This may have been discussed, but it seems in the process of having yourselves diluted by 80% or so, management of ULTR has struck as very nice little side deal directly with Southern Cross so they can get nice piece of the action:
"Pursuant to the provisions of a NEW shareholders' agreement between Southern Cross and CERTAIN EXISTING SHAREHOLDERS of the Company, if Southern Cross achieves certain investment returns and certain other conditions are met, such existing shareholders (HINT: NOT THE BAGS) may acquire ALL THE ECONOMIC INTERESTS in an affiliate of Southern Cross that will own up to approximately 14.6% of Southern Cross' investment in Ultrapetrol AND share in a portion of Southern Cross' returns above a particular threshold."
I'm sure you all feel great that over and above what these guys milk from the company, they only drum up a deal where existing shareholders are diluted practically into oblivion they get protected and get a very nice payoff.
IMHO this deal should have been directly with the company, where all current shareholders get to share in that upside if Southern Cross makes a good return. Instead, bags take the big dilution and management pockets that upside.