of the mortgage. The €3.79m net ¬proceeds from the sale were seized by TransAsia Commodities, which is enforcing collection of $22.3m owed in damages by Zolotas, NewLead group and its key subsidiaries.
Similar proceedings are underway in Greece and in New York, where TransAsia is involved in ¬litigation to seize Zolotas’ Manhattan apartment.
London-based TransAsia filed a civil case for breach of contract in December 2013, seeking compen¬sation for a failed agreement to buy 110,000 tonnes of coal from NewLead JMEG, a coal-mining joint venture with NewLead group. The coal was never delivered.
Former associates
Meanwhile, two of Zolotas’ former business associates have been named in a complaint by the SEC in relation to NewLead group’s coal-mining activities.
Through their company Pallas Holdings, defendants Kautilya “Tony” Sharma and Perian Salvi¬ola were issued fake promissory notes by NewLead group as consideration for the shipping company’s purchase of Pallas-held coal-mining assets in Kentucky, the SEC claimed.
The notes were then sold on to investors, netting $6m for Sharma and Salviola, a portion of which was then kicked back to NewLead group, according to the complaint.
Zolotas did not respond to a request for comment.
Bertsos was CFO of "NEWLF" and Board Member with Michail Zolotas
https://www.tradewindsnews.com/finance/1761819/greek-authorities-deregister-trio-of-zolotas-companies
Greek authorities deregister trio of Zolotas companies
Licences withdrawn from NewLead subsidiaries for failing to provide filings on their activities
Harry Papachristou
Three companies linked to beleaguered former shipping player ¬Michael Zolotas have officially ceased to exist in Greece.
Local authorities have deregistered Newlead Shipping and Newlead Bulkers, two shipmanagement outfits that featured Zolotas as their legal representative.
Newlead Shipping was set up in 2007 as the Piraeus-based arm of Panamanian entities within Zolotas’ NewLead group. Newlead Bulkers was formed in 2010 as an arm of a Liberian entity in the group.
Greece’s shipping ministry said in a document that it withdrew the com¬panies’ licences because they had failed to provide any filings on their activities.
A third company deregistered by Greek authorities is Stamford Navigation, which was set up in 1995 by Michael ¬Zolotas’ estranged wife, Chryss¬anthi Giara, and his brother, ¬Panagiotis.
The three delistings complement a picture of outright collapse around the former owner. NewLead group had already abandoned its Piraeus offices last year, as TradeWinds reported. Shortly afterwards, the US Securities and Exchange Commission (SEC) suspended the trading of shares of NewLead Holdings, his formerly US-listed outfit, for failing to file documents on time.
Last November, Piraeus Bank foreclosed on a Zolotas-owned property worth €420,000 ($494,600), to recoup part of a €568,500 debt. The bank ultima¬tely bought the property at auction, TradeWinds is told.
Another online auction of Zolotas’ assets was scheduled to take place in October. It involved a house clearance, with assets including furniture, air conditioners, utensils, carpets, a home cinema, porcelain dolls, paintings, icons, cutlery, a ¬microwave oven, a coffee machine and even a model of a former company bulker valued at €100.
Zolotas is cited as being a resident of Monaco in the auction ¬papers filed to an official Greek website in November, but that is no longer the case following legal action this year.
His apartment in the princi¬pality was foreclosed on by the creditor bank for non-payment of the mortgage. The €3.79m net ¬proceeds from the sale were seized by TransAsia Commodities, which is enforcing collection of $22.3m owed in damages by Zolotas, NewLead group and its key subsidiaries.
Similar proceedings are underway in Greece and in New York, where TransAsia is involved in ¬litigation to seize Zolotas’ Manhattan apartment.
London-based TransAsia filed a civil case for breach of contract in December 2013, seeking compen¬sation for a failed agreement to buy 110,000 tonnes of coal from NewLead JMEG, a coal-mining joint venture with NewLead group. The coal was never delivered.
Former associates
Meanwhile, two of Zolotas’ former business associates have been named in a complaint by the SEC in relation to NewLead group’s coal-mining activities.
Through their company Pallas Holdings, defendants Kautilya “Tony” Sharma and Perian Salvi¬ola were issued fake promissory notes by NewLead group as consideration for the shipping company’s purchase of Pallas-held coal-mining assets in Kentucky, the SEC claimed.
The notes were then sold on to investors, netting $6m for Sharma and Salviola, a portion of which was then kicked back to NewLead group, according to the complaint.
Zolotas did not respond to a request for comment.
