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Overseas Shipholding Group (OSG) -47% premarket after saying financial statements for the last 3...

Overseas Shipholding Group (OSG) -47% premarket after saying financial statements for the last 3 years "should no longer be relied upon." The company is evaluating strategic options, including a Chapter 11 bankruptcy filing. (8-K)
Comments (3)
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    That is kind of funny....hey investors..ignore our last three years of statements...lol....
    22 Oct 2012, 08:51 AM Reply Like
  • Drew Robertson
    , contributor
    Comments (313) | Send Message
     
    This is funny also http://seekingalpha.co...
    22 Oct 2012, 08:54 AM Reply Like
  • Charles de Trenck
    , contributor
    Comment (1) | Send Message
     
    I posted a comment on Linked recently, and was going to write something on this for general investors. This is a travesty of coverage by organizations. Most/many of the big banks are lenders, so their broker arms did not get much coverage on this as it began to exhibit more difficulties. The FT got a piece out in Tuesday edition in Asia.

     

    There have been too many placements by banks for shipping companies in the US, further hurting the image. It took 20 years for these companies to make it back after their dismal performance in the 80s....And now the #2 (or #1) US listed tanker company appears to be going down. ...Note the bank and share price on the last placement.
    23 Oct 2012, 02:48 AM Reply Like
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