Box Ships Inc (TEUFF)

[temp luvs amy]

Did you read those pages? Class C was entitled to vote for 2 directors 120 days after the Dividend Default. That's probably about the time that the other directors resigned. They didn't carry out the terms. Defaulted completely, and effectively liquidated the company without paying anyone, or as some have said: "They stole the ships"

Most remedies to the current situation are useless. The conversion ratio of the preferred shares grows daily at about 25% per annum. Liquidate? you owe the money. Buyout? You owe the money. Any Change of control or payout? You owe the money. You passed the redemption date, and are in default. Preferred shareholders are entitled to vote in two new directors, and by the way, you owe the money.