Wonder why the lender put conversion price 0.24 pps and WVAP. What's the significance of 0.24.
Also RS for what. OS so tiny.
Forbes article today
Since it's so undervalued, it could run to 0.10 on its own merit if the sector heats up, or along with BDI. Then little bit of good news, or a new contract, or a new purchase could take it to new highs. It's only my opinion. But like the 6K with 0.24 price. Very undervalued, almost BK priced in.
Free with less than 1 mil. is smallest market cap among peers with 500 to billion dollar values. IMO
Nice move today and for the next few weeks imo
FreeSeas Inc. (Nasdaq: FREE) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels announced that on January 13, 2015, received a letter from NASDAQ notifying the Company that it has been provided an additional 180 calendar day period, or until July 13, 2015, to regain compliance with the minimum $1 bid price per share requirement. The Company's eligibility for the additional period was based on meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market with the exception of the bid price requirement,
PRGN has like 250 million debt yet trading at 20 million mcap, free less than 1 million mcap. could be the biggest gainer of shipping stocks imo.
today on market watch
U.S. stocks edge higher at opening bell; McDonald's and Coca-Cola among leaders
BRETT ARENDS'S ROI
Opinion: Buy Greek stocks if you want a big gamble that could pay off
By Brett Arends
Published: Apr 22, 2015 4:00 a.m. ET
Athens’ debts are minuscule compared with its creditors’ assets
If you are looking for a gamble that is rather more interesting than your state lottery, and probably offers better odds, take a look at the stocks or bonds that everyone else is afraid to touch right now — those of Greece.
Crazy? Yes, of course. That’s why they’re so interesting.
“I do not think that I know what I do not know.”
Right now everyone “knows,” or thinks they know, that Greece is going to default on its debts and may yet plunge out of the eurozone. Most “know” that the country’s economic depression and financial crisis, already more than five years old, will continue indefinitely, and that it is always darkest just before things go pitch black.
That’s why the ATHEX Composite index GD, +1.09% , the benchmark index of the Greek stock market, has been tumbling for weeks and is now down a staggering 87% from its record 2007 peak — or about as much as the Dow Jones Industrial Average fell from top to bottom during the Great Depression.
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Asian Debt Piles Up, and Up(3:18)
And that’s why long-term Greek government bonds are now changing hands for less than half of face value, with (theoretical) yields about quadruple those of U.S. Treasuries.
But what we don’t know is generally much more important than what we think we know — as Socrates (the Greek philosopher, not the Brazilian soccer player) once wisely warned.
“I do not think that I know what I do not know,” he reportedly said. And, “He among you is the wisest who knows that his wisdom is really worth nothing at all.”
What the headlines consistently miss in this crisis is that Greece has a tiny economy — and its debts, while large in local terms, are minuscule compared to the rest of Europe.
Greece accounts for less than 2% of the eurozone’s gross domestic product and barely 1% of that of the entire European Union. The Greek economy is about the same size in dollar terms, oddly enough, as America’s own basket case — Detroit.
Meanwhile, the face value of Greece’s entire national debt adds up to just $340 billion — which means a total bailout would add about 3% to the total borrowings of the other eurozone countries.
And the real value of Greece’s debts to the global financial system is a fraction of that. Based on current bond prices, financial markets have already assumed about half of Greece’s debts will be written off. The amount investors are still counting on to be repaid is probably less than $200 billion, or around the value of Greece’s current annual GDP.
Someone who bought Greek bonds three years ago, when the last panic was at its depth, is sitting on some fat profits. According to the Bank of Greece, 30-year paper was selling for just 12 cents on the euro back in the spring of 2012. Today it’s worth four times as much (and that ignores the extra profits an investor earned through three years of coupons).
Greek may yet start issuing IOUs, much as California did a few years ago when the Golden State, if you can remember, was also Bankrupt and Doomed and, as one commentator put it, “face down in the ouzo.”
It’s tough for a retail U.S. investor to buy Greek bonds even if you wanted to — Charles Schwab say they can trade, but due to liquidity you’d need to buy $100,000 or more.
But Greek stocks are more accessible.
There is one Greek exchange-traded fund available to U.S. investors — the Global X FTSE Greece 20 ETF GREK, +1.60% which tracks the 20 biggest stocks on the Athens exchange. The main caveat is that a third of the fund by value is invested in financial stocks.
A gambler with spirit could also dabble in individual Greek stocks, which can be bought by U.S. investors as depositary receipts. These are: National Bank of Greece NBG, +6.54% bottling company Coca-Cola HBC CCHGY, +0.87% bookmaker OPAP GOFPY, -5.87% Hellenic Telecommunication HLTOY, -0.52% Titan Cement TITCF, -1.39% fashion and jewelry company Folli Follie FLLIY, -20.85% Piraeus Port Authority PIAEY, +0.00% Motor Oil (Hellas) Corinth Refineries MOHCY, -11.19% Athens stock exchange Hellenic Exchanges HEHSF, -7.50% and industrial conglomerate Mytilineos MYTHY, -6.06%
Stocks offer potentially more upside than the bonds. If you’re going to buy a lottery ticket, buy one that can pay off big.
Furthermore, stocks are real assets rather than nominal ones — meaning that they would probably suffer less if the country dropped the euro EURUSD, +0.08% for a devalued new drachma (just as the collapse in the Japanese yen has been offset by a corresponding rise in the Nikkei).
Valuing Greek stocks based on earnings, book value or annual revenues is probably a fruitless exercise. They should be viewed really as a call option on an eventual recovery, and nothing more. At today’s prices the total value of the Greek all-share index today is just $45 billion, or less than 25% of gross domestic product — compared to about 170% of GDP for U.S. stocks.
Make of it what you will