There goes more of the only part of the company with any real value. What a schnook this CEO has turned out to be. Dumps tankers on DRYS shareholders to save his own butt and costing DRYS shareholders tens of millions. Bails out his nephew's failing company costing DRYS shareholders what could be HUNDREDS of millions. Does he care? Nope. Those token shares he holds for which he never paid a NICKEL for ANY is a big red herring.
I remember reading that they went to the ship builders to try and get out of taking delivery of ships that were under contract and ready for delivery. You just don't buy those ships off the shelf at you local Walmart store, those ships were under contract before the down turn.
Pareto says the money is for cash burn, even with that its only good for the first half of the year. That statement if true is really starting to look like a bank driven move....Would really like to hear it was more of a procurement driven move.....
How about the GENIUS of entering and then expanding ORIG to create the enterprise value now available to establish the diversified fleet of vessels now enjoyed by DRYS. Speaking of schnooks, get out a very large mirror and stare into it for a few hours to become aware of the only dedicated long term basher on this board.