Denouement

The Aries Maritime Transport Limited (“Aries”) story begins anew. Last week, Aries entered into a securities purchase agreement with Grandunion Inc., a company controlled by Michail Zolotas and Nicholas Fistes, pursuant to which the company has agreed to acquire three capsize bulkcarriers, with an approximate net asset value of $36 million in exchange for 18,977,778 shares. A description of the vessels being acquired is shown herein.
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A Grand Union?

Last Wednesday, Aries Maritime announced that it had entered into a letter of intent with Grandunion Inc, a company controlled by Michael Zolotas and Nicholas Fistes, that contemplates the acquisition by Aries of 3 Capesize vessels, with an approximate net asset value of $36 million, in exchange for ~16 million newly issued shares and a change in control of Aries’ board. Based upon a share count of 29 million shares, the new owners will control ~35.5% while the ownership interest of the company, affiliated with Messrs Bolin and Petridis, will have it’s interest diluted to ~ 33.1%.
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Another SPAC Finds a Target

On August 27th, Tailwind Financial Inc. (“Tailwind”) announced that it had signed a letter of intent with GrandUnion Inc. (“GrandUnion”) to acquire 20 drybulk vessels, of approximately 2 million DWT, including 9 newbuildings to be delivered in 2010 and 2011. The 11 on the water vessels are valued in excess of $600 million and are expected to generate EBITDA in excess of $113 million for 2009.

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