Replies to post #24740 on Box Ships Inc (TEUFF)

[munhoi]

that is true

however he then created Paragon in 2006 and then Box in 2010 - two public stock companies as vehicles to siphone profits fees arbitrage gains, ship transfers from first Paragon and then especially BOX


so Allseas was his private entity and then made a fortune from creating Paragon and Box as vehicles for wealth transfer so that Allseas and his many other entities would have zero risks and only profits - while the public companies Box and Paragon suffered


ie he would go out on ship buying binges when the markets were saturated to ensure his private entities like Allseas would have massive servicing contracts for profits as more ships were added and went on line - so if the private entities lost money he just diluted and reverse split and borrowed to ensure his profit streams to Allseas and his other private entities

Allseas used Paragon and BOX as it cash cows - and the bigger BOX and Paragon grew the more they guaranteed higher fixed profits for Allseas and their affiliates no matter at what cost to the public companies share prices from his debt ridden expansions of Box and Paragon

the Corporate Governance was zero all home grown what I called Incestual Board Governance to ensure ability to siphone money from the two public companies

Allseas service are usually internal operations of major shipping companies not the CEO private entities that depend on the public companies the CEO runs - you cant be the CEO contracting to make money for yourself when your the CEO on both sides of the transactions your private company that depends on the public company you run

that's why I believe Allseas and his private entities need to return the ships and other ill gotten profits and assets back to BOX just my IMHO

[carusso]

Was it done to avoid a rough equivalent of a “margin call” by the banks?