Box Ships Inc (TEUFF)

[ivfk]

I think the CEO's strategy is to convince all preferred shareholders to convert their preferred share (722,000) at a price of $3.90 per share while diluting the common shareholders. Once the conversion is done, he will be the only preferred shareholder left and can then buy a majority stake of the common for next to nothing. After that I anticipate all kinds of positive news to come out but not until the conversion is done.

The CEO currently owns 22% of the preferred shares and I can not blame him for wanting to get his $25 original investment back (plus accrued interest).