Moving the Shrimp to Fiji, if the plan works.
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It's actually a very small research project in my back yard, but I grow and sell "Brine Shrimp" to tropical fish stores. It requires algae growth, which is how carbon is sequestered. The Shrimp eat the algae, and can be pressed into oil products. My associate and I just passed on a $3 million grant from the DOE to grow algae. There were too many strings attached. Our oil is composed of Omega 3 and Astaxanthin, like Krill Oil. Far too valuable to make gasoline with it, as the DOE expects.
That would make it more interesting. I was thinking "cancelled" putting the remaining preferred holders in a very prestigious position. If your scenario played out, and TEUFF share price rose, the conversion rate would drop accordingly.
The exact number can be calculated based on the formula in the prospectus.
It changes based on the Market Price of TEUFF on the date the conversion is executed. I'm just estimating because the interest rate calculations are not in my spreadsheet. I'm not sure I could even write the code, but somebody could do the math and come up with an accurate number.
My guess is about 8000 to 1 if the "share cap" has reached $40, and the price of TEUFF is locked at .005. "Share Cap" increases daily at an annual rate which cannot be more than 25%. If my estimate is close, it would be $50 a year from now. 6 payments in arrears was the first default date. Interest rate has increased since then. The company also defaulted on the redemption date last year.
My plan is related to, but not Shrimp Farming, per se. I actually had a patent to clean large bodies of water and to deter Global Warming via carbon sequestration. I just discovered another detail which may utilize large ships to enhance my technology, and happened to be a frustrated owner of this stock at the same time. The technology I discovered has greatly improved the output of my shrimp farm as well.
Just sayin.
And if your Lawyer gets B to forfeit? How many votes would my 80,000,000 common shares get toward deciding the company's future direction?:
So, in theory, if I got enough common holders to adopt my crazy plan, we could change control, and get the other preferred holders to fish or cut bait.
Temp has a Shrimp Farm and a crazy idea to repurpose the ships, but wants to negotiate with preferred holders who would control the company in the event of any "change in control." Unless we expect B to control the company behind bars, or continue to control it after being sued for everything, I would consider the logical end to the effort.
Just ballparking the numbers, but if my shares were converted to common, I would own about 80,000,000 common. If there is any change of control, it would be my option to convert, and the option of other preferred holders to do the same.
I read the prospectus again and did some math. "The company" ie. the Common shareholder et al currently "owes" the preferred holders about $40 million (rough estimate), and if the common shareholders change control (via this lawsuit) the preferred may be converted to common at the preferred holders discretion ie. voting rights and all.
As far as those vulture capitalists who converted the preferred to common on the deal with B, I seriously doubt they were buddies, just opportunists. Any "buddies" who cashed out were likely influenced by publicly released downgrades, sold at market prices, lost a lot of money and caused the major drop in value.
I don't see any problem with a success fee. The only honorable thing to do would be to deal with the preferred shareholders first. Has the Lawyer looked at that? Maybe a full conversion to common, or something like that?
You're probably right, but it will look good if there is a table. I don't see any table at this time. I just see a trading opportunity once in a while. The way this trades on most days, it would take someone a long time to grab that many shares at a reasonable price. I have the cash to buy more, but the bid has been higher than I am willing to pay for the prospect. It dropped enough recently to get some of the shares back, but not enough to return to my old base.
It looks like the MM sold the first batch higher (he bought from me), as I did my second batch, and has returned to reload as well. (Indicated by the size of the bid.)
So if somebody brings a table, I'll be happy to sit in back of Mr's Chu and Tadlock. You might see me at the trading table if I double my money again.
My strategy is to structure a deal and avoid lawyers as much as possible. I want to promote my Shrimp Farm, and grow some investors. Let me know if you get Tadlock and Chu on board or a large participation from other sources. I haven't actually grazed the evidence files, or viewed B's responses, so if you can compile it, put it together and I'll take a better look.
I control almost 400K shares today.
I'm not sure what to do. I got another 100 K yesterday. I sold them a few weeks ago and booked some profit. I'll spend it on my shrimp farm or maybe on the preferred. If you guys can get the ships back, I have a plan to repurpose them. It's a crazy idea worthy of a patent so disclosure would be counterproductive at this time. I think its worth a fortune, maybe several fortunes. Control of the company wouldn't cost much. Getting the ships back could cost a lot. Getting the listing back would also cost a lot. Paying off the preferred shares would cost about 25 million unless you get the owners to negotiate or can purchase them at recent prices. I probably shouldn't post these cryptic messages. Somebody might think Box is crypto and try to overstate the bid.
I'm sure everyone is impressed by his Big 10K shares on the bid.
