Replies to post #24613 on Box Ships Inc (TEUFF)

[munhoi]

(Box Trader and Box Voyager) were previously listed on AllSeas right after the sale as operating ie being chartered and making money

ie if the liabilities assumed were small and the ships were making money and BOX was not at risk of default on any remaining debts on these two ships after sale of $1.50 - Box could have bought it back within 90 days and maintained a profitable revenue stream going - AllSeas only buys ships to make money - so since the CEO was on both sides of the trade - it can be construed they took two profitable ships from BOX after the sale settlement of these 2 ships whereby the CEO could have returned those 2 ships back to BOX within 90 days but didn't because it was a good deal for him IMHO - the fact its not on their listing now means they may have sold them for a profit who knows


that's the problem no one knows how much the CEO affiliates made out of this deal at the common shareholders expense from the self dealings

[munhoi]

ie if they paid $1.50 for each ship and they settled the debts with the banks - how much liabilities were assumed if any - that's the question by the CEO entity - was it zero due to settlement and they got ships for free or was it a minimal amount of unpaid debt allowing BOX to get the ships back within 90 as they were revenue generating ships at AllSeas that would have supporting the minimal amount of liabilities if any assumed. THE CEO doesn't make deals unless they are great profitable deals for himself- the CEO entity made off with profits from this deal IMHO at expense of BOX ships common shareholders - that's why all the secrets surrounding this transactions that no buddy knows the liabilities assumed if ANY

[carusso]

Is it under Box Ships fleet as of today?

[munhoi]

I tried to track down where Box Voyager and Box Trader is - they are still both registered to Allseas the subscriber services allows you to track where the ship and port they are traveling to etc. but I am not a subscriber


http://www.vesseltracking.net/ship/box-trader-9423035

http://www.vesseltracking.net/ship/box-voyager-9418377


here is the deal - the CEO Mike never ever does anything from the goodness of his heart - he bought those 2 ships for $1.50 each either because there was little to no liabilities to be assumed and no he wont not do it solely for the benefit of Box Ships - IMHO he took those 2 ships from the common shareholders and made a sizable return on them - therefore the deal and the no return to BOX within the 90 days IMHO

IMHO common shareholders were most likely swindled without them knowing it - but if the BOD and CEO wont reveal if they assumed any liabilities or how small they were and why they didn't pay BOX ships back on the $2.7 million due BOX yet all point to
something not a arms length transaction

anytime you have the same party - the CEO on both sides of the transaction CEO of BOX and CEO of Allseas - you got makings of transfer of wealth from one entity to the other IMHO

otherwise they would shed light on the facts which you are unwilling to due

that's a clear sign something wrong has transpired IMHO - therefore 2 of the BOX BOD resigned months ago when those questions were raised to them by Mr. Chu

coincidence doubtful

[munhoi]

Allseas has been scrapping and selling some of their older out of date ships built prior to 2005 for above market values to the Chinese - he is finally dealing with China:

Bodouroglou's Allseas shrinks fleet further



The fleet controlled by Greek owner Michael Bodouroglou continues to shrink with the sale of a 15-year-old handysize bulker.

Sources say his Allseas Marine has sold the 28,400-dwt Voula Seas (built 2002) to a Chinese buyer for a firm $5.3m. VesselsValue says the Kanda-built ship is worth $4.3m. Allseas did not respond to requests for comment.

The vessel was bought as Destino Dos from Eastman Transport in October 2012 for $11m. Last year, it was laid up in Elefsina,