Not surprised either. Who wants to be on the BOD of a company on the verge of bankruptcy?
I wouldn't blame management or the BOD for this situation. It's clearly the industry. They did an amazing job of winding down the company without having to file for bankruptcy.
I'm not sure they'll be able to ever have a business again, and if they do, it will require a large recapitalization. Even getting toxic loans will be hard now given the low interest in the stock.
DRYS has done a good job of recapitalizing, however, their market cap and asset base didn't drop nearly as much as Box Ship's did. Box's move to the OTC and their toxic loans definitely severely wounded them though and will make recapitalization very difficult, if not impossible. It's hard to justify the loans other than the only alternative being a bankruptcy filing.
What there's absolutely no justification for, and what likely was the kiss of death for any chance at new investment, was their game of announcing their toxic loan was almost paid off one day, then announcing a 2nd toxic loan the next day. It pretty much screamed scam.
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