DryShips Inc (fka DRYS)

[Giovanni]

good luck matey

The company has used the proceeds from the share sales to buy or acquire options on several hundred million dollars’ worth of ships, likely at attractive prices because of a glutted market. This is one way Mr. Economou has profited. He controls entities that manage the vessels for DryShips for fees that earn him several million dollars a year, according to company filings. He also consolidated over 90% of its debt with a further provision that gives another company controlled by Mr. Economou 30% of any gains earned by the company if certain vessels are later sold.