Replies to post #28851 on Box Ships Inc (TEUFF)

[tinojax]

I don't know much about the all the legalese mumbo jumbo but would assume from what I've read is that "getting paid first" means from the profits of a working company. That is all. there is no need to address the preferred as they are only along for the ride and have NO voting rights. I realize these payments are accumulating but payment is ONLY from OPERATING profits. i.e.: There were NO payments to preferred from sales of the ships and there were No payments from the swindled $2.8M cash reserves as far as I remember. Now if the company was sold I assume the preferred would be first in line for the spoils. But there has been little talk of disposing of the company, only getting the ships back and operating again.

Now if a lawyer can manage a successful suit it seems (from talk) that boogallo has enough resources to make everyone whole. I'm sure that would be fine with all shareholders, common and preferred, except the one with the wacko shrimp farm idea who seems to have preferred shares (from my observation) that they believe need to be attended to.

And speaking of preferred shareholders....where are they? It would probably help if they got involved in this. It seems they are just sitting on their duffs waiting for common to do all the work for them then jump in and snag the loot.

Anyway I've ranted enough. I have little skin in this game but dislike being swindled so I keep an eye on the chatter hoping to see boogaloo get his instant karma.

[tinojax]

A bit more here........I don't think preferred shares were converted only cashed out by boogaloo probably from the $2.8M reserves. What was illegally converted to common shares were several notes which added up to 30M shares, if I remember correctly. This info is in the messages and SEC filings.

What I don't like is this wacko shrimp farm conversion idea which would probably end up being a company sale and preferred shared getting the spoils leaving the common busted. And that goes for the additional wacko idea of converting the preferred shares to common, massively diluting the current common shareholders, and ultimately selling the company due to the will of all these converted shares.

Remember, boogaloo owns the majority of the preferred shares which would give him voting control after a conversion.

So, since I've only seen this suggestion from temp_luvs_amy, is temp_luvs_amy working for boogaloo?

Food for thought..........