tx, I think you read it wrong.. $7K a day, is a lot of money to most people!! Just pocket money to Loughridge and some other officers, of IBM!! They make their serious money on stk, they award themselves!! And probably only pay about 15% taxes on it.. As I imagine most of it gets treated as long term gains? Insider Transaction board only shows, what has went on for last 2 yrs! Loughridge in last 2 yrs..has received over 100K shrs of IBM stk for free.. Well free to him?? So on top of that little piddlly $2.31M a yr salary.. He's been getting about another $10M per yr in stk..
Do the math.. He is making lot more that $7K a day right now!! Maybe works 200 days per yr, with vacation and such?? His salary of $2.31M per yr, would equate to $11,550. per day.. And then other benefits??
I agree, not a big deal.. But first time in a long time all 3 bulkers in BDI were down, on the same day? But if those rates on BDI, really mean anything? Drybulkers should be getting in decent shape!! They may be able to handle all that debt?? But truth be known.. Only ones who ever benefitted from these drybulkers, are people running them!! Leaving stk holders, exposed to possible BK? That's when stk holders get wiped out of all the billions, they invested in these drybulkers.. And officers and lenders, chop up assets? Seems mighty funny, that those rates stayed so weak, for so long!! And all of a sudden, when most drybulkers were getting to BK status?? Rates go up like they have?? What's more strange.. Last qtr.. Drys TCE for bulkers went down? TCE for those 10 tankers, were up, significantly..,
In the mean time.. Seems, GE Knows what stk holders will react to.. Orig stk went up after last Earnings report.. As GE pointed out that they had paid off some loans, That if you remove those as one time items.. Loses would have only been one cent vs 16 cents.. And spun BS about plans to IPO a subsidiary and may pay them a $25M dividend?? Makes me sick to, even think, about what he was really saying!! As Orig debt had went up about $700M in last 3 mths.. And interest expense has went thru ceiling, in last 6 mths??
Daytrader, I appreciate anybody who can shed any light on what is going on with Drys and Orig?? Don't know if anyone understands what is really going on? I sure don't? Drys bought OceanFreight in late 2011..Now you are saying they are subsidiary of Orig? I think Allships was anouther shipping Co. GE took public, about same time as Drys? And asked them to delist it earlier in 2013? I think Ocean Rig Management Inc, is subsidiary of Orig, That I googled one time and they listed like 52 subsidiaries of Orig? Surprizing fact.. Seems all those subsidiaries can make loans, using, Orig stk? And do not need to report it and they don't?? Since IPO,They have always listed Orig stk as 131M shrs outstanding.. Whiie Drys and the the ones who bought stk should own all 131M shrs?? Seems GE has come up with new game plan, with Orig??
Since you bumped it!!! I would be happy as hell to get $3.50 a shr. Hey: Whether you are up or down!! You got to figure if there is any value??? They report a lot of BS!! Not that my conclusions mean anything.. I have concluded?? The sob's who took these drybulkers public.. Have made thier fortunes!! As far as Drys CEO!!! What the hell.. If you can make $3B this easy? Lets see how much more we can weed these dummies out of???BTW: Since 2008.. Shrs outsanding, have went from like 35M shrs to 400M shrs.. Not only have profits disapeared.. Now debt is $5.2B and other liabilitys are like $700K? Pls buy at will?? I think all these drybulkers, were set up to fail?? Hey, big joke!! If shipping rates, stay high enough!! They made thier forunes and look like heroes?? What have stk holders made??? Maybe we should declare this a gay stk??? GE does own one of the worlds biggest art collections, thanks to all your contributions!!! Hush your mouth! I will hit you with my purse!
I have about figured out how Geo. has pulled all the earnings out of Drys and Orig.. And has borrowed over $5B against assets.. Now I want to know, why, what subsidiares are doing, don't have to be reported?? Orig has over 50 subsidiaries? No reason, Drysdon't still own all of Orig?? Except for the fact, Geo. making billions and leaveing nothing for stk holders.. Except all that debt! All I can tell you?? Don't let price for oil, collapse??
You are right about that.. Only ones who ever make money on Drys.. Is Geo. Economue and lying manipulators!! Right now, yall can tell all kinds of lies.. But Earnings report will be coming!!! And if things keep going, like they been since, 2010.. Eventually, Drys will go BK!!
Actually it was capes that were down.. Panamaxes were up.. The Panys are the only ones, Drys stk holders should be concerned with right now!! But last time capes started falling.. They dropped from $42K per day and dropped back to like $17K per day, in a couple of weeks?? Just to bounce back to about $36K now? Now, can those capes hold at a decent price?? If so rates for those Panamax should hold up also? Don't know that anything the ones running these drybulkers mean? As things, seem to change very quikly, right now.. But reading thru GNK's last earnings report.. CEO, did state, there was an over supply of bulkers?? BTW: They basically keep all thier bulkers on spot.. Big portion are supramax... TCE was about $10K per day last qtr!! Now those suppramax are leasing for about $16K per day..
If BDI rates really mean anything? GNK, should be getting in decent shape!! As rates for those bulkers go up.. Value of those bulkers should be going up, accordingly? Maybe even enough, to meet covenent requirements?? Flip side! Only ones that get wiped out in BK, are stk holders!! Lenders leave same officers in chrg, that drove it into BK, still in charge, carrying it thru BK!! Still drawing thier salaries.. And to keep officers from fighting them.. Lenders will make it worth thier while, to wipe out stk holders.. My take: Don't buy any stk, that may find excuse, to go under Chtr 11? Those slick SOB's that bought up debt.. Know what they are doing? They are in BK court all the time...May be supporting, lot of those judges, to exciting life styles?? I have followed some BK cases.. Got people who claim to be stk holders committee? They miss one meeting.. Stk holders, get wiped out!!! Now with, maybe billions on the line? Were members from stk holders commitee and judge, taken care of??? In the mean time: Did all the drybulkers that went public around 2005.. Just take stk buyers money, knowing they would send them into BK???
