It's really very simple. The company announced a rights offering to offer shareholders as of 8/31 the right to purchase shares at $2.75 which is the same price GE 'purchased' 36.4M shares at. Of course he didn't really purchase these shares, he transferred a basket of assets and non-assets and the company granted him those shares. But anyway, if some or all shareholders don't exercise their right, GE's entity will 'purchase' the shares and in lieu of payment will write-off an equivalent amount of debt.
Today (8/30) we learned that total shares outstanding is 67.9M. If you do the simple math that means 31.5M shares exist that GE doesn't own.
In the rights offering prospectus, the company explicitly says they have the right to modify the arrangement. Since the stock is trading far below $2.75 no outside shareholder is going to exercise their right and it doesn't make sense for Dryships to issue shares at a price higher than the market price to GE's entity. I believe they will modify the rights offering into a tender offering. That means GE's entity will offer to buy the 31.5M unaffiliated shares at the same price - $2.75 for a total price of $87M.
Boom! George Economou has engineered 100% ownership of Dryships and its 17 ships (and their enormous earnings potential) with putting in little-to-no new money.
Master Plan Complete!
Disclosure: I am/we are long DRYS.