Told Audio after this latest dilution of shares they recently sold to Crede it would raise enough money to get them nearly debt free.
Audio told me "They are not. A shareholder, Crede, is selling. FREE gets nothing from the sale"
So Free Seas inc. gave 17,500,000 shares to Crede Capital for nothing? Do I got this right Audio? LOL
They are greatly reducing their debt while doing a lot of chartering. Looking at their F1 SEC filings they are making on the conservative side of $500,000 - $600,000 a month. Pretty soon all their debt will be gone and the BHSI rates are going up. While the bottom price may not be set in and another reverse split is inevitable. Keep on watch, this is a good swing trade for a penny stock.
Not officially yet, they are diluting again to raise cash to pay off the last bit of their debt. It will be gone soon. Watch and see.
After this dilution they will have enough money to pay off the rest of their debts. With their remaining vessels with good management they won't accrue anymore debt and can start to make some cash. Dilution will sink the PPS I am thinking the lowest it can go though is .08 - .10 range. BDI is gaining momentum and the sector could get a surge where FREE always gets pumped. This is a tricky one to play, watch for an entry and have an exit strategy minimizing loss if things do not work out.
Hey Audio, remember me? Ha, well time for you to get all worked up and mad, because I'm back and looking to start positions in FREE and DRYS. Give me your worst!!! XD FREE is finally debt free with this last dilution and looks like they are in a position that won't accrue any more debt!
Sentiment: Strong Buy
Did you see the buy volume on June 27th? Normal amount of shares traded is in the 200,000 - 300,000 neighborhood. On the 27th there were over 2 million shares bought right at the close.
Notice how many responses there are to this post in relation to responses to other posts. There is no way this many people have signed up for this research report. All responded within hours of each other too. SCAM
Supposed to be due May 2014 but that date is subject to change if they need more time for any reason. Studies get stalled a lot, people seem to forget that. I'm sure it will be out before Sept.
Large sell off and triggered stops. Broke resistance so a lot of people probably bought on a scalp / swing trade possibility and got stopped out. Large short interest, could get short squeezed real easily here if there is any good news.
Any short on this just needs to hold and they will make a lot of money. Right now the sector is dead, if it livens up at all it's a good buy to hang onto for a short while.