FBEC looks like it is ready to break higher. The chart has been consolidating and recent press could propel the stock to new highs as investors take notice.
It means that a non-listed profitable private company acquires Paragon Shipping and is able to utilize the NOLS and the assets' remaining depreciation value to minimize taxes. After this Paragon Shipping will exist only as a shell company.
PRGN has a $394.544.818,00 tax deductible deficit (NOLS), which is a substantial asset in case of a reverse merger..
NM owns profitable divisions and subs that are not tied to dry bulk so i imagine they could survive. But disclosure, I am long NM, so I am talking my book.
So PRGN did follow DRYS after all. Given all the dismal news in the shipping sector and no end in sight to the horror, this is probably PRGN's limbo before liquidation. It's over.
News looks about as bad as it could -- and doesn't even look like any bets being placed on potential survivors. Across boards wipe out today dry bulk, containers, etc. SB, NM, EGLE, GNK, TEU, DCIX, many down 10 to 25% and more just today. Hard to imagine all shareholders in all companies will get screwed but it's kind of looking that way isn't it. Don't know if there's anything worth investing in. Anyone know any shipper that may survive and reward an investor?
nothing; just news on possible big-player mergers. this CEO is pretty tight-lipped. like a few others, i may have bet on the shipping recovery and lost. Lloyd Miller bought 1.5M shares in late 2014, so I am not alone in this fiasco. that fact isn't going to get my money back, but it shows that i wasn't the only one making stupid bets. :)
Wow, $140.000. But you said earlier you'll lose only a few bucks.
It has been really quiet..any news from the newbuilds?
moment of truth, and there are only bad outcomes. 1/10 RS, or the company will be sent to pink sheet limbo. for me it's $140,000 down the toilet. oh, well. you lose some and you win some.
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If Paragon declare it is bankrupt ! ?
Are their any chance for us stockholders to get anything back?
or only the chairman and bond holders get all of it
Chapter 7 or 11
I know when you invest in any company you are investing in the originators dream
and we hoped his dream would also have make as little more prosperous.
in this case it become a regular stockholders nightmare
so little information, Not like Nordic Atlantic = Nat he keeps his stockholder informed
this has been a sad story for all long
I can't image Global .v. Capital could make any difference for the next 6 months. It's not like we're trading AAPL here or anything. Buying time is better than a RS. These penny stock shippers RS and immediately go down 80%. Crazy.
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They have to decide if it makes sense to simply reverse split now to stay on Global Select or reverse split later to stay on the Capital Market... DRYS doesn't care so they just went to the Capital Market but they are liquidating their fleet. PRGN would be wise to try and stay on the better Global Select market with a reverse split unless they will throw in the towel as well.
Dry Ships will get transferred from NASDAQ Global to NASDAQ Capital to obtain a second 180-day grace period to try to gain NASDAQ compliance. If unable, it may opt for reverse split. Looks like PRGN may follow in its wake, pun intended.