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They completed the sale of 6 in November.
The song "Anticipation" comes too mind. I will be sleeping quite well, but some won't.
Shorts seem to be very worried about earnings on Tuesday.
Part of sec rules.
Kalani has already dumped their shares. If they still owned shares, they would have to file that they own x% amount of shares. They never did that.
They just can't seem to keep it down today.
Ah, reminds me of my Cornell U days.
Net-man is spot on with his numbers.
AH made quite the comeback, actually, to close flat.
Battle at $4.08 for some reason.
Me too. DRYS is selling for less than cash on hand.
Not so. The rule changed several years ago, but many want it reinstated.
Try after 8 am
My wife was born in Bridgetown. There's nothing like the Victorian homes in Cape May.
That is special to be able to surround yourself with good people.
(Sorry for your Loss)
Good to see. After few posts from you during the day, I thought you and your entourage left us.
The correct O/S is 36,253,870. They have over $70m in cash also, besides the $200m they got through the latest dilution.
Yes. That is how he got rich at thestreet.
Cramer also told everyone to get off margin at last February market's low (the day before the market reversed and never looked back). He has been wrong so many times.
Well we're all here to try to make money on this confusing stock. GLTU
I tried my best to tell you your numbers were way off.
Nice article. Thanks.
But DRYS has enough cash to pay off debt, if they chose that route rather than buying new ships.
Is that lawsuit still active? When was the last entry?
Forward that to GE, just to remind him.
So these 4 VLGCs could possibly be sold for a profit before we take ownership.
Dad2: Since that time, they sold 6 ships, negotiated deals with banks(they accepted far less than what was owed), sold $100 m worth of shares in to the market(completed), are now almost through with $$200 m sold in to the market. This gave them plenty if cash, but decimated the share price.
Great information, but what was the final outcome?
Read the PRs in December and January.
No need to liquidate when DRYS has more cash than debt right now. Read the filings, add up the cash before the dilution plus the cash from conversion. People don't file bk when they have more cash than debt.
Another good story from you though.
Too bad it doesn't apply here, as assets(cash and ships) are worth much more than the debt. But that's what shorts do best:deceive. That was quite the story you came up with.
Read the 6-k and prospectus on 6/20/17.
107,934,530 shares before the 8/1 split. divided by 8 = 13,491,816 shares starting Monday.
To reach the $200 million dollars, there was $69.1 m left (that's dollars, not shares). Shares and dollars are not the same.
So say the average share price was about $4 this week and got the entire $69.1 m dollars, we added about 17 million shares, giving us a total 31-32 million o/s.
Ash: You forgot to divide the 108 m o/s by 8 (reverse split).
Get em!
That might all be true for companies that have more debts than assets. By the time this latest dilution is done (very soon, if not already finished), their numbers will as follows:
$165 million worth of present ships
$335 worth of VLGCs
$200 m of debt
Net value of $300 m.
The 4 VLGCs income will be $40 m a year, easily paying the debt of $17 m a year. Current ships' income is gravy when considering the VLGCs will cover the debt with money still left over.
Hardly a company that is going out of business. The ugly part of restructuring is over. There is money in it for people that can stop looking in the rear view mirror.
Usually the 6k and prospectus have been visible by now(Fridays).
We'll need more jail space.
I definitely think the $200 m should have been raised (especially after today's volume).
Gee, I thought you were long some time ago. Fooled me.
We don't know if it's the truth yet. Don't believe everything you read.