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DryShips, Inc. Message Board

  • jrmills0014 jrmills0014 Oct 7, 2013 3:27 PM Flag

    Its my belief. GE was delibratly sending drys into BK??

    Now if rates for bulkers go up enough, before selling or pledging all that Orig stk to cover debt!! Changes everything? If those bulkers get back to profitability. Before selling off or pledged all that Orig stk, to cover debt.. Going to be hard to explaine, Drys going BK? Whats at stake!! GE wins either way!! But BK wipes out stk holders, GE decides, who to sell assets to and at what price...(GE has made billions already off Drys).. GE Learned how all this worked, when he sent BS stks intoBK!!!HIT jackpot with Drys!!! His private Co. been pulling out all the money from profits, and sale of all that stk!! How have they done that? Charging Drys 30% of money involved when buying, selling ships and rigs and 5% for leasing them.. When they ordered that last rig, coming in 2015????? Decided, Maybe GE had run out of crack money? Maybe needed that 30% of 600M??? Yall are aware of what 30% of those last 8 rigs @$600M apiece comes to!!! Then there is that 5% of all revenues, that flows to GE's private Co. Which at one time was Cardiff!! But now, don't know if Cardiff, still exists.. May have changed names, or what ever....What I do know.. All the money from sale of over $3B of Drys + Orig stk and all profits, have went somewhere. And Drys and Orig, Are sitting here with debt from $4.5B to $6B debt...

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    • your belief? where is the proof? btw-- why is the convertible debt not even rated? Will they somehow scrape together the $700 million to retire it next December?

    • Raising capital dilutes equity shareholders percentage ownership but does not increase the likelihood of bankruptcy. It does just the opposite.

    • GE decides, who to sell assets to and at what price.. That isn't the way a BK filing works....

      • 1 Reply to rjorjj
      • BS! GE will still be in controll!! I have bought a few Cos, in BK!! Seems everytime, same ones that sent them into BK, were still in controll!! And could pay themselfs whatever while in BK.. If there was assets enough, to get lenders to sign off.. Unbelievable what the ones that sent them into BK, come out other end with!!! One time, in BK court, stated shr holders equity in CPN, was like $2.75.. Supposedly had shr holders committee, making sure shr holders would get thier! shr.. Seems they didn't appear at one hearing.. And basically, judge just wiped out shr holders!! I ain't so sure.. There ain't people who get on stk holders committees, stk holders thinking, they are getting representation!!! Bottom line. They get slipped money!! I believe I mentioned.. GE knows how all this works, as he has sent other Cos, into BK??? As for myself.. I can just speculate as to what is going on?? Love to hear, how you think BK filings work!!! I would lay odds, GE will always, be the one determining everthing...And ultimatly owning everything, if it does go into BK!! In the mean time those rates have really went up in last mth for those bulkers, and GE did quit pulling all profits out of Orig last qtr.. A mth ago.. I was convinced, Drys was going BK?? Now things have changed?? A mth ago, I wouldn't have paid .50 for Drys, if I was obligated to hold it for 2 yrs.. Now I would take a shot at .50 a shr!!! Crazy what people will pay for a stk, that only the ones running them benefit from?? Now pls shr, how BK filings work???

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