Overseas Shipholding Group Inc. (fka OGISZ)

[albertinvestor]

OSGIQ AKA EKDKQ situation

I would like to take a moment and talk about the current spike in OSGIQ. So let me make this short and accurate. I do not care about pumps and dumps. But about this scam I do because the same pumpers are behind this. They take bankrupt companies and pump them. They mislead investors by telling them the companies will exit bankruptcy and will reward them greatly. They promote this all over their sites.

Why do I care? Well I would not generally but on Thursday after seeing the sudden spike I was in shock. Here you had a company that just went bankrupt but went up immensely for no reason other than the fact that it was being pumped. You even saw the same MM's as you do in a pump and dump.

The bottom line is anyone who got in or who is long must get out if they are betting on a hopeful restructuring. See the company has $400m in assets minus intangible assets. Subtract that by the $2-3B in debt and you have an insolvent company. This company is so worthless even the bondholders who are senior on the debt structure have the bonds @ $.30 on the dollar.

Even for the traders this is a terrible pick because as you saw what these same scammrrs did to EKDKQ they will do the same here. EKDKQ had the same type spike after it went into bankruptcy it went from $.20 to.$.60 and then of course crashed.