Marine Transport Corp. (MTLX): When 1+1 = (1+1)?

by Geoff Uttmark

The OMI annual meeting was moving along like a trimmed tanker in a following sea. “If there’s no further business, then we’ll entertain a motion to adjourn,” was dutifully seconded. But before the ayes and nays could be counted, a shareholder’s plea broke the cadence. “You’ve sent me a book that’s as big as War and Peace,” was the bewildered assessment of the 373 page proxy statement and prospectus that would culminate in a radical change of course for OMI and would once again bring Marine Transport Lines public. “Won’t you please tell us about it?” So began a discourse on the “new math” of Figure 1 that threatened to outlast the coffee and danish.

Abridge may not be a comforting word in maritime circles, but abridge we dare. In brief, acquiescence by OMI’s shareholders to “War and Peace” accomplished the following:

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