I actually think this is great for ORIG for the long term. I bought into ORIG today and think with a smaller drys ownership more institutional investors will be interested in picking up shares due to the increased float size.and George's influence becoming less and less. The key is to figure out what George will do when he needs to hit the ORIG well the next time. He has only a 9.9 percent stake of leeway. Do you believe DRYS will ever sell their stake to below a controlling stake or sell the company out right?
I think that it is stupid for the price to be falling this much. Any dilution in Drys ownership in ORIG is good for ORIG. I also think that much of the offering is probably already placed, and so this is really just week kneed individuals.