DryShips Inc (fka DRYS)

[Giovanni]

From Today's WSJ:

The waters are getting choppier for bulk carrier DryShips Inc. The Securities and Exchange Commission subpoenaed the Greek-owned, New York-listed operator, the WSJ’s Spencer Jakab reports, looking for information tied to the company’s huge sale of stock over recent months. DryShips disclosed the demand at the end of its quarterly earnings report, suggesting new clouds are forming over Chairman George Economou’s attempts to raise money as the company issued some $700 million in new shares over the past year. DryShips used the proceeds of the offerings to acquire 17 vessels, including five controlled by companies associated with Mr. Economou, who earns management fees on the company’s fleet. DryShips has been one of the most volatile companies listed on a U.S. stock exchange over the past nine months and has attracted numerous private lawsuits. The stock deals helped the carrier ride out a downturn in the commodities business and come out of it with more ships and a bigger share of th