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abitarecatania
3 Comments
Jim Kingsdale: Selling SQM and Bullish on Dryships [view article]
“It was surreal. When someone asked why he was doing the deal, here–now, he actually said, basically, ‘Because Americans are the dumbest investors around, and there’s lots of liquidity in this market.’”CEO Dryship, George Economou
The secondary offerings, plus the testing of the stupidity aka enthusiasm of the market with another "drybulk" shipper. Safe Bulkers (SB), a company with a record of FOUR EMPLOYEES! Unlike DRYS which has TWO EMPLOYEES! LOL!
finance.yahoo.com/q/pr...
finance.yahoo.com/q/pr...
You can take your pick of article and realize how ridiculous this company is.
Curious George
Nathan Vardi 02.25.08, 12:00 AM ET
www.forbes.com/forbes/...
World's Scariest Stock: DryShips
www.fool.com/investing.........
Dryships’ Debut Shows Speculation,
Liquidity Trumping Experience
www.weedenco.com/welli...
A highlight from: Curious George
"Who are my investors? Computer models, hedge funds and some institutions that go in and make $10 and get out." So much for consensus. DryShips has been operating with two employees (Economou, 54, and his internal auditor) since his chief financial officer quit in May, the second to split in three years. The company's fleet is managed by Cardiff, 70% owned by Economou, which gets more than $7 million a year for its troubles.
"A family business, this. Economou's two former wives own a total 15% of DryShips. Chryssoula Kandylidis, his sister, holds 30% of Cardiff Marine. With proceeds from its initial offering, DryShips bought six ships that had recently been picked up by Kandylidis. Five were sold at cost, but DryShips paid his sister a $3 million fee. Economou says she made very little money on the deal and bore great risk.
Kandylidis' son, Antonios Kandylidis, is also in this cozy network. The 30-year-old Antonios is the founder and largest shareholder in OceanFreight (nasdaq: OCNF - news - people ), which raised $218 million when it went public on the Nasdaq last year. Cardiff helped OceanFreight pick up its first dry-bulk vessels, helps manage that fleet and shares office space with OceanFreight.
A rocky maiden voyage. OceanFreight had to clarify its reporting in October, announcing third-quarter earnings per share were really 7 cents as opposed to the 11 cents it had advertised a day earlier. In December Antonios fired his chief executive, who says he intends to sue for wrongful termination. Then OceanFreight's chief financial officer quit; Antonios took over both the executive roles. Within days of the fuss OceanFreight announced it was buying the first of two tankers privately owned by Economou for $112 million."
Of interest also many dry bulk shippers are unloading shares on the stupid:
Secondary Offerings, Debt, and Defaults
Minyanville Professor David Nelson and Minyan Peter were talking about secondary offerings today. Let's take a look.
Professor Nelson: Shipping Secondaries
One by one the Dry Bulk Shippers are reporting blow out quarters. However, another pattern seems to be developing under the surface. Shortly after reporting and getting a big bump from the EPS reports, they've been announcing secondary's. Last week it was TBS International (TBSI) and this morning it's Genko Shipping (GNK). Jun 24 11:05 PM
Five Reasons Why The Fed Won’t Cut Rates [view article]
The FED will cut, or people will foreclose and the FED is "in bed" with politicians and hedge funds. Aug 23 03:33 PMCatch the Beginning of the Coming Bounce: Buy, Buy, Buy [view article]
Happy Jack,Wow! I am glad to see some one so positive on the market. I wondered who was buying all the stocks the leveraged hedge funds and funds were dumping. Can you imagine having money in Goldman or CFC? I would be breaking down the door! But Happy Jack thinks everything is great! Good for you! I will take my money out of the market quietly. Aug 17 12:27 PM