214:, but Cardiff Marine is privately owned by Economou. Economou owns 34% of DryShips, but has been accused of running it like a private company for personal profit at shareholders' expense, destroying any shareholder value over the last several years with massive dilution and dubious forms of financing. Economou has allegedly lied to the SEC in multiple 6-K filings and is now being investigated. Despite the privileged tax status of the shipping industry in Greece - the industry pays no tax on international earnings brought into the country under rules incorporated in Greece's constitution in 1967 - traders and other finance professionals caution against investing in companies run by Economou, on the grounds that his business strategy is to acquire assets personally and sell them on to his public companies for a profit, Economou getting cash while shareholders inherit operating risks exacerbated by further share dilutions. Lloydslist remarks that "No one who calls their yacht Barracuda can be too concerned about safeguarding an angelic image."
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190:, and the owner of Cardiff Marine. Economou owns oil tankers as well as dry bulk ships and manages them through Cardiff Marine. He was on the Forbes Magazines list of the world's billionaires on place 707 and he is included in the Lloyd's List "One Hundred Most Influential People in the Shipping Industry" list, ranking 34th in 2022.
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In 2016 and 2017 Economou diluted DryShips shares four times through reverse split (total reverse split is 12,000 : 1) to decrease DryShips outstanding shares to 1 million. Then he issued 60 million new shares to make affiliate transactions from his own private company to sell DryShips four
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On
December 27, 2016, Kalani came up with another $ 200 million refinancing agreement. DryShips then announced a new option contract to purchase 4 VLGC ships from other companies controlled by Economou at a total potential cost of $ 334 million for DryShips shareholders. Investors and traders
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show was incorporated on March 22, 1990, but struck off on
October 31, 1991, after defaulting. Currently, it is impossible to prove Economou is directly involved in the ownership of Kalani due to the British Virgin Islands status as an offshore tax haven that provides secrecy for its clients.
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Economou's two former wives own a total 15% of DryShips. His sister, Chryssoula
Kandylidis, owns 30% of Cardiff Marine. His nephew Antonios Kandylidis, is the founder and largest shareholder in OceanFreight, which went public on the Nasdaq in 2007.
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On
December 15, 2016, DryShips announced a “comprehensive refinancing, deleveraging and strategic repositioning” that included upping the company's credit facility to $ 200 million. It also included a $ 33.5 million payment to Economou.
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In
November 2016, DryShips announced $ 100 million in financing from Kalani, a mysterious company based in the British Virgin Islands and Jersey, Channel Islands, which the
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speculate that
Economou pulls the strings at Kalani, using it to recapitalize DryShips and unload assets at the expense of DryShips shareholders.
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202:(MIT), where he obtained an MSc in naval architecture and marine engineering, and another MSc in shipping and shipbuilding management.
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427:"DryShips Becomes Toxic With George Economou Most Likely Standing To Reap The Profits On Both Sides - DryShips Inc. (NASDAQ:DRYS)"
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Since 2008, Economou has allegedly been doing affiliate transactions from his own private company to steal shareholder value.
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475:"Why DryShips' Shares Vacillate So Much and How Its CEO Is Hanging Investors Out to Dry - The Motley Fool"
628:"DryShips: George Economou's New, Revolutionary Approach To Ship Financing - DryShips Inc. (NASDAQ:DRYS)"
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Economou was born in Athens, where his father owned a small paper-products company. He studied at the
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In 2006, he started collecting art, mainly from
European artists of the early 20th century such as
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overpriced very large gas carriers (VLGC). In 2017, he reverse split the shares again at 8:1.
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In March 2015, he had a net worth of $ 1.5 billion, and a fleet of 116 ships, according to
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550:"DryShips Inc. (DRYS): Why Investors Are so Angry at CEO George Economou?"
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48:. Please do not remove this message until
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44:Relevant discussion may be found on the
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699:"A Greek hoard with a German accent"
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16:Greek shipbuilder and art collector
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675:"Dieser Grieche hat kein Problem"
756:MIT School of Engineering alumni
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425:Henrik Alex (18 November 2016).
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403:Giovanni DiMauro (2016-11-18).
342:"34 George Economou, TMS Group"
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573:Metcalf, Tom (9 March 2015).
158:Owner of Cardiff Marine Ltd
50:conditions to do so are met
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673:Tobias Timm (2012-07-11).
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653:Dryships.irwebpage.com
525:"Is DryShips a scam?"
751:Greek art collectors
155:Board member of
455:Smarteranalysis.com
37:of this article is
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599:Juliette Garside.
554:Smarteranalyst.com
317:"Magazine Article"
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58:January 2017
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180:billionaire
121:Nationality
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684:2014-09-07
659:2017-03-23
634:2017-03-23
612:2017-03-23
559:2017-03-23
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411:2017-03-23
352:14 January
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321:Forbes.com
303:References
194:Early life
141:Occupation
105:1953-08-04
35:neutrality
579:Bloomberg
223:Bloomberg
188:Ocean Rig
145:Shipowner
46:talk page
709:12 March
679:Die Zeit
584:12 March
479:Fool.com
385:12 March
126:American
39:disputed
379:Forbes
212:Nasdaq
206:Career
186:. and
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