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"Activists-R-U"
There is hope but probably only through a lawsuit IMHO.
Remember, boogaloo has deep pockets being the fourth richest Greek shitter in the world. We can be a large Bougainvillea thorn for our Boogaloo! LOL! Bougainvilleas for Boogaloo! That's my new mantra.
Boogaloo should really try to get Box rolling again but there is obviously only self interest when boogaloo "Illegally" divests his preferred shares through his cronies. Then boogaloo plans to keep the $2.7M receivables when we all give up.
WE WILL NEVER GIVE UP boogaloo !!!!!!!!
It may not be criminally illegal but it is definitely civilly illegal due to the anti fiduciary nature of the transactions.
Damn boogaloo !!!!!
The preferred shares were NOT converted, they were SOLD.
Box bought these shares by issuing a promissory note due in one year.
WHY ARE THESE NOTES ALLOWED TO BE CONVERTED TO COMMON SHARES IN LEW OF PAYMENT OF THE NOTE???
This tactic seems totally illegal according to the rules Box established to convert preferred shares to common shares.
DAMN THAT BOOGALOO !!!!!
If all loans have been closed out what are the latest notes?
I believe these are phony notes to boogaloo cronies to facilitate conversion of boogaloo preferred shares.
It would be really interesting to find out who those "unrelated third parties, (the "Holders")" are.
How can a company issue convertible notes without board approval since this action promotes dilution?
What will the company use to pay off these notes if the Holder decides to keep them to their 1 year maturity and collect 127.5%? Will our common share receivables be used to pay them off?
Damn that boogaloo !!!!!
Thanks for the rally cry Munhoi!
One good thing about issuing notes to buy back preferred shares is they no longer are due the accrued interest (I would assume).
Any idea how many preferred shares have been redeemed and how many are left?
AND.......how is Box able to buy those shares? What funds are they using? I sure hope it's not the $2.7M inm receivables due.
Damn that Boogaloo !!!!!!
Count me in as well. Would love to see a Boogaloo in a striped suit!
anti fiduciary shenanigans
Luck has nothing to do with it.
......KARMA......
Mr. Boogaloo and cronies will get their just rewards one way or another.......BELIEVE ME......
I would guess the "unrelated third party and holder (the “ Holder ”) of 25,588 preferred shares" is actually one of Mr. Boogaloo's entities.
That would be his M.O.
Looks like a lawsuit is going to be sooner than later......too bad for Box.
WOW....this sounds exactly like money laundering.....with stocks
There must be a law against this.
As said, it is DEFINITELY anti fiduciary.
At least Mr Boogaloo is being forced to convert at a more expensive rate.
Bless his dark soul.........
That's exactly what I am saying........
quote:
"Since the shares will be sold to retail before being converted, there's no "change of control" unless one entity buys 51% of the O/S. "
According to the "bylaws?" preferred shares CANNOT be converted unless there is a "change of control".
It looks like someone (Mr. boogaloo and/or his cronies) is breaking the law.....for the SECOND time now.
Besides law breaking it is totally anti fiduciary!
Good thing Mr. Boogaloo has deep pockets. His Cronies better be ready to pony up as well...........
So, MR. Boogaloo sells his (or are these NEW issues?) preferred shares to his cronies who convert them piecemeal to common shares.
I was under the impression this conversion could only happen with a "change of control" in the company.
Has there been a "change of control"?
It was really nice to see the 15K shares bought for .0155 this morning at 09:30. that buy has seemed to prop the pps up all day so far despite the low volume/price sales.
So if this is what is happening (my guess) we, the common shareholders, need to get the pps UP somehow. This will at least cost the Boogaloo Cronies more $ resulting in less shares.
Anyone know how can we stop the low price/small batch sales from depressing the pps?
Sell what first?
The holder has a $80K convertible note that FIRST needs to be converted to shares piecemeal.
That would mean convert first, then sell, then keep doing it until the note is fully converted to shares.
My guess is Mr. Boogaloos cronies are helping him buy up those converted note shares so he can gain controlling interest in the company. This is what he tried to do at the last board meeting with a possible 1000/1 reverse split in order to convert his Preferred shares at a deflated price thus eventually gaining control of the company.
