Obviously I haven't been following shipping stocks for a while to be asking this question... There used to be a stock called Ocean Freight owned by George's nephew.... What happened to this stock? Did his uncle save him? How did the share holders make out in whatever happened?
I can't see osu's reply.. Had him on ignore forever.. Best I could figure out.. Geo payed them like $19.75 a shr, for something worth maybe $6. a shr.. And took over about $130M of their debt and the obligation of paying for building those 5 VLOC's!!! There was a deal about the time I guess ole Geo and the nephew decided what they were going to do.. About 6 mths before it was finalized.. The nephew come up with like $20M, invested it into the Co. Ended up owning 51%.. I think for that 51% he got like $50M.. I figure he paid his uncle back the $20M and is a happy man over there in Athens!!! BTW: I wouldn't say any thing bad about uncle Geo, around his rich A**!!!! At the time.. I decided what the hell, those rigs were going to make so much money!! What if Geo did give his nephew $50M of Drys stk holders money!! Low and behold.. They had all 6 rigs last qtr!! And reported a loss!!! Seems those rigs are a lot less profitable, than I visualized????