Moving the Shrimp to Fiji, if the plan works.
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Do you think they figured it out yet?
Sounds rock solid. LOL
Well I'll be dipped!
I show quotes and trades today.
ALL HANDS ON DECK!
I don't know what will happen when the OTC torpedo hits, but if this Message board sinks, I wish you all the best of luck in your future endeavors.
I have very similar concerns. I'm not stupid.
You have to wonder if anybody up there in elitist land did a background check on B saw red flags which were ignored?
I'm not saying they did. It's just a question. Thinking out loud.
This enforcement tactic leaves much to be desired.
I think the main reason is they are incompetent. Pennyland is full of crooks and scams. "To protect the small investor" they need to reduce the number of ticker symbols available for scams and reduce the visibility of their failures.
Never mind that this scam was listed on the New York Stock Exchange and touted by the big boys.
I got a message from my broker about the rule change. It affects more than just Box Ships. It changes the whole pink to grey transition, and these "zombies" will likely only be traded by brokers, etc. No quotes/trading will be available to the hard working people who owned them for years. Aren't they special?
296,000 shares common
about 21,000 preferred.
as of today's close.
Container index is going through the roof.
Shanghai Container Index
If somebody doesn't get moving before the deadline, we will miss the boat.
Good work. Looks like we have a deadline.
On 6/22 he said "They are ready to go" Now he says they are preparing the case. Which one should we believe?
I'm sorry for your loss. I would like to know more about what happened to Tadlock. Chu was always quiet. It would be interesting to hear from him. I had some large holdings in the common. They pretty much took me out flat and I loaded the preferred to replace it. The "Lawyer" is supposedly working on a contingency recovery. I still think whatever he does will benefit the preferred shares more. Common has to hit 10 cents on a buyout with the current A/S allowance. Change in ownership could change that, and dilute even further. Then the preferred could be converted and eliminated leaving the P holders as the majority owners. I don't have any idea how/if this "Lawyer" intends to address the equity/debt of the preferred. He seems to ignore it, and blissfully post ignorance.
There was some talk of cancelling B's preferred Which might make me a primary majority holder, but it was just "some talk." Just talk. Lots of talk, no actions to speak of.
I think you mean Allseas, but that's a different company with no shares on the market. SEC could do nothing about that.
I don't remember if they ever did any business in the US, except selling shares. They serviced some small islands with smaller ships, IIRC.
And without any ships they can't do any business anyway.
I wish I knew. I anticipate it will trade as a zombie stock unless some action triggers a review. They filed the 15-12, and they are a foreign company. The SEC could act, but it is less likely that US authority has any merit.
Over 3 weeks without a post. Swift legal action.
As it turns out, my associate landed the grant after all. We're going to have a few million dollars to put to work in the near future. I have to switch gears and focus on the algae, but the money might justify the change.
As I see it, if we don't grow enough algae to make gasoline, we will still be able to feed the shrimp. It's a win-win with some free money.
Blink, and it's gone. The rate at today's bid raises to near 9000 to 1.
I think the 10 day average is the number used.
Which brings us to my position. One might be willing to sacrifice his "standing" as a common holder to restore the company for the preferred holders, especially if one holds some of the preferred shares (knowing the approximate conversions and knowing that there aren't many other likely ways to receive any benefit from them)
I would prefer that B retained his position and was able to get loans for hundreds of millions to create a substantial new fleet, thereby restoring the value of the preferred shares. I consider that less likely every day that passes without him restoring ownership of the "old" ships to the common. I applaud the effort to "ask him gently" to do so, which is being pushed by certain shareholders.
On the bright side: This weeks price gains reduced the conversion rate to closer to 5000 to 1, from the 8000 to 1 I was using.
