Catdriver let's look at the big picture. Grandunion is controlled by Zolotas and Fistes who got 18,977,778 shares of aries minus 2,666,667 to Rocket Marine for the 3 ships. The convertable notes of 145 million is also held mostly by Zolotas at 7% intrest due in 2015. So if your assumption is right they will bring Grandunion down with them and Zolotas and Fistes will cut their own throats. They got 3 core drybulk vessels already locked with long term charters to strengthen fixed revenue and add to earnings. You assume none of the note will be paid back and that just makes you sound like a basher so you keep your Koolaid ok I will have a Sam Adams.