Box Ships Inc (TEUFF)

[ivfk]

The banks at this point have no other choice than to forgive large portions of this outstanding debt. They also have a vested interest to get the supply and demand problem under control. There are over 5,000 other greek ships on the oceans that carry 'over inflated' mortgages in excess of 400 Billion dollars. At today's rates, the banks maybe able to recover 10%. Are you proposing that the banks should force the entire Greek Shipping Industry into bankruptcy?

In terms of the Preferred Shares. Yes, they will eventually have to pay the accruing dividend but there are only 916,000 outstanding shares and 25% are owned by the CEO of Box Ships.