Box Ships Inc (TEUFF)

[munhoi]

in the published financials they have total assets of $2,875,705 and total liabilities of $2,631,360 which includes $1.99 million of unpaid dividends with a net positive equity of $244,345

which is very good for a company that previously had under water assets to debt when the ships pricing crashed

if you look at most Shipping companies they actually have negative shareholders equity & its actually much worse since they have not written down the market price of ships yet


so BOX balance sheet is very strong on that basis

remember they are not in liquidation status because they have no senior bank debts or bonds or covenants that can be breached since there are no senior debts they all got paid off and settled

the problem is because of the inept CEO he wiped out 1/2 billion worth of assets ie the Stock used be as high as $200 a share as well

the BOD wants free money from shareholders - they can however get traditional financing - they might say they can't because they want OUR shareholders money free not thru a bank etc.

this is a very sketchy BOD and Management - that's why we need to get rid of them

they need to enhance shareholder value thru running it properly not thru RS etc.