Paragon Shipping Inc (PRGNF)

[doglover1]

Taking short term profits out of oil, copper and gold and thinking of putting some of it in worldwide shipping industry, as ALL the stocks in this class are certainly bloodied, totally out of favor, and quite a few actually in the 'penny' stock category. Always totally swore off the 'pennies' but thought I'd take a flier with some of these (no more than 2 thousand shares each).

Upon checking them all out this one looked interesting until I read they were in the process of selling six of their ships to pay off outstanding debt on them. According to my information source (Scottrade) that would only leave them with 4 ships. Checking other places on this company, none of them mentioned the sale of the 6 ships.

Is that correct? Scottrade is not exactly the best source for up to date information on penny stock companies.

I did purchase some EGLE and GNK. Those both look a little scary, too, but not quite as scary as this one. Appears there is a real shake out going on in this industry with probably not too many eventual survivors........Appears most of the stocks in this group are on the verge of having one foot in bankruptcy and the other foot on a banana peeling......