Box Ships Inc (TEUFF)

[Toxic Avenger]

So then it's a "Yes" - dilution of 2 million shares in 2 months, that's 1 million shares a month.

And you can opine the notes are "illegal", but apparently no court, nor FINRA agrees, as the shares remain issued, the company not found guilty, liable or fined and the company still insolvent.

And it looks like the 2nd toxic note will convert to over 10 million new shares.

Worst of all, those preferred to toxic note conversions represent only a small fraction of the preferred shares.