Box Ships Inc (TEUFF)

[Toxic Avenger]

other than in a liquidation, there is no "priority", so really, priority goes to the preferred in all cases.
If they got money, it would be very challenging to keep that away from the preferred shareholders and certainly any profits earned would first go to paying back loans then next to accrued preferred dividends.

I can understand the frustration with the current BOD and management, but no one can fix this unless they come in with their own millions to invest, and in that case, they'd be better off starting their own company and hiring whoever they liked from TEUFF or any of the other struggling shippers and not taking on the burden of TEUFF's common and preferred shareholders.