Thursday, July 16, 2009

If this was such a good deal...why sell?

Upfront I want to say I don't trust George Economou, the Chief Executive of Dryships, and, I guess, Primelead.

Why would George want to sell off Primelead to DryShips, if it was a good investment? Why not keep it for himself?

But, what do I know. I read the DryShips stock has been going up, again.

From Tradewinds

DryShips has closed a deal to buy George Economou's stake of its drilling arm, the Nasdaq-listed company said Thursday.

The bulker and offshore drilling owner is paying $330m in cash and shares to buy the 25% stake from its chief executive.

The transaction makes Primelead a wholly-owned DryShips subsidiary.

click here for link to article

International shipping is a strange business.

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