These are the things that stump me. OCNF just filed an SEC document that looks as if YA Global just bought 12M common shares at $1.84. That is odd because I am completely upside down in this stock that now sits at 1.35.
Do we all jump onboard and trust the shady guy that also runs DRYS here?
Based on this filing, they are essentially redoing OCNF with YA Global as a main player with the new company. I always liked this companies assets (they can carry 1.2 dwt), but thought management was sketch.
If I had to guess at what is happening, YA paid a premium for those first shares and now is buying the others because the stock is tanking. And the harder they buy the lower it goes. But they wouldn't be just throwing their money away. They have seen the balance sheets, etc. I suspect this is a definite buy, but I am staying cautious.
Up to $148K of shares at 1.35 each sounds like a lot of volume for a long time. If you buy, you likely are going to need to hold for a month as this sorts itself out.
PROSPECTUS SUPPLEMENT NO. 45 Filed Pursuant to Rule 424(b)(2)
(To Prospectus Supplement dated January 30, 2009) Registration No.
333-150579
(And To Prospectus dated June 4, 2008)
OceanFreight Inc.
12,000,000 Common Shares
Pursuant to this prospectus supplement, the accompanying
prospectus supplement and the accompanying prospectus, we are offering
12,000,000 common shares to YA Global Master SPV Ltd., or YA Global,
at a price of approximately $1.84 per share, pursuant to our
previously announced Standby Equity Purchase Agreement, or the
Purchase Agreement, dated January 30, 2009, as amended on February 13,
2009, with YA Global. The total purchase price and proceeds we will
receive from the sale of the shares is $22,078,578. These shares are
being issued as part of the commitment by YA Global to purchase, at
our option, from time to time, up to $147,885,850 of common shares
pursuant to the Purchase Agreement as described in Prospectus
Supplement No. 1.
In addition to our issuance of common shares to YA Global
pursuant to the Standby Equity Purchase Agreement, this prospectus
supplement, the accompanying prospectus supplement and the
accompanying prospectus also cover the sale of those shares by YA
Global to the public. YA Global may be deemed to be an “underwriter”
within the meaning of the Securities Act of 1933, as amended, or the
Securities Act.
We expect to issue the shares to YA Global on or about May 8,
2009. Our common shares are listed on The Nasdaq Global Market under
the symbol “OCNF.” The last reported sale price of our common shares
on The Nasdaq Global Market on May 6, 2009 was $1.59 per share.
Anyone want to buy my shares. 
What kind of jokers are you dealing with Dodds?
That would be like hitting the lotto.
I have some cash to play with--is anybody in anything else besides PRGN right now? Read the last 4 pages and thats all I saw. Thanks
