Moving the Shrimp to Fiji, if the plan works.
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LOL, if it's dilution from Kyros, they are making money. They purchase at 65% of VWAP. Is it legal, IDK? Is it offshore? Most likely.
Yes, I'm glad you found that. CPER is an ETF, which represents Copper Contracts. You get the contango/backwardation stuff, so the chart is almost meaningless. It's all about owning/trading the copper, not the fund.
What's your thought on CPER. I'm long. Been trading it in and out. MM taking chunks on every trade.
It plays into biotech, BTW. My biotech requires a lot of pumps. Electric pumps have copper windings.
Borrowing at these rates is great. I bought TMV, to hedge the rate. Now, what should I buy? I don't want to live that nightmare you spoke of, so I'm not buying SPY.
I only need 30.5 million more shares to acquire the whole company.
I need the ships.
Tulipomania.
I am seeing 100 shares traded. I'm up 14K woo hoo. I'll be down 8K on the next tick.
Smart man. I don't want to inundate them with requests, but a few hubbers would be good.
I don't hide my skepticism of posters.
"Everything is true on the internet" -Thomas Jefferson
Nice move. TEUCF is up 220%. Usually a good sign for common when the preferred recovers. Could be just a head fake. It should be trading above $10, easy.
Did they answer the question? What is the current OS?
I'm not sure if Rule 144 applies, but I know that dilution will be legal in early October. I'm not sure if Magna is under that regulation, because of the conversion.
OTOH, conversion isn't really dilution. They are wiping out the obligation on Preferred shares.
It's a can of worms. If you guys sort it out, let me know.
5 million shares is 15% of the last published OS. That's a lot of The volume of shares of other companies on the OTC has no bearing on our volume.
I got the feeling he is associated with "MAGNA EQUITIES I, LLC," but I could be wrong.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11237476
Might just be a stink bid to lend moral support for longs.
If he gets hit, he will own more than 4.99% of the shares, I am guessing.
According to the most recent public data. That's what the law says, AFAIK.
1,564,027.75 is 5% of 31,280,555
I rounded up to 1.57 million.
As I read the law, dilution doesn't count until it is published.
We should start seeing some filings. It's way to easy to get that many.
I don't know when the anti-takeover provision kicks in, but you need to file a 13g if you have more than 1.57 million.
If you look at the history of the company, TEUFF is a spinoff, and they share the same CEO. Apparently he is good and cut and paste.
He's not very good at transparency. The conversion of the Class C should have wound up in the past few days. That would seem an important issue to finish up on.
IMHO, he should have announced the results of the Class C exchange/buyback. The 120 days are over, AFAIK.
I've seen 4 baggers from fluff. Especially in the MJ industry. Too bad he didn't announce a shipload of MJ.
I have a feeling I'll be selling you shares for 3 cents by the close.
Box Ships Issues Letter To Shareholders
"ATHENS, Greece, July 11, 2016 /PRNewswire/ -- Box Ships Inc. (OTCQX: TEUFF), a global shipping company specializing in the transportation of containers, today released a letter to shareholders. "
Blah, blah, blah, and so on, and so forth.
That's one of the drawbacks of running this game. He and the CEO need to consider the people they will injure if they dilute at these levels.
And meanwhile, the price could rise substantially before Kyros even has a window of opportunity. Stuck at 4.99% maximum holdings.
It's a standard criteria. They don't become "insiders" or "affiliates" by law. I'd still be kicking myself, and very open to re-negotiation of terms.
An agreement with Kyros to change the terms of the toxic note turns it Gold.
Kyros still holds all the cards, but I would be kicking myself if I signed something that said I could only own 4.99% of the company right now and had the cash to buy 20%.
Copper Futures are up 4.3 cents as I post this.
A rebound in commodities helps the shippers.
Lloyds is predicting a 4% increase in shipping for the year. It's not a full blown recovery, but I'll take it.
My basic plan is to divert the ships to another use. It's currently cheaper to sail your furniture around the world than it is to put it in the local mini-storage.
It's a serious problem, and the company needs to address it to pay the bills and keep the lights on.
Swings and flips have been good to me for the past few weeks. If we get too many horses at the trough, it could cut into my gig.
I'm looking to let you guys pay for most of my shares, so watch your back, ok.
It they don't stick to the terms, they can be sued. No "net short" is specified in the Note agreement.
Under the terms, they can only hold 4.99%. If the regs work, they get one shot before the six months to guess a bottom.
Interesting Reading:
https://www.sec.gov/divisions/corpfin/guidance/rule144interp.htm
The holding period for the notes can be tacked to the holding period on the shares under Rule 144(d)(3)(ii) only if the exchange “consist[s] solely of other securities of the same issuer.”
My concern is the signing of the paper. What kind of idiot makes that agreement? He's running the company. Might need a better CEO to run it.
If they don't default, and Rule 144 is a valid application, then dilution is minimal.
Two chances: Slim and None. Slim is hanging around watching the show, for now. When he leaves, I leave.
If anyone in my employ signed an agreement like that, I would suggest therapy.
Your first dilutions should be closer to 97% of market, if you have half a brain.
TEUFF does NOT have toxic dilution.
The usual fear with toxic dilution, is not BK. As long as they can find a market for shares, they can pay their debts. BK becomes less likely, and the common gets diluted until it is worthless and can't be sold anymore.
As somebody mentioned, the company usually puts out a lot of PR to help the "finance community" with marketing more shares. Sometimes you get price gyrations on the PR. The game is far from over. I don't think they even sang the National Anthem yet.
You can trade it, it's just a blind bid/ask. I bid $5.50 last week and got them for $3. LOL.
Enter the order and see if your broker accepts it.
OTC website is showing the common shares O/S. Simple mistake. Just read the filings.
Preferreds don't usually vote unless they fail to pay dividends, or there is a conversion offer, etc. I'll have to do some reading on this one. I just want my money, dammit.
There are less than a million Class C shares outstanding. It's in the filings. Your source is reading it wrong. About $25 million in a debt/equity hybrid.