I figure Mr. Boogaloo feels the $2.7M in receivables are owed to him and this is the only way to get it.
Mr. Boogaloo is probably very POed that he wasn't able to get the R/S done and now Mr. boogaloo is hell bent on completing that task one way or another.
Mr. Boogaloo has been blinded to the consequences of his actions and will pay in the end.
Mr. Boogaloo has a lot of disposable income to make this right either voluntarily or by force. He should be concentrating on rebuilding Box instead of lining his pockets.
Time will tell how this turns out.
I'll never invest my money in a Greek again! They are all KROOKS.
This is the way I see it going down.........
The Holder now has a ~ $80K note which the Holder can convert up to ~8M in common stock (@ the current $.015) only converting less than 5% per conversion transaction. Holder then sells shares to divest and is then allowed to again convert less than 5% of shares at current 21 day price.
This scenario is what happened the previous conversion/dilution!
I've been watching the Level 3 Montage and there are MANY small sales at .0111 that seem to be keeping the price down. This looks like serious price manipulation to me to allow the Holder to purchase shares at a deflated price.
But why? These Holders cannot own more than 5% at any time. Is Mr. Boogaloo buying these shares for himself to gain control of the company?
I sure hope Mr. Chu and Mr. Tadlock can get to the bottom of this.
Yes, I agree there is hanky-panky going on...........
Excerpt from the 6k:
On December 19, 2017, Box Ships Inc. (the “ Company ”) entered into an exchange agreement (the “ Exchange Agreement ”) with an unrelated third party and holder (the “ Holder ”) of 25,588 shares of 9.00% Series C Cumulative Redeemable Perpetual Preferred Shares issued by the Company, with each share having a liquidation value of $25.00 per share, for an aggregate liquidation value of $639,700 (collectively, the “ Preferred Shares ”), pursuant to which the Holder agreed to exchange the Preferred Shares (the “ Preferred Shares Exchange ”) for a $73,970 principal amount convertible note (the “ Exchange Note ”). The Preferred Shares Exchange closed on December 22, 2017.
The Exchange Note will mature on December 19, 2018 and will not bear interest, except upon an event of default, as set forth in the Exchange Note.
The Exchange Note will be convertible into the Company’s common shares, par value $0.01 per share (“ Common Stock ”) at a conversion price equal to 60% of the lowest volume weighted average price of the Common Stock during the 21 trading days prior to the conversion date (the Common Stock, as converted, the “ Conversion Shares ”). At no time will the Holder be entitled to convert any portion of the Exchange Note to the extent that after such conversion, the Holder (together with its affiliates) would beneficially own more than 4.99% of our outstanding Common Stock as of such date. The Exchange Note contains standard anti-dilution protection.
Brilliant observation!
Thanks for the info Munhoi!
It appears Mr. Tadlock means business.
And it appears he has the means to mean business.
A quick google search of Travis Tadlock several weeks ago revealed he has been involved in other bankrupt companies. I didn't dig very deep to ascertain the degree or reason for his involvement. I thought it could possibly be nefarious. I now see I was wrong. He may have gotten involved in Box for personal gain but it should help the rest of us recoup our losses.
Small quantities of cheap trades are keeping the PPS down. From what I see someone is offering small amounts of the stock for sale at around 1 cent and these are being bought by someone.
Who in their right mind would by 5 shares and 3 shares (bought today) when the low price stock charge and trade fee will make the cost around 30 cents per share?
And the seller is charged the same fees as well????????
DOES NOT MAKE SENSE !!!!!
I can only guess it's short's manipulation to keep PPS down until they can divest.
Yes, I can feel it in my bones. I have had an open (cheap) buy order that has failed to fill for over a week now. It would have filled 3 weeks ago. Ya snooze ya lose. It's only going up from here.
Wow!
"At this point, we wish to remind you , that Mr. Bodouroglou had tried to meet with you in NY in the past and you explicitly denied to meet with him.
Nevertheless we are more than happy to meet with you or any other Company’s shareholder anytime, in an effort to address any issues or concerns you may have."
