Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: StockDung who wrote (95091)	8/28/2006 10:25:44 AM
From: scion	of 122088

U.K. corporate records show the Pegasus operation to be bankrupt and in liquidation, while sources in the closely knit Greek shipping community say Pegasus has been out of business for years. British shipping industry trade publications place the blame for Pegasus's demise squarely on Peraticos himself. Peraticos close to the end ---A Piraeus court yesterday issued an injunction against ship owner Nicos Peraticos up to the sum of $3M following an application by Panamanian bunker supplier Bunker and Finance Services. According to the Athens News Agency, the court mortgaged Peraticos’s homes and land in Athens, Porto Heli and on Samos island to secure recovery of a $2.75M debt on behalf of the plaintiff. Similar applications filed by local ship suppliers Epsilon Hellas and Terco Suppliers are scheduled for court hearing on May 26. It appears now that the Peraticos tanker operation, Pegasus Shipping, is on the verge of collapse after its main creditors, JP Morgan and Deutsche Schiffahrtsbank, have reportedly taken over nine of the group's 11 vessels. The company's founder Michael Peraticos hinted as to the dire economic situation of the family business last month while testifying in the continuing trial of the November 17 terrorist group. This group is charged with killing Michael's son Costis in 1997 because of his connection with Elefsis Shipyards. Peraticos told the court that the family's involvement in the shipyard was the "biggest foolishness" of his life, and had almost destroyed him. Source: Lloyd's Register - Fairplay web links, 21 May 2003 marine-marketing.gr

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