If GSL had not offered to redeem 63 pref shares, do you think CMA would have renewed the charters at any price?
Of course this was cash frozen in our restricted cash and frozen on CMA's balance sheet, likely under "investments".....but that's not the point, or points.
The first point is that this symbiotic relationship goes on without regard to the stock price.
The second point is that CMA jettisoned the two oldest vessels in the fleet and were only brought back into continuing their operation with, basically, a bribe. But in a good negotiation, everybody wins, and this was a good negotiation.
We shall see what happens eight months from September. I'll be quite interested and will hope Ian has some solutions............Dave