Several posts on how its good news your shares aren't being diluted and how wise the company is. First of all, trading in $3 shares for $8 would've been sweet for existing shareholders! It's more than double money into company coffers and debt paydown. Secondly, the directors aren't morons. Why would anyone pay $8 for $3? They voted to cancel themselves! Third, you posters are morons.
johnko, What the hell are you saying??? You need to see the both scenarios of the issue, remember what happened to Chrysler on their warrant offering?? At the time of their issuance Chrysler stock was hovering around $5, so issuing warrants with an exercise price of $13 did not seem like a bad idea. However,the warrants ended up costing Chrysler approximately $311 million, as their stock shot up to nearly $30. For the holder of a warrant this “cherry on top” turned quite profitable, but for Chrysler it was an expensive after thought.
Anyhow, just to make a long story short, yes, the directors aren't morons, you are.
The market sees a management team that waffles in its decision making while charter companies breaches SBLK on their best charter contracts. So far, no favorable arbitration rulings have been made. Treat the run up to over $3 as a gift. It took just 2 days to pull back almost all the gains since the start of the year. I suspect more drifting downward.
If you were stupid enough to own warrants, then it's bad news indeed. Shareholders win, warrant holders lose. It's as simple as that. I don't know what all the fuss is about. Management has shown that they won't go out of their way to dilute shareholders. Hardly something notable. Any good company would do the same.
Former SBLK shareholders are entitled to one post a month? I didn't know that. OK, I would just ask why anyone would want to hold sblk as a long term investment? There are other choices:
NMM is up but still yielding 10 percent and still a buy.
In your own words-
"DUH. Yours is merely opinion and incorrect seeing as the stock is leading the way DOWN. Wiser heads want to see capital preservation and an emphasis on shareholder asset value."
You may want to learn that it is not nice to call people names. You sound like a person of borderline intelligence with a low intelligence quotient.