FRO2012 will be when open to public a totally different co. than FRO.
FRO shareholders will not receive any FRO2012 shares for holding FRO.
Mr. F merely wanted another shell to put his pea under. He has FRO, SFL and FRO that are or will be tanker stocks. He alone decides how each one benefits from the other as he will and does control the boards of all three.
If you trust Mr. F then holding one should be no different than holding the other. However we have seen in the past how Mr. F. CUT the rates that SFL gets on its lease back to FRO to cut cost at FRO to keep it from going BK. That move hurt stockholders of SFL and benefited stockholders of FRO. When he created FRO2012 he took the newest tankers from the FRO fleet and "bought them" for use of FRO2012 and "lessened" the debt of FRO. He also got them at a discount and they are newer which means less cost to operate and they were from the biggest type that FRO had.
Mr. F will either find a way to make all 3 of the companies make it and survive this down turn or pick the one he wants to throw to the wolves to save the others. The chance of all 3 going down is very small as he can still cut cost more on FRO fleet that SFL has interest in and could if money is needed "buy" another tanker to give FRO cash flow to pay bills by having FRO2012 make a purchase at market or above on the ship bought. Not saying anything illegal is going on but Mr. F does indeed control which shell the pea goes under.