Remember that the CEO holds approximately 200,000 out of 900K preferred shares which at PAR value represents 5 Million dollars. 700K preferred shares are held by other investors. Wouldn't he have a vested interest of getting at least some of his 5 Million back? What would you do if you were in his shoes?
I know for a fact that they are contacting preferred shareholders individually and trying to convince them to convert to the common using the same Toxic financing method that they used with Joshua Saison. This is creating the new dilution of the common. The common shares went from 2 Million to over 8 Million in just a few weeks.
Here is what I think he is doing:
1) Let's say he is trying to convince as many preferred shareholders as he can to convert to the TEUFF common. If he is successful, he will be the only preferred shareholder left with approximately 200K shares at $25 PAR. Now the company owes him a hefty dividend plus 5 Million.
2) By using the Joshua Saison Toxic financing method all these preferred shares are converting to common shares at a massive discount driving the common share price down and increasing the outstanding shares. Once this comes to an end, he now has the option to buy controlling interest of Box Ship for pennies on the dollar while still owning the preferred.
I would not be surprised that when this is all done, he will own the majority of the common for little or nothing and while still owning 200K preferred. Then he has a vested interest to get back into business and start buying or transferring ships back into the company. Once the company is back to generating revenue, he will pay himself the accrued hefty dividends on the preferred shares he owns.
As off today, he could already buy 51% ownership of the company today for 30K.
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