Moving the Shrimp to Fiji, if the plan works.
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Does Tadlock have much experience with Stinky Pinks, or is he "really" an investor? Just asking.
There was a spike in the Harpex last year, but it's back to near depression levels. Owning ships still might not be the best business plan.
http://www.harperpetersen.com/harpex/harpexVP.do
It's not a formal dissolution or liquidation (called BK), but the effective action is a mirror of it. The creditors got a portion of their money back, and all equity was lost. The business model was a failure. The officers got paid their salaries, perks, and parachutes, and moved on to new jobs. What remains is just a shell, with a seemingly unlikely receivable. BTW, the cheap money window is closing. Bond prices are dropping. If anybody wants to borrow money to buy ships, they better get it quick.
The legalities are a can of worms. Do you know the BK proceedings for Marshall Islands? I sure don't. I did participate in a company that was "winding up" in Bermuda. Winding up is what they call BK in Bermuda. We (the shareholders) got nothing from it. Some Swiss bankers took everything and left us with nothing. I think a group of preferred shareholders who bought the fire sale prices got something. They often have a preference on payouts, you know?
The Box preferred has a preference on takeovers but not on liquidation. That's probably why they haven't forced a winding up. If they had, there would often be legal recovery on assets sold to affiliates, etc. That's for the preferred, though. Not much help to the common. I'm guessing that any recoveries or legal remedies for the common would initiate a "change in control" to the preferred, and trigger full payment of arrears, which is all they are entitled to. Again, leaving common with only the prospect of creating a going concern from the shell.
I think most of the fleet was turned into scrap metal. Allseas did a little cherrypicking, and maybe there is some recovery on the ships they took. It's a bit late for the legal action, AFAIK.
I thought they were still managing three ships that they don't own? It's hard to keep up without any reports or news releases. Boogaloo needs to use the OTC news service and get the word out if/when things develop.
I couldn't find any filings that show Neige International liquidated any of their holdings. Just the ones that show they bought. Since Boogaloo is/was a controlling shareholder, they should be there. Window on the cheap money is closing. Bonds just fell off a cliff.
I could be wrong, but IIRC, companies that Boogaloo owned were the major holders of the preferred shares. That's about $22 million in losses that he and his closest associates took. I don't know that they paid full price or anything, but I'm pretty sure it was a big hit.
Maybe that's why I'm so confident that he is applying to lenders? His parachute is more lead than gold if he doesn't find a lender. It's just lost money.
The amount of investment required to rehabilitate the business model would make the preferred like pocket lint. A minor expense. It's time to go big or go home. Maybe the lenders want a new captain? His years of experience didn't get them through the last storm. I can understand some reprehension. Give me names of his replacements so I can research their qualifications.
Hell, I might even be willing to pay more for it if we negotiate a deal. Currently, I'm happy with ownership of part of the equity, and a fraction of the parachute.
Yeah, filing is a burden, and an expense. He can't get rid of the shell, because transfer of control would make the preferred instantly payable. He owns the preferred, and hopes somebody will take control and pay him off. It's a golden parachute if anybody wants to provide the gold. It's a poison pill for any shell buyer. Putting the company back into compliance would also be a burden.
OTOH, if he wants to sell all of his preferred to me for a penny, I might bite.
I have to think he saved the "carcass" for a reason. Still has the notes payable, IIRC. OTOH, Don't see any rush to get them paid.
I think the banks took a big hit on the ships. There were a few articles on the last few sales, and it sounded like they did. Creation of new funding could be tough.
I don't know. It's all speculation. I know that I don't know a lot of things. I didn't even know he was a ship owner. I thought he owned everything by proxy, ie. through mostly failing stock certificates. <<<---That's sort of why I think he needs to get funding. All of the ships he "owned" at Box were funded by banks, and he had to sell them to pay the old debt. The company boasted that they bought and sold ships at one time. When the crunch hit, there was nobody left to sell them to. Bad shipping market destroys the market for ships. At the lows, they could have repurposed all of the ships for floating public storage. It was cheaper to ship your household goods around the world than it was to put them in your local public storage unit.
AFAIK, we have a brief respite in the interest rate hikes. What he needs to do is secure the funding. Then he can buy the boats. I'm putting my bets on short bond funds while I wait for it. It's a hedge to insure the loans at the right rate. Today, I'm unwinding some, as I suspect rates to lower for a few days, maybe weeks. Captain Boogaloo needs to get lenders on board.
