here is the latest Letter from Stephen M. Chu to the Box Ships BOD. As promised I told Mr. Chu to fight to get them to not ignore you if you try to meet with them in Greece as well:
November 17, 2017
Letter to Box Ships Board of Directors
Board of Directors
Box Ships – TEUFF
15 Karamanli Ave, GR 16673
Dear Board of Directors of TEUFF Box Ships
As you are aware Stephen M. Chu is a major Box Ships Shareholder owning over 5.0% of Box Ships TEUFF common shares.
Over the past (12) twelve months he has sent numerous requests to your management team and Board of Directors on how to restore the Company’s short term and longer term success and what needs to be addressed to contribute value to the common shareholders.
There is a huge valuation gap that has not been realized due to lack of actions by the Board of Directors and anti-fiduciary acts that have caused an inefficient re-capitalization restructuring against the TEUFF common shareholders thru toxic financings, serial dilutions , serial reverse splits and looting of the spoils of Box Ships thru transfers of valuable TUEFF assets to Allseas.
There has been a non-delivery of the publicly stated intention to restore value back to the common shareholders of TEUFF once a more positive shipping cycle has returned and it has returned. There has been zero follow-ups to the common shareholders letter promising these actions.
Inefficient re-capitalization structure thru dilutions has caused great harm to the equity values of Box Ships turning TEUFF share prices from over $400 pre-split per share to barely one cent per share as of today – this is unacceptable.
The conscious decision to hold all of the cash on the Company’s balance sheet at Allseas the CEO’s private affiliate while management continues to dilute the common shareholders are anti-fiduciary acts that have destroyed the equity value of every common shareholder even though the Company had the flexibility to consider alternatives that would have enhanced the market value of TEUFF share prices. This were anti-fiduciary acts against the common shareholder.
The Company had and still does have sufficient financial flexibility to execute appropriate strategic transactions as they arise but fails to do so and instead has held over $23 million dollars of cash from the sales of Box Voyager and Box Trader at Allseas as well as $2.7 million of unpaid receivables owed to Box Ships
Without re-investing them back for Box Ships operations.
The publicly stated intention thru the letter sent out to every common shareholder to restore value needs to be executed now.
It would meaningless to continue to dilute the value of the common shareholders which is not supportive of any recapitalization plan structure that benefits anyone except the CEO’s preferred holdings thru Teige International Inc. and to steal the company from right under the common shareholders. This is due to a lack of ethical Corporate Governance and zero Corporate compliance by the TEUFF BOD and CEO.
Frankly all that has mattered to the past and current BOD and CEO are their private affiliates financial success at the detriment of Box Ships common shareholders success which are considered anti-fiduciary acts against the same common shareholders that the BOD and CEO supposedly works for.
We are convinced that re-investing in the future of Box Ships requires that the stolen assets taken by Allseas and Teige International Inc. needs to be returned and re-invested in Box Ships immediately in order to build a strong cash flow and re-optimize the Box Ships balance sheet again thru the purchase/leasing of new ships and additional ship management contracts to generate positive EBITA again for TEUFF.
Despite management’s past blunders and thievery we believe the BOD and CEO can still make amends with the common shareholders outside of future litigation by pursuing the requested “ Shareholders Resolutions Requests” outlined in Stephen M. Chu’s letter dated November 10, 2017 to the TEUFF Board of Directors. Pursuing these requested “Shareholders Resolutions Requests initiatives” we believe by the Box Ships management and Board of Directors immediately will unlock significant value for both the Company’s common and ultimately the preferred shareholders.
We are happy to meet with management and/or the Board of Directors to discuss our views. We have a common shareholder currently out in Athens Greece willing and ready to meet with your management staff at your Corporate Headquarters at 15 Karamanli Ave, GR 16673 Greece once the floods subside this weekend. She has been reaching out to all your staff at the corporate offices every day for the past week attempting to set up a meeting face to face to determine what actions will be taken and how soon it will take- ie the acitons as outlined in Stephen M. Chu’s November 10, 2017 Shareholders Resolutions Request Letter requesting the BOD to Re-invest and Unlocak the Value of Box Ships. Mr. Chu has yet to receive a reply and our common shareholder representative currently out in Athens Greece has not gotten a meeting invite response to meet at your Corporate Headquarters either. .
This failing of the management and BOD to meet with the common shareholders despite our willingness to meet with you AND at your corporate headquarters shows lack of good faith and dealings with the common shareholders as shown by lack of responses to Stephen M. Chu’s many requests and the unwillingness to meet with one of our common shareholder out in Greece.
We look forward to working with your management team to implement the shareholder value enhancing requests per the letter of Stephen M. Chu dated November 10, 2017 ie the Shareholders Resolutions Requests Letter and starting up a constructive dialogue that has been non-existent for over a year which is not acceptable .
So that what is just and proper is Served,
Stephen M. Chu Major Common Shareholder of Box Ships
