Replies to post #28852 on Box Ships Inc (TEUFF)

[temp luvs amy]

I read the prospectus again and did some math. "The company" ie. the Common shareholder et al currently "owes" the preferred holders about $40 million (rough estimate), and if the common shareholders change control (via this lawsuit) the preferred may be converted to common at the preferred holders discretion ie. voting rights and all.

[temp luvs amy]

And speaking of preferred shareholders....where are they?

Presumably in the same place as most of the common. Sitting on their hands, waiting for someone else to "step up" and fix it.