Time is running out. Interest rates are rising. Boogaloo needs to get his ships together, but as I said before, this business model sucks. Might be better to find a shell buyer, and put a newer technology on the Nasdaq. It will be hard to find a buyer who wants to handle the implications of the Preferred shares outstanding.
Bid support is a tad better now.
I do hope that Captain Boogaloo can pull it together, but I'm not that confident.
I sold 2% of this company at 18 cents. Bought about ten times as many near the current price and own about 2% again after dilution. I think I'll pass on that advice.
Bid support is moving up awful slow. I guess the seller is just glad to be out.
If I buy 10K at .0024, I need .0038 to sell them at break even. $7 commission on both sides.
That's why nobody is buying them, too. I suspect that a lot of the action is brokers selling from a short term account to a long term, or vice versa. No shares are really changing hands.
If he puts 10K on the ask at .0024 I won't even bite. We will look twice if he shows 150k.
I was bidding, but the MM hit me with 200sh on a bid for 80K. The commissions on such trades will eat you alive. Best to slap the ask when it comes down if the size is big enough.
This whole business model is screwed. They used to ship big items called televisions and computer monitors and desktops from Asia to all over the world. Now you got all those flat screens, laptops, notepads, and itty bitty phones. Massive drop in tonnage which revenues are based on. Even light bulbs got smaller. You can get LEDs to replace the bulky ones.
Most of the buys were mine until a couple weeks ago. I have a boatload, but it's all speculation. I don't know anything except it is a shell, and I need a shell.
Edit to add: I am trying to avoid owning over 4.99% of the shares. I hate filings and I love to trade. Did I mention that I'm a Shrimp Farmer? A few years ago I envisioned a fleet of ships to farm on the open sea. I bough a bunch of this crap because I thought it was cheap ships. He sold all the ships and I was left holding the bag. I sold that for 10x what it's worth now, and recently bought some back.
I am hoping that Captain Boogaloo can find the funding to get back on the ocean.
I looked at the insider trading laws, just in case I do find a good shell to exploit. There are a few loopholes. Planned trades are an effective way for CEO's like Boogaloo to buy shares before he cuts the deal. Without any prospective deals in the works, he can load up and then find a partner. Another loophole I found was inurement. If profits on an insider trade inure to the company, it's no harm no foul. All shareholders benefit by such a transaction. For instance if the trades are purchases with the intent of retiring shares, etc.
It can be real tough to get the NDA signed. You need to get those commitments. The legend on this one is pretty clear. I have no knowledge of this NDA. I'm just a shrimp farmer.
"Buying or selling this security on the basis of material nonpublic material information is prohibited under Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 10b5-1 thereunder. Violators may be subject to civil and criminal penalties."
Source:Formerly Known as PinkSheets.com
They must be real good at keeping secrets.
The ask dried up. Nobody with any quantity is selling.
LOL. I should have looked at the article. TEU is a vessel capacity. Not TEUFF.
https://globenewswire.com/news-release/2018/11/06/1645697/0/en/SFL-400m-Lease-Financing-for-4-x-14-000-TEU-container-vessels.html
I was going to buy a few shares anyway.
My streamer shows a few trades in March. September the previous year. Not really "trading" but at least quoted.
Are you sure that's not 4 million? 400 million would make us millionaires overnight. A couple pennies for 4 million, AFAIK. Penny a share would be nice.
That's what I thought about the Form 15. I really liked this company when they were farming mushrooms. Then the CEO handed out shares like candy. I dumped it after that, but bought the other one he handed over to someone else. That one got suspended, IIRC.
Interesting. I just saw your post. Too late. Should have been filed before a suspension. I think I own over 5% of the Company. Would love to see a rehab job by the guy who owns most of the other shares.
Nevermind, was probably the other company fka CDBH. Same CEO. Different (scam) I think I let go of my CLAD shares b4 SHTF.
LOL I'm in. I'm out. Expensive speculations.
She could hurt the company more than help. Her politics are angering some people. She's not a great actress, either.
Does anyone think it's strange that Allseas HQ is the same address as Box Ships?
I see it trading under a new name, if the CEO ever commits.
Allseas owes "us" money, and needs a vehicle to go public. Perfect RM scenario. They "own" a number of vessels. Probably haven't paid for any of them.
I'm back.