Replies to post #18981 on Box Ships Inc (TEUFF)

[redsky7]

Avenger, is it true that if preferred
is converted to common the accrued
dividends are forfeited in this case?

[ivfk]

I went through past SEC filings and it looks like Michael Bodouroglou, the CEO of Box Ships, owns a private trust company called Neige International Inc. that bought 5 Million dollars worth of the TEUCF preferred shares at the original offering price of $25. Today he still owns 208,333 shares of TEUCF and 4,121,261 of TEUFF. His 4 Million common are now less than 4% of the company but the preferred still represents 25% of the outstanding shares. I am sure he has some vested interest to get a large portion of his $5 Million back even in a liquidation scenario.

I also don't think that the $2.25 current trade price of the preferred represents the true value since higher priced transactions have not been reported accurately and this low price has mostly been cause by to very low volume panic sales after the delisting to the grey market.

Here is the link to the original prospectus.

https://www.sec.gov/Archives/edgar/data/1504795/000119312513303553/d567831d424b5.htm