Just so you know: MM went around my AON yesterday and apparently took all of those "cheap" shares. I took the order off the table when he didn't turn it over for a quick profit. I would guess he's trying to sell them now. Best of luck, buddy. Long term hold is more likely than turning it.
So, I'm sitting here playing a computer game and occasionally checking market futures. I get a pop-up notification that you responded to me.
Isn't technology great?
What are the charges? I think wire fraud is five years, and stock fraud is four but that is US law. I looked it up after you asked.
This Link describes various financial crimes in Greece but I didn't see any limitations on time. I just skimmed it quick. You might find them.
If there are no time limitations in Greece, it would indicate high expectations of character.
A few months ago, I briefly searched Marshall Islands law, and the site I went to said it basically follows US. It's not the kind of "Tax Haven" for criminals that one would conduct "money laundering" from but might prove to be otherwise. Box is a Marshall Islands corporation for registering the ships.
There is no time limitation on character. Like I said, very strange that nothing came of the McGuire letter. OTOH, IIRC Tadlock sells used cars, Character might have played another role.
If his companies are making any money, he is in a great position to take over Box/Paragon and use the tax loss carryforwards. Maybe he doesn't pay tax. He doesn't seem to pay anybody else. Right now I'm going to hold on and see if he does what he said. Maybe he told McGuire something like that and they backed off? IDK unless somebody reports it. It seems odd that nothing came of that letter.
Good volume today. Too bad I didn't have my AON order in. Nobody has been hitting the ask side hard enough to justify the purchase for me. Without news, be holding that bag again.
It's more of a notification to shareholders than an ad. I suppose he could just ask the company for a current list of shareholders, right?
The newspapers treat it like an ad, and want you to pay them for it.
I did think about it. The "old ways" required a circulation figure from the newspaper. The Times used to sell a lot of papers, and met the the requirement easily. Google Ads might be able to handle it and get the word out. Securities Lawyers know how to do it. They've been doing it for a hundred years.
I think the standard procedure is to publish a full page ad in the NY times, and ask for investors to participate in the legal action. IDK, I'm going on memories of past disputes.
In more modern times, a web page might do the trick. Does this "Greek Lawyer" have one?
AFAIK, Box has no ships, no employees, and no revenues. I wouldn't call it open.
Maybe he is running it under the radar? Worst penny stock CEO ever. I think even "dark" companies can issue press releases. Probably have to be really careful to do it. Best to discuss it with a Lawyer.
He must have a good one. Those preferred conversions to common were pretty sophisticated.
It's the thought that counts. I hate to be so old fashioned, but how about snail mail? AFAIK, the Postal Service still works even with Covid, and everything. I might have to try it myself. The company address still looks functionable.
I see that the business model is turning in some sectors of shipping. I want to ask if he is still considering reopening the company and has looked for any government assistance "due to the virus," LOL.
I am trading my "Box Coin" when trades are effective. Volume looked good today but price was mid-range. No profit there unless he turns the company. Buy high, sell higher?
I agree. I think the building was on the Box balance sheet, but my recollection isn't that great.
I put some orders in for S&G. AON. Nobody sees them but me and the funny guy.
McGuireWoods LLP address and webpage are in the post. Maybe you could ask them what happened?
I can think of 25 million reasons to do it, but it wasn't my money.
Interesting. I wonder if the bankers on Wall Street knew that when they loaned him $25 million (and more.)
So my skepticism is warranted? Well don't that beat all?
I like my "Box Coin" like it is. No value, but tradable.
I could do without the MM shenanigans. I'd have 70K shares on both the bid and the ask if he wasn't going to hit me with a hundred share trade to get my broker commission. I think I might revisit the AON strategy, and put them there for S&G.
WOW! He converted all the ships to liquid bulk and moved them to England?
Pardon me if I'm skeptical. What was the name of that law firm?
All of the bored members get to vote with their wallet
How about "bored member?" It sounds just the same. I got a new plan.
We call these shares "Box Coin"
All of those NFT's, and we got stuck with this one.
Our value sure has changed over the year. We could have had Bitcoins, but we got this. Not really complaining, but I am still putting profits into the Shrimp Farm, and buying shares back when I can.
Non-Fungible.
Sure is quiet in here.
The bid disappeared. Was it something I said?
You see, he paid off the debt on all of the ships, because shorty prevented him from getting any funds from the capital markets. The bid fell out on the stock and the normal funding fell apart. Robin Hood comes in and squeezes the shorts, and the funding becomes available again.
Too late? Yeah, probably. Going dark allowed more time and reduced expenses.
It ain't over 'til its over.
I would go with a Marshall Islands lawyer, because these aren't Greek companies. I prefer to avoid the ambulance chasers altogether and would rather see a takeover where the new management takes any necessary actions.