Box Ships Inc (TEUFF)

[Toxic Avenger]

Preferred shares can't be converted to common by the holders unless there's a change of control.

This was exchanging preferred shares for a note, initiated by the company. Nothing prevents that.

The note is the convertible instrument, and again, nothing against regs there unfortunately (none of this is "illegal" in the criminal sense).

I think you'll find that there will be no payout from TEUFF's management. They not only insulated themselves well, they warned everyone about that insulation in the filings.