Sorry for the Longs here. I was playing calls when this beast was in the 90's.. :) Either way, DD does pay off. Once I did some real digging, I could see what was going on here. Was calling this for bankruptcy since November on other boards, and December here. Who knows what happens here. GLTA..
Like I said Folks ~ GE will buy DRYS ships back for cheap and come out richer then he came in. Hes not dumb ~
There are other bad signs for investors, too. Last month, DryShips said in a filing with the U.S. Securities and Exchange Commission that it planned to sell as many as 25.0 million new shares, a move that could significantly dilute existing shareholders. It also warned it may breach its loan covenants if the current low charter rates in the dry bulk market continue. In October, the company took over nine Capesize ships that had been owned by Economou's privately held Cardiff Marine, a move many saw as a way to offload debt onto DryShips shareholders. (See "High And Dry In Dry Bulk.")
Even more troubling is if Economou, who is No. 707 on Forbes' list of billionaires, decides not to take DryShips private but instead lets it fall into bankruptcy. Economou's first Wall Street venture ended badly when Alpha Shipping defaulted on $175.0 million in junk bonds in 1999, allowing Economou to strike a deal that let him pay creditors 37 cents on the dollar and left him in possession of most of the fleet. (See "Curious George.") In 2005, Economou was back, taking DryShips public.
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