Who is calling a company a fraud and comparing them tp newl? me? no you, and you don;t have the decency to research the matter, the court orders the two companies got were completely different, one, newl, got a death sentence, because they had bad lawyers, but or are frauds perhaps, but this company got lucky or planned it well, and escaped the debt spiral , it was messy but they did it, and now you go on making false comparisons as if by saying it you make it true. Yeah say things that are stupid and expect me to be polite.
Why don't you just admit you were wrong? Its easy to be wrong admittedly with FREE, and i was lucky enough to see the direction, they are in rebuilding phase and nothing will be done to rock the boat, imo, if you know what I mean--The CEO knows the market cap and sees why a split is not such a good idea, heck you could go long at a better price then me today.
The smart investors know of shorting and will look forward to the rocket fuel on our long way up. The really fun question is how long will they stay with their cash flow mantra? They are such idiots, Odessey invests 10 million in Oceanica and they are somehow out of cash, Meson predicted July 16 was bankruptcy day, well it came and passed, the longs are silly to fear these desperados, who have no exit plan so they hang about desperate and dreaming.
Simple is as simple does--do you understand a Billion dollar resource, do you understand a 27 million investment by a reputable outside group? Or 10 million invested to get a NI-43-100 conforming report? I sincerely doubt you do. That the report says the project is feasible?Or do you understand Boskalis their partner controls 1000 ships? what fishermen? Have you seen the 6 comments posted by all of mexico in the article posted about them? That three are from the same person? are you so desperate to deny the farmers their needs to feed the people? You are the reason, this board is overloaded with dishonest shorters. Oceanica is nothing short of visionary as you will soon find out.
I noticed the shorts worked in the wee hours preparing the board, what is that about?? I think they think they can talk down the stock and they are hoping, dreaming they can break it today, ah well lets wish them well, maybe they deserve credit for effort?
We go down, cause, someone is shorting us! And that someone says silly things but OMEX longs, new buyers, are afraid of the bad wolf, here is a gem:
Multiple official court documents state that Tommy Thompson's excavation recovered 2.5-3 tons of treasure. So there is clearly little to no treasure left aboard based on factual court documents based on Thompson's internal records along with official historic records (which squares out with the other official court documents we referenced above that express concerns about Odyssey's cost structure).
The publisher will have the proof copy, the pre-publish version, that is probably what you need to locate, ask for the proof copy.
We are in deep squeeze territory, squeeze traders need to know that the "long shot' is not such a long shot, more a 'middle' shot--this is the best part, they have only dug the rear so far, and the real loot is in the middle.
I find it amazing that they found a bag of dimes, 9,000 of them which they didn't list separately, so the coins exceed 22,000 already, but the value of this one small item is $135 million at current prices--just silver dimes, and people actually fall for the shorts attempts to sound intelligent in numbers! From Houseman on SA:
I noticed they have recovered 30 of my favorite coin, the $3 gold piece. The Red Book shows they began minting them in 1855 in San Fran. The 1855-S is valued at $95,000 in MS-63 condition. The 1856-S goes for $32,500, and the 1857-S for $75,000 at this grade. Say ten of each date and it's $2 mil right there.
They only minted dimes in SF one year before the sinking. An 1856-S dime is valued at $15,000 each in MS-63, and 9000 dimes have been recovered!!! If all are 1856-S, the calculator says $135 mil !!! Of course, this may flood the market and lower prices, as only 70,000 were minted.
Freeseas looks forward to better times after navigating debt storm
Chief executive Ion Varouxakis says the listed owner ‘should definitely be on a firmer financial footing’ as it eyes up vessel acquisitions and rebuilds its position in the market
Sitting on the open deck of his yacht in the calm waters of Marina Zeus in Piraeus, Ion Varouxakis is able to look forward to the summer holiday season.
The Freeseas chief executive has had a difficult couple of years but a debt reduction exercise now has the Nasdaq-listed owner in a stronger position.
“Nobody else has managed to turn a company around in such a way without having to resort to judicial proceedings such as bankruptcy proceedings,” Varouxakis told TradeWinds.
At the height of its struggles, Freeseas had debt that was three times the value of its assets and was burning cash it could ill afford, Varouxakis recalls.
“In spite of all these difficulties the company managed to get through this bad time,” he said.
