FreeSeas Inc fka FREEF

[ThePennyDoctor]

I posted in the morning on Thursday that it would gap and crap, but I thought after a fill of most of the gap, it would rally back to the high. I picked up shares at .60 and feel fine with that PPS. The EOD profit taking was by those upset they did not sell into the 30% gapup. The stage is now set for this ticker to rally to $1 in the short-term.

The news could not have been much more bullish - the CEO was clearly excited:
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Mr. Ion G. Varouxakis, Chairman, President and Chief Executive Officer of the Company made the following comments: "We are pleased to announce the extinguishment of approximately $30 million of debt, representing approximately one third of the Company's total bank debt. This transaction will result in significant gains, which are presently estimated to exceed $12 million. As a result, our balance sheet will be completely transformed, resetting us in position for future growth."
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He used the catch phrases traders love - significant gains, "completely transformed" B/S, and future growth; reads like an OTC penny stock tout, but it is actually legitimate.

Looks like the other shippers are ready to start rallying again also which will help FREE.