Actually, I wish someone could or would, figure out why Orig have all those subsidiaries.. Seems nothing any of them are doing.. Has to be reported?? Since 4th qtr 2010, when Drys owned 100% of Orig.. According to what Drys was reporting.. Should have about payed for those 4 rigs, that arrived in 2011.. In 2009 +2010 Drys sold about 200M shrs of Drys stk into mkt and were generating big revenues and decent earnings... So where has all the money went since then?? Sold additional 80M shrs of Drys stk into mkt in 2011.. Have sold about $1B of Orig stk? Now bulkers not doing to well.. But rigs generating big revenues.. Yet Drys and Orig, reporting loses? And according to what reported, last qtr.. Debt and other liabilities.. About $6B? And interest expense has sky rocketed last 2 qtrs?? Have went up so much.. Don't make sense?
Seems GE is taking a play out of GNK playbook? I just read over thier last ER.. Seems Baltic Trading inc. is subsidiary of GNK! Reality looks other way round, about who is Subsidiary? BTI have thier fleet of bulkers, and pay outside investors a dividend?? Read how GE spun, that BS, about.. Plans to IPO subsidiary of Orig? And may pay $25M dividend?? He may call it an IPO.. I figure him and his, will basically own, that subsidiary, getting a dividend?? Whether you are aware of it, as they never mention it.. One or more of those 50+ subsidiarys of Orig owns drybulkers.. Who for all practical purposes Are in competition, with Drys!! I figure thats where most of those several bulkers and 2 tankers that Drys sold and took a bloodbath on, in the last yr or so ended up?? Learn to question, anything GE says!!
Actually, I still don't like Drys at any price?? But if you liked it a mth ago.. You should love it now!! If those rates on BDI mean anything.. Forget earnings! Debt is problem.. In last yr, they sold Orig stk, and pledged Orig stk, to lenders as covents were underwater(value of those bulkers).. Earlier in yr.. Cape got returned.. They leased it for a yr. at $11.5K per day.. Now according to BDI.. Capes leasing for $36K per day? If the value of those 12 Capes have tripled?? Then, there may not be a problem with covenents?? And rates for those 28 panamaxes of Drys has went from $7.2K. per day to like $16K.. Value of those bulkers, may have really gone up??? Other side of story.. Those drybulkers, give figures for BDI?? What if they have drydocked a bunch of bulkers?? Basically reporting figures for a few, they are making available??? If that is going on?? Those in drydock sitting there. Collecting barnicles and rusting! Costing money to drydock them!! Real question! Is there a glut of bulkers or not?? According to figures on BDI?? There is not!!! Personally I don't believe it?? Hey good luck, ever which way you are playing it..
One last word of advice!! The manipulators on wall st. With no more action on this stk.. If you short it.. They can drive it higher!! And visa versa!! They make thier money, beating you out of yours!!! Please do not make a move, off of anything I posted.. Now if you can figure out why manipulators, will drive any stk, up or down! You can make you some moonneey? Bottom line: These stks will trade at what manipulators want them at!! Chances are.. Manipulators own most of this stk... They got trillions!! Spider to fly! Glad you could join me for lunch!!!
BTW: Here is how long, I think REE will exist!! Take that cash, they got left from stk sells and devide it by what officers and few grunts are getting compensated.. Last time checked.. I think they listed, like 11 employees?? Hey! They just sold an additional $6M or $7M of REE stk, into mkt.. and had like $30M cash?? They are set for yrs!! Other than thier compensations!! Got expense, of sending dirt off to get analyzed.. Funny how those dudes on Gold Rush, can decide whether there is enough gold, worth mining, in one day?? Yet after all the millions, people have paid for this stk!! After several yrs!! Still getting feasibility testing??
Yes hang in there!! Next hole they drill and send off for feasibility test!! Will show good enough results, to have anouther feasibility test?? Bottom line: All this bunch is doing, is drilling holes, sending dirt to get analyzed! Promising positive results? In the mean time, spending money from sale of stk. To compensate, themselves!! When this stk run up to like $18. a shr.. They all got rich!!! How much money can you weed out of people, on an old wore out mine.. That there is nothing there worth mining?? Hey! can you blame them? Weather lot better where they are at.. Than up in Canada, where they come from! Tuff life up there in Canada, trying to make a living, mining gold!! Little gold mines everywhere!! This bunch figured it out.. And Vagas ain't that far away!! Hopefully, they will send everyone, who has bought this stk, and supported thier lifestyle, a Chritmas Card!! Actually!! I like what they are doing!!! Fleecing dummys.. Anyone buying a stk that ain't never generated one penny in revenues, after all these yrs. Should be fleeced!! Just wait till we get results from feasibility test???
The big worry.. If Oaktree and EGLE agree to send it into BK?? Existing stk holders would most likely get wiped out.. They come thru BK.. Oaktree and EGLE officers, decide what percentage, of stk, they all get when coming out of BK and selling new stk... They make out like bandits... Existing shr holders get the shaft!!! Don't know that restructuring equates to headed into BK? But? Looks like right now.. With no more stk outstanding than EGLE has... With the way rates for those Supras have went up lately! They could sell enough stk to avoid BK?? But if officers are offered a good deal, to send it into BK???