OK then, maybe we should ask Mr. Boogaloo to meet us in San Francisco or Los Angeles, or Seattle. Then claim (as he has) that he explicitly denied to meet with us when he becomes a no-show.
I'm all in for the San Francisco meeting! Anyone else want a meeting with Mr. Boogaloo?
Time to write a letter requesting a meet!
Don't know. Haven't spent the time to dig deep enough. Could be a rich mofo trying to make some $? Hope so!
There is some very interesting reading if you google " Grady Travis Tadlock, III "
I can't determine how this affects Box but it is interesting...........
Nice! Thanks for the post!
Mr. Boogaloo has PLENTY of assets that have been pilfered from Box. His total net worth should entice any lawyer to take the case.
On the contrary ..... "stolen" and "pilfered" have nothing to due with "legal"
I believe Mr. Boogaloo technically "sold" the assets to his Allseas company.
Others are having a hard time obtaining the specifics of those transactions.
It will all come out in court.
Mr. Boogaloo owns many or most of the preferred shares.
Mr. Boogaloo is owed MANY $ of interest on those preferred shares once the company starts making money again. No profit, NO payment of owed interest.
Mr. Boogaloo has no desire to have the company be profitable as he has already stolen the ships and other assets for his private company Allseas.
Mr. Boogaloo covets the $2.7M in receivables due Box as replacement for his worthless preferred shares.
Mr. Boogaloo was trying to convert his preferred shares to common shares via a 10,000/1 reverse split AND a "change of control" in the company.
Mr. Boogaloo was SO SAD when the common shareholders spoiled his plans.
Mr. Boogaloo somehow converted a note to 26 million in common shares. (It's a good thing there wasn't a 10,000/1 reverse split before he converted !!!!!)
Mr. Boogaloo has seen most of his BOD resign for fear of litigation then jail then poverty.
Mr. Boogaloo has many $ in personal (and pilfered) assets to make the common shareholders whole again.
Mr. Boogaloo ...... I know you are reading this post.
Mr. Boogaloo ...... I think you are in BIG trouble !!!!!
Unless you change your ways MR. BOOGALOO !!!!!
Being a noobie investor I don't understand a lot about the workings of the market.
A question ..... what happened to the 26M shares from the note conversion? The note holder would have had to sell 95% of the proceeds or file a 6k.
Those shares may be the manipulating shares if they were sold to Mr. Boogaloo's cronies.
At least 17 investors had to buy them to prevent a 6k filing.
Am I on the right or wrong track?
After reading this article ....
https://seekingalpha.com/instablog/11442671-gerald-klein/3096735-anatomy-of-a-short-attack ....
I can only conclude that Mr. Boogaloo and his cronies are naked shorting this stock to eventually obtain control of the company through purchase of a majority of shares on the cheap so they can then restore the company and reap the benefits.
Since dilution has been nixed by the shareholders what better way to drive the price down than by selling counterfeit shares. Remember, the shareholders shot down Mr. Boogaloo's attempt to execute a 10,000/1 reverse split so he could exchange his preferred shares for 10,000 times more value.
So now Mr. Boogaloo and his cronies are diluting with counterfeit shares to obtain the same results. Whether the last dilution via note conversion was legal may be determined by a court of law as well as the accounting on stolen ships.
This company CANNOT go bankrupt as it has NO dept and still has outstanding receivables of 2.7 million dollars.
Currently this works out to at least 8.5 cents / share. It used to work out to more than 85 cents/share before the last dilutive note conversion.
Mr. Boogaloo and his cronies are Bastards!
I hope they die as paupers ...... SOON!
Yes I see, had to open up the ORF data .
Complete access directions would have saved me (and others I'm sure) some time.
Thanks??
OK, thanks for the info.
NOW, how about providing a link to a legitimate site ???????
THANKS!
Naked short info...........
http://otcshortreport.com/company/TEUFF
I would not be surprised if the CEO is running the naked shorting scam.
BASTARD!
I could not access the naked short text files but am po'd that this is happening.
Who is selling these non-existent shares? It should be illegal and the sellers should be prosecuted.
What happens if all these shares cannot be delivered?
BASTARDS!
OK, I did the same (put all my shares up for sale) although I don't have nearly 1M shares.........but every little bit helps!