Replies to post #36617 on DryShips Inc (fka DRYS)

[I-Man]

John YES I/We know this. Read my previous post about GE self-dealing...

Summary


•Dryships CEO George Economou owns more than 90% debt while ensuring he has zero risk.

•Death Spiral Financing: George Economou sells shares to Kalani, who then dumps shares on public for profit.

•There is almost zero institutional and insider ownership.

•Dryships has breached its fiduciary duty to shareholders and failed to work in their best interests.

•George Economou pays himself high interest for money he lends to DryShips; both DryShips and Sifnos are controlled by himself.

[DownWithPumpers]

That's a horrible article. The timing of the reverse splits has been very predictable.

There are rules about when shares can get issued, and minimum prices in all the toxic financing agreements.

There's no conspiracy related to the fact that people haven't read George's SEC filings.

For example:
The Series E-2 Convertible Preferred Shares are convertible at any time at the option of the holder into common shares at a fixed conversion price of $30.00 per common share; provided, however, that if the volume weighted average price of the common shares on the Nasdaq Capital Market is below $30.00 (subject to adjustment as described herein), then the holder may convert the Series E-2 Convertible Preferred Shares at an alternate price equal to the higher of (x) 85% of the lowest daily volume weighted average price on any trading day during the 21 consecutive trading day period ending on the trading day immediately prior to the conversion date and (y) $1.50. At any time, we may redeem all, but not less than all, of the Series E-2 Convertible Preferred Shares on the terms described in the governing documents.


http://www.marketwatch.com/story/dryships-inc-announces-registered-direct-offering-2016-11-17-91602742