CORRECTION: Why Fredriksen Doesn’t Submit Expense Reports

We must have been drinking too much Aquavit when we read Frontline’s December 13th 13-D filing outlining its purchase and sale of General Maritime shares. In an article that appeared in the December 16th issue of this publication, we said that “Frontline made a filing on Monday which stated that the Fredriksen-related Bandama sold 33% of it 2.4 million shares in General Maritime and realized a profit of $10 million with another $6 million in unrealized gains. Frontline actually financed the share purchase from working capital, but FRO shareholders did not benefit from the profit.” Below is the relevant section of the Filing on which we based on our flawed conclusion:

This is only an excerpt of CORRECTION: Why Fredriksen Doesn’t Submit Expense Reports

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