Baltic Trading Limited (“Baltic Trading”) was a wholly-owned indirect subsidiary of GS&T until Baltic Trading completed its initial public offering, or IPO, on March 15, 2010. As of September 30, 2013 and December 31, 2012, Genco Investments LLC owned 6,103,471 and 5,699,088 shares of Baltic Trading’s Class B Stock, which represented a 13.97% and 24.78% ownership interest in Baltic Trading, respectively, and 70.90% and 83.17% of the aggregate voting power of Baltic Trading’s outstanding shares of voting stock, respectively. Additionally, pursuant to the Subscription Agreement between Genco Investments LLC and Baltic Trading, for so long as GS&T directly or indirectly holds at least 10% of the aggregate number of outstanding shares of Baltic Trading’s common stock and Class B stock, Genco Investments LLC will be entitled to receive an additional number of shares of Baltic Trading’s Class B stock equal to 2% of the number of common shares issued in the future, other than shares issued under Baltic Trading’s 2010 Equity Incentive Plan. As such, when Baltic Trading closed the equity offerings of 6,419,217 on May 28, 2013 and 13,800,000 on September 25, 2013 as noted above, GS&T was issued 128,383 and 276,000 shares, respectively, of Baltic Trading’s Class B Stock which represents 2% of the number of common shares issued.
There are no pure pyramid schemes. The Ackman math always breaks down as people quit and other new folks come in. The pyramids continually break down and reform so the 7th &8th generation is never reached. It’s network marketing and there’s a whole subculture involved in that business structure. The gov’t will not use their juice to shut it all down except in the most predatory forms.
aint it jay?
followed suit, at the last minute.
hoarding it, not holding it.
I got my eye on solar again, maybe next week.
Hot track
Shabba!
the prospect of holding BALT to 7 has certainly lost a little luster after Jeff’s blockbuster twitter trade. an all around amazing week at ibankcoin.
It’s funny, about a month or so ago everyone was going crazy over the 300% moves. Now everyone is getting spoiled with >1000% moves…lol.
Did you see the interest cost on GNK’s debt load? And that the 1.5B is almost all short term? Ticking time bomb.
They are already in violation of their covenants and have until 3/14 to come into compliance.
My guess is a pre-packaged bankruptcy.
I’m short based purely on the laws of mathematics, they have no way to pay this back and bring themselves cash flow positive in any environment.
Yes.
GNK controls BALT?
Baltic Trading Limited (“Baltic Trading”) was a wholly-owned indirect subsidiary of GS&T until Baltic Trading completed its initial public offering, or IPO, on March 15, 2010. As of September 30, 2013 and December 31, 2012, Genco Investments LLC owned 6,103,471 and 5,699,088 shares of Baltic Trading’s Class B Stock, which represented a 13.97% and 24.78% ownership interest in Baltic Trading, respectively, and 70.90% and 83.17% of the aggregate voting power of Baltic Trading’s outstanding shares of voting stock, respectively. Additionally, pursuant to the Subscription Agreement between Genco Investments LLC and Baltic Trading, for so long as GS&T directly or indirectly holds at least 10% of the aggregate number of outstanding shares of Baltic Trading’s common stock and Class B stock, Genco Investments LLC will be entitled to receive an additional number of shares of Baltic Trading’s Class B stock equal to 2% of the number of common shares issued in the future, other than shares issued under Baltic Trading’s 2010 Equity Incentive Plan. As such, when Baltic Trading closed the equity offerings of 6,419,217 on May 28, 2013 and 13,800,000 on September 25, 2013 as noted above, GS&T was issued 128,383 and 276,000 shares, respectively, of Baltic Trading’s Class B Stock which represents 2% of the number of common shares issued.
They control 70% of the voting shares?
If all that is fact? The incestuous relations of “free market capitalism” rival the socialists government fuck fest. It really is a race to hell.
At least it’s disclosed here with SEC filing.
3 weeks ago I sat back with the following thoughts
“I’m outta BALT, but dayum Fly is dedicated as hell to this dog”
“No way TWTR comes close to $60”
I offer my sincerest apologies to the iBC staff for my defiance & lack of discipline.
Sincere heartfelt apologies NOT ACCEPTED
hahahahahahahahahahahahahahahaha !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I’m thirsty for some D
Fly, how much do you bench
JO or Coffee has a swing long set up going. BALT must ship some beans?
Dear mister Lover man, how do you plan unloading your 600,000 shares of balt when the time comes, when it’s hard to even sell 5k?
For you Jennifer:
http://www.youtube.com/watch?v=FV7FGNTc1RM
Shabba!
what/who is that moron you have pictured on your otherwise excellent site
Shabba
shouldn’t you be at church at this time on Sunday morning?
O on the radar next week
HLT.any players?
Is HLF a short yet? I’ve embraced the power the momo stocks, but come on illegal pyramid schemes gotta end sometime.
There are no pure pyramid schemes. The Ackman math always breaks down as people quit and other new folks come in. The pyramids continually break down and reform so the 7th &8th generation is never reached. It’s network marketing and there’s a whole subculture involved in that business structure. The gov’t will not use their juice to shut it all down except in the most predatory forms.
Viva Madiba Viva! … Hamba Kahle Nelson Mandela!