How do you know that this is a one time deal? I personally received several phone calls from a New York firm representing Box Ships as well as phone calls from Box Ship management.
I firmly believe that this is just the first conversion and many more are coming unless preferred shareholder refuse to take the bate.
About 9 months ago this same rumor materialized that a Named Firm were calling preferred shareholders to buy their preferred shares for $4.
Box Management indicated they contracted with NO 3rd party firm to make such calls and if they did this Named Firm was doing it on their own and making their own deals to acquire them without BOX management authority.
Box management did voice earlier in the year they wanted to talk to preferred shareholders about selling their shares.
However Mr. Chu then indicated to the BOD and CEO that these preferred shares when issued are not convertible shares and indicated that BOX would be in violation of SEC regulations if they attempted to convert any of them without common shareholders approving it in their annual shareholder meetings that they can only buyout these shares below par value to eliminate them.
Since market prices are at 21 cents to $1 - that IMHO would be the buyout price which I doubt any preferred shareholder would take at this point.
so company has no choice but to lease ships and rebuild the fleet and get more ship management services contract.
I think back in Feb 2017 a rumor was spread that Rockwell Capital was trying to buy the preferred for $4 a share.
for a brief time the preferred share prices actually went up to like $4.50.
when that rumor was proved false preferred share prices hit back down to $1.65 and has proceeded to go below that recently to somewhere below $1 ( ie 1 cent to $1) a share indicating that no one is willing to spend the $$ to buyout the preferred nor can management convert them without common shareholder approval - thats why IMHO the preferred shares have taken a hit lately
but tha's just my take on it and just my humble opinion with what I know only
there is no news on the Box preferred other then their prices are dropping and as you can tell people that own them are posting on this board and very upset
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