On the old court order. More share printing and massive dilution. Only seems to be one idiot left on the board at this time who doesn't get it. Will someone else please explain it to him.
I was up yesterday and now I'm down 1 1/2 cents, it's not so bad, sorry for you guys who bought it for a higher price. This stock has taken a beaten all this week, it just kept going down and down. If it doesn't close in the green on Monday then, this will definitely be going down the whole week, good news better come out on Monday or early next week to make this thing pop, also when it does pop as history shows, it really pops by 20 cents or more in one shot, so for those of you who bought it around between 50 cents, you may still recover your money in one day. Hanover has accumulated so many shares, it would not be so smart of them to flood the market with their new minted shares now , not at least until the come out with the news release that they have deposited the $2.5 million in the escrow account (July 6 deadline), only then when it pops would be a good idea to sell. I will hold on to my shares for now but I have to sell it at a loss then I will, it's ok,I don't have too much money invested in this stock. I hope we all make some money and for some of you, I hope you recover some or all of your money. I read posts of some people who take a joy of seeing other people lose money, I think they're something wrong with them, they need to see a therapist. I hope we all make money on this speculative stock. Have a good weekend all.
They don't need to do this price manipulation. See price came down all the way from 78 cents to .3226. MM's doesn't have proper plan I guess. To sell the shares they need not bring the price down. Some companies should care about current share holders. Hanover holders has their finger everywhere. This is a pooling company for most of the ship holding companies.
One thing you also need to mention, there is less debt, they're swapping debt for shares, less debt, means less interest payments. ( "From USD 89.2 million on December 31, 2012 to USD 59.7 million, two of our vessels will be debt free, and USD 1 million in interest charges are expected to be reduced per year. We also expect to post significant one-off gains from the USD 19.5 million debt forgiveness"). We also need to keep in mind, , Magna Group affiliate fund, Hanover Holdings have 20 tradings days from July 10 to deposit the $2.5 Million in the escrow account otherwise the deal is terminated (The Agreement does not become effective until the Investor deposits in escrow an amount of USD
2,500,000 plus all reasonably incurred legal fees and expenses and the parties enter into an escrow agreement. In the event that the funds are not deposited or the escrow agreement is not entered into within
20 trading days, the Agreement dissolves immediately.).
Now Magna Group affiliate fund, Hanover Holdings I, LLC owns so many shares, I doubt they will not make the $2.5 Million deposit in the escrow account, they stand to lose a lot. I believe that the shares will pop one of these days before July 6 and it must likely happen when the announcement is made that the deposit was made. Today I bought a few thousand of shares at .34 cents, totally speculating, I don't plan to hold the shares for too long, I'm waiting for the pop and I'm out. Good Luck to you all.
No problem with your facts or speclative assumptions. However this thread is about the old court case where hanover is getting endless shares for no cost. Pure dilution. You are refering to the new debt buy out which is a different animal. Again, what you say about the new debt buy out is correct. And worth pointing out.
Since the june 26 'agreement' the pps has declined by about one-third as shares have been provided to Hanover. IMO Hanover appears to be selling shares as quickly as they get them based on the marked downward price trend beginning right around 6/26.
My point is this-- if the number of shares provided to-date paid 1/4 to 1/3 of Free's obligation to Hanover (optimistically), a vast number of shares will need to be provided. to satisfy the remaining balance, which will further negatively and significantly influence the pps.
The bright spot is that if Hanover meets the escrow deposit deadline it could lessen the degree of decline.