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FreeSeas Inc. (FREE) Message Board

  • jaggs69 jaggs69 Oct 31, 2013 7:44 AM Flag

    Reverse Split

    Everyone is talking about the reverse split like it is news. Anyone that is long received the email asking for votes 10 days ago. We all mentioned it on this board and most of us indicated we were voting no on the split because we felt they would be compliant prior to then. Even for those that voted yes, they felt we would be compliant prior to the split so it truly was a non-issue.

    Let's all try posting good information about the stock and reasons to buy or sell that are based on reason or analysis and not emotional bashing or pumping. Thank you.

    Sentiment: Strong Buy

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    • I voted no however when any company ask this question of their common shareholders it's only a formality because the company along with its preferred shareholders hold an overwhelming advantage in shares so it will pass regardless of what the common shareholders vote. I'm a disgruntled Long so my opinion may be bias but I believe regardless of the pumpers or BASHERS , charts and graphs and candlesticks, 10 million dollar infusions etc it will all come down to Revenue. If this company can demonstrate the ability to still make money and not just print shares and take pre-bankruptcy loans where only the creditor is assured of a return then all will be good in the end. iF and that's a big "IF" revenues come through even with conditions of the ships and they invest in upgrades and buybacks this could be a great Loooooong term investment. It's far fetched but still possible. I've already sold 1/2 my position so now my strategy is to see how low it goes before I make a decision on averaging down again. I'm hoping for the best but planning for the worst

    • They need to be compliant though for the $10,000,000 investor to be able to invest. So why vote no? To be complaint before the conference call this thing will need to go up 150% over the course of the rest of this next week and next.

      • 1 Reply to heterodontbull
      • The press release does indicate that the deal is subject to meeting listing requirements. There are two ways to read that.
        1)The company is confident that they will be compliant and therefor the reverse split is intended to remove the recent spate of dilution.
        2) The company is not confident that they will be compliant and will need the reverse split to remain compliant. Who would invest $10 million under these circumstanes?

        My thoughts are the companies recent debt exstiguishment combined with increase in daily handy rates and lower fuel costs will have a positive impact on the earnings to be announced Nov 14 and that will be the catalyst to drive it above the $1 mark and everyone wins (except shorts)

    • The deals. The deals are the reason. And I agree with you about the RS not being news. It's already been factored into the price. Actually, the pps has been held down on purpose, so it would be more accurate to say the RS has already been factored into a higher pps.

      Sentiment: Strong Buy

 
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