Box Ships Inc (TEUFF)

[tinojax]

nightbengal,

This is what I see happening............

I don't know all the legal ramifications but I believe Mr Boogaloo is trying to get his preferred stock's accrued interest and/or the company's $2.7M in receivables for himself.

Mr Boogaloo does not want this company to survive. There is no dept so bankruptcy is not an option.

His preferred stock interest is only payable from company profits therefore his preferred shares are worthless if there is no company. Upon closure of the company what is left of the receivables will be distributed to the common shares as the $2.7M receivables is owned by the common shareholders. This currently works out to 92 cents / share.


Mr Boogaloo has been trying to initiate a massive 5000/1 reverse split (after an unneeded 50/1 reverse split last January?) which will drive the price down even further allowing him to convert his preferred shares to common shares at pennies on the thousands of dollars.

Mr Boogaloo will then have controlling interest in the company and can do what he likes without the common shareholders approval as he will own most of the common shares.

AND THEN....Mr Boogaloo will be the prime beneficiary of the $2.7M receivables (due to his overwhelming common shares balance) when he decides to close down the company.

Actually, I believe Mr Boogaloo will allow the company to be bought out by one of his other companies ........ probably the one/s that owe Box the $2.7M.

WHAT A SCAM!!!!

Mr Boogaloo's actions are NOT in the best interest of the common shareholders and he will be sued for lack of his fiduciary responsibility.