Boston Carriers Inc. (fka BSTN)

[TransAsia Judgment]

Interesting to say not the "owner of the vessel"
Not surprised - usual scam with Greek Owners.

Sell to a company and sign a lease-back agreement
You create a management company who earns management fees
You pay commission on the sale and the lease-back arrangement to an "arranger" company

The asset has disappeared
The proceeds pay current management expenses - maybe even their salaries and management fees
The management company belongs to management - one removed - never declared to the SEC
The "arranger company" belongs to management or his wife - one removed - never declared to the SEC

A transaction such as this has 10-20% leekage from the asset value

INVESTORS are the losers
CREDITORS have not assets to sell to collect