Replies to post #37774 on DryShips Inc (fka DRYS)

[I-Man]

Netman 6-K last night states Outstanding Shares (common stock) about 58,905,719 only right now !

[Toxic Avenger]

Your calculations are way off.
Current NAV is $422 million
O/S is 59 million.
If he dilutes another 141 million shares at only $1 each, NAV would be $563 million.
Debt is meaningless because it adds to cash and liabilities, so it's a wash NAV wise.
Same for R/S (meaningless, doesn't change NAV or market cap).

So what you're left with (and that's assuming another 40% drop to sell off shares) is a NAV of $2.80, for a stock that you can buy today for half that.

And if he simply stops using equity to finance and goes to debt (a very reasonable possibility as you point out), then you have the current NAV of $7, or 5X the current PPS.

So Imma have to disagree with that "shareholder value decline". ;-);-)