Did you read those pages? Class C was entitled to vote for 2 directors 120 days after the Dividend Default. That's probably about the time that the other directors resigned. They didn't carry out the terms. Defaulted completely, and effectively liquidated the company without paying anyone, or as some have said: "They stole the ships"
Most remedies to the current situation are useless. The conversion ratio of the preferred shares grows daily at about 25% per annum. Liquidate? you owe the money. Buyout? You owe the money. Any Change of control or payout? You owe the money. You passed the redemption date, and are in default. Preferred shareholders are entitled to vote in two new directors, and by the way, you owe the money.
edited. see next post.
I could be wrong in several ways, but I think Tadlock would be "deemed" an insider, and cash compensation without a notice of such to shareholders would leave him in the same boat as B.
I disagree, but lack any background in this objection. I think it was legal. What I think was illegal, was taking the ships without some sort of conversion of his preferred or returning some compensation (more than $1 for each ship) to TEU. Equity in Allseas, for instance, would be a typical structure. In fact, he showed a receivable, as well. So there was a cash enumeration, too.
I appreciated the effect of your plan, which involved forfeiture, and potentially would give me control, at least for a few days.
You are correct, if he still owns them. It is a great paradox and is called a "poison pill" or approximates one. AFAIK, the moves are and were legal. A greater paradox is created if shareholders revolt with ownership of the common majority. It seems unlikely that B retained control of those based on knowledge that his last reverse split failed.
So if somebody wanted to trigger the pill, they could take control of the company via common, and convert their preferred immediately. IIRC, the conversion is "optional" to the holder, and who ends up with control, and for how long is the question.
I went over this "make believe" scenario: The preferred I own, would control more than half the company if I was able to be the only one converting. "I heard" that B sold a large number of his preferred but I can't verify that. I would still have to negotiate some sort of compensation for the other preferred holders so they don't convert.
The total comes to tens of millions, and though I like my business plan, I just don't see it gaining "that much" popularity and credibility without major support from other holders of either class and probably some Wall Street bankers as well.
Didn't McGuire already take those first steps? Why do we need to take the same failed steps?
I reviewed the prospectus of the Preferred Shares, and I see the future of the company. It will be owned by the preferred shareholders at a conversion rate of 8000 to 1, approximately. Unless your action is speedy, or you can negotiate with them, the ratio just gets worse for common every day. If the common price goes lower, it gets even worse faster.
I hold a minimum of 2% of the preferred. Hurry up and get my ships back.
I don't recall seeing any serious liquidation of the preferred so I suspect we are sitting with some big investors like Vanguard and Fidelity, etc.
If the Lawyer gets B & Cronies to surrender theirs, and return the ships, we need to find a good CEO. I'll leave that up to the funds if they step up.
We're just spinning our gears. Probably nothing will happen.
Today, being Earth Day, it might be relevant to expound. Carbon Sequestration is one of the keys to economically reverse the effect of Carbon emissions. One of the difficulties of biological sequestration is the amount of arable land and fresh water available. Our solution is to put seawater on otherwise non-arable land and grow algae. The DOE wants us to convert the algae to gasoline, and has specified production goals. There are numerous other ways to use the algae.
Many environmentalists expound on forest planting, and it seems a bright idea until you recognize how much fresh water is required. Seawater is plentiful and my technology uses very little freshwater, though it does use some. Both the trees and my shrimp can use recycled water, in fact both benefit from it. Trees sequester carbon until they decay, or they are burned. Shrimp oil would have a shelf life comparable to wood products.
Too bad we cant edit old posts. You could change the word to "eccentric" and I would be more than happy to agree 100%.
As one of my customers put it, I could "Open Source" the technology and then 3 million of my "closest friends" could stop Global Warming. It would take a massive effort, and tons of cash, but we believe it can be done.
Some of my customers grow coral reefs in their living rooms, just in case "you guys" screw up the natural ones.
Thanks. My work has been dedicated to restoring the environment, not harming it. Wacko is often the word I use to describe some environmentalists, but that's the price we pay. "Tree huggers."