New Auditors: Fruci & Associates II, PLLC (“Fruci & Associates”)
http://www.cpab-ccrc.ca/en/firms/Pages/Details.aspx?FIRMID=spe7lg0QW9%2B5gJ/ZNFccww%3D%3D
https://pcaobus.org/Inspections/Reports/Documents/104-2016-068-Fruci.pdf
https://www.sec.gov/Archives/edgar/data/1174672/000172186818000310/f2sbstn20f041218.htm#a026_v1
Item 16F. Changes in Registrant’s Certifying Accountant
On January 29, 2018, we dismissed Ligget & Webb P.A. (“Liggett & Webb”) as our registered independent registered accounting firm. The decision to change our independent registered public accounting firm was ratified by our Company’s board of directors.
On January 30, 2018, we engaged Fruci & Associates II, PLLC (“Fruci & Associates”) as our new independent registered public accounting firm, effective immediately, for the year ending December 31, 2017. Neither we, nor anyone on our behalf, consulted Fruci & Associates during the two most recent fiscal years and any subsequent interim period prior the engagement of Fruci & Associates regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our financial statements, and neither a written report nor oral advice was provided to the Company that Fruci & Associates concluded was an important factor considered by us in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a “disagreement” or a “reportable event”, each as defined in Regulation S-K Item 304(a)(1)(v), respectively.
BSTN filed its 20F on April 20, 2018
Today is April 25, 2019. Either the 20F is delayed or maybe no 20F filing this year.
Not a good sign
https://www.sec.gov/Archives/edgar/data/1174672/000172186818000310/0001721868-18-000310-index.htm
Bertsos was CFO of "NEWLF" and Board Member with Michail Zolotas
New Lawsuit in London, United Kingdom
Case no. is CL-2019-000129
Claimant: Piraeus Bank
Defendants: Michail Zolotas / Grand Anemi limited / Grandunion Inc
BSTN business model same as NEWLF - NEWLF has died
https://cyprus-mail.com/2019/04/17/court-told-of-link-between-focus-and-pay-out-to-ex-cbc-head/?hilite=%27focus%27%2C%27maritime%27
Let's see if BSTN files its 20F. Needs to be filed very soon!!
Bertsos former CFO - NEWLF [ NewLead Holdings Ltd ].
Newlead Holdings has not filed a 20F for 3 years or so. Maybe Bertsos will follow in the same manner ????
That is if the company has money to appoint Auditors
You are correct !!!
The[y] sold the ship. And......?
And ......... !!!!!!
Blank ..... blank ..... blank ..... !!!!
Zero ... lots of zero's ..... !!!!
Nothing !!!!!
Your comment does not make sense
"This company is so undervalued and who ever is selling today is going to find out here shortly how cheap they sold their shares".
Company valuation is based on:
(1) current and future earnings;
(2) liquidation value of assets
Earnings are negative. This company has negative earnings - hence negative valuation.
This company has no assets - only liabilities - hence negative valuation
Wake up and smell the roses
You are saying "Material change event coming".
Are you saying the SEC complaint will implicate Bertsos.
If one reads the complaint, one can conclude Bertsos filed false affidavits with the New York Supreme Court.
Need to watch the court filings in the Southern District of New York
https://www.sec.gov/litigation/complaints/2019/comp24403.pdf
https://www.sec.gov/litigation/complaints/2019/comp-pr2019-13.pdf
20F should be coming out soon - maybe in 10 days
Have you thought of communicating within him in Greek
Maybe he is a better communicator in Greek
Échete skefteí na epikoinoneíte mésa tou sta elliniká
Ísos eínai kalýteros epikoinoniakós stin ellinikí glóssa
Interesting you say that: Bertsos is not the only CEO who has gone radio silent
Zolotas - CEO of NewLead ("NEWLF") has gone silent
Bertsos - CEO of Boston ("BSTN") has gone silent
Same with Freaseas ("FREEF") also gone silent
Maybe communications to Greece have been disconnected!!
Maybe the communications cable between New York and Greece has been cut
If you cannot write in Greek you can use Google translate
Question - are you sending the email in Greek? Maybe they cannot read or write in English
Piraeus Bank SA v. NewLead Holdings Ltd.: Restoration Petition
Petition in Piraeus Bank SA, of Greece v. NewLead Holdings Ltd. at Bermuda Supreme Court.
Plaintiff(s): Piraeus Bank SA
Defendant(s): NewLead Holdings Ltd.
Date: February 20, 2019
Sector: Banks & Trusts;Litigation;Public Companies
Case Number: 2019 068
https://www.offshorealert.com/piraeus-bank-sa-v-newlead-holdings-ltd-bermuda-lawsuit.aspx