conch, your analogy shows how stupid you are. Your owning a mortgage on someone's property doesn't equate to SFL owning the ships. There's nothing wrong with FRO spending some money to enhance what SFL owns. What is sad is that the SFL owners can't tell us the details because they also work for FRO. The incestuous mix of executives leaves a lot to be desired in understanding how SFL shareholders will get the greater chunk of value because they owned an undervalued asset, SH ships, now becoming more valuable not just by the conversion cost.