Creditors were convinced that working with the company to find a solution was preferable to “putting things in the hands of third parties where then a lot more money is lost and a lot more difficulties are created”, Varouxakis says.
Only last month, Credit Suisse cancelled debt of $15m after Freeseas used funds from a $25m preferred shares sale to repay $22.6m to the bank.
This left Freeseas with bank debt of just $23.2m, down from the $90m it carried just a few months ago, and able to contemplate its first acquisitions since 2008.
“Now the dust is settling,” Varouxakis said. “We have to reshuffle our assets in a way that can produce income.
“During the summer we expect to take the appropriate action so that, in the autumn and winter, we are in a position to put to work some new ships and maybe retire some ships that are smaller and older, or recapitalise the balance sheet in some way so that we optimise our ability to earn money.”
Four of the company’s six ships are now debt free but Freeseas still has some loans it is looking to repay. While there is still work to be done, Varouxakis says “clearly the worst is over”.
“The market has collapsed in the last few weeks, which in a way does not directly concern us, as, in a way, we were doing our own thing,” he said.
“Maybe it’s even more of an opportunity to acquire assets at this point in time.”
He added: “One has to think longer term and see things in perspective. We are clearly preparing for better days for the company and, as the quarters pass, the results show we will be able to re-establish ourselves in the market.”
Varouxakis says the turnaround at Freeseas is characteristic of the unique staying power of Greek shipowners.
“You do not see many charterers and traders that are around for five generations but you do see Greek shipowners who are around for five generations,” he said.
Varouxakis, a graduate of the London School of Economics, says there is no target for the number of vessels Freeseas will look to acquire.
“Nobody can say we want 10, 20, 30 ships,” he said. “What is important is the proper capitalisation. Experience shows that overleverage was an issue. The market was at unprecedented highs. But one has to look at balance sheets that have less debt going forward.”
He says Freeseas and other listed shipping companies will be at an advantage given their easier access to capital. Unlike many listed peers, however, Varouxakis is not looking to tempt investors by pursuing the purchase of eco ships.
“There is a value proposition in every asset,” he said. “There is a question of assessing one for the other. Maybe one ship is not eco type but is a few million cheaper. “So, at the end of the day, you run your numbers and you make your decision.”
As part of its debt overhaul, Freeseas has been able to raise capital on several occasions. And Varouxakis believes there is room for smaller listed shipping companies in an era where size is considered increasingly important by many.
“In the capital markets you see companies of all sizes. You see smaller sizes and you see larger sizes,” he said. “I don’t see why it should be different for shipping companies.”
He added: “You can make more money from a smaller technology company than from IBM, probably. The same is true in every industry.
“There is a risk return situation there as well. Smaller companies are more vulnerable. That is why they are volatile. But we have seen larger companies being quite vulnerable as well, so this puts the whole thing into perspective.”
After its struggles over the past few years, Varouxakis believes the future will be brighter for Freeseas.
“The company should definitely be on a firmer financial footing,” he said, when asked to reflect on where he sees Freeseas in five years’ time. “Larger for sure and I think by then we should start returning money to our shareholders.”
If you study the pattern of the short posts, the timing, and content, you will be able to see they work just like the devil might, creating doubt at every stage then moving on when proven wrong. Just a month ago, the lead short poster was saying "there will be no gold found" I am quoting the devil here himself, since the next week the posts are "little recovery" or some such nonsense--frankly I want all the weak hands to depart soon and the sooner the better. Once these fly by nighters are gone, and we probably picked up a few hundred today, the rest of us know the shorters don't have a clue.
Oh please weak hands sell and get it over with! Absoltutely nothing will move this stock into squeeze territory till the fearful are gone, oh please sell and move on, I will post a list of alternative stocks if asked, just get out, and let Meson try to figure out what he can possibly do next. The amount of gold coming from this ship is astounding, the coins are pristine, some will fetch in the hundreds of thousands, the ship isn't even explored yet for he river of gold, and don't kid yourself, they were removing coal for a month because they are at the back of the ship, the gold sits in the middle, duh.
Precisely what is going to happen, its not rocket science the share price went up the day of announcement and the rest is shenanigans of traders, imho, and that is not a reason to sell, or even to be afraid.