Box Ships Inc (TEUFF)

[munhoi]

here is my take on TEUFF situation as it stands today:

1) yes the entire note was completed 90% previous Friday and finished this Monday with the company updating the information not until Oct 24 on the OTC site

2) the CEO and BOD in Mr. Chu's opinion attempted to steal the company right under the common shareholders for the benefit of the CEO's private affiliates which includes Allseas and the entity Teige that owns a major stake in the preferred ie 22%

3) Mr. Chu however pressured the previous BOD , the current BOD to stop the anti-fiduciary acts and what he viewed as SEC violations against the common shareholders almost to the point of litigation but short of it.

4) The CEO failed on the proposal to put in a damaging reverse split and Mr. Chu along with fellow shareholders then blocked the reverse split with Mr. Chu attempting to get on the BOD of Box Ships until their lawyers complaining he was violating SEC rules without filing a 13D

5) in the past 2 months Mr. Chu has pounded the BOD and CEO again with on not taking actions on using some of the funds from ships sales held at Allseas and accounts receivables owed Box Ships that Mr. Chu claims needs to be re-invested in Box Ships ie ship leasing, buying ships, signing more ship management contracts etc. and including returning a lot of the funds either thru using them for leasing ships or buying ships etc. and even the proposal again to merge the assets of Allseas and package it as new equity to increase equity value of Box ships and also to raise capital the legitimate way without ANY dilution

In My VIEW only now that the CEO and BOD being pushed by MR. Chu to allow the equity value to build again without trying past methods to essentially just taking money from shareholders to help build back his private affiliates business what Mr. Chu called transfer of wealth scheme in his view of course

I believe the BOD and CEO may finally listen to Mr. Chu and build back the company the right way - yes as simple as it sounds is to let the equity share prices go back up without them interfering and driving it down to take the cash

I believe he finally as tried ALL of THAT in the last 3 years failed at it miserably and will legitimize the business again going forward

Let me assure you this is not at the good hearts of the BOD and CEO - this is thru the battering of Mr. Chu and his failed attempts and branding himself and the company as a company plagued by self interests that have bordered on what MR. Chu had believe were severe violations of SEC regs that if not incorporated in Marshall Islands they would have been doing the Perk Walk

as a result - in my view only - we will soon see an about face with potential position actions coming from the CEO and BOD now that schemes and thievery is stopped and a real desire to rebuild the business in the right way should IMHO be coming

I think the worst is finally over for TEUFF - and if the BOD and CEO does indeed put in the positive actions Mr. Chu has been pushing this stock could be a very big winner going forwards

Let see how this plays out - as in most of these cases things have to hit ROCK bottom first before they rise from the ashes thru the hard work of people like Mr. Chu who would not give up and allow the CEO and BOD to further take advantage of the common shareholders anymore

I believe some optimism going forwards is now in order - IMHO this has a long long ways to go back up now - you have to be patient a little longer but after 3 years without any good news
it may well be finally coming - my Gut feeling finally gave me the rebound is near for this company - and I haven't felt it for 3 years now - but I believe its finally going to happen

with no debt no outstanding liabilities except preferred dividends - the companies bad attempts to steal the company given up due to MR. Chu - I believe we finally have a winner here going forwards - this may be a good one