Page 9 of 14 – SEC Filing disposition of 16,221,621 Shares; and has shared power to dispose or direct the disposition of 0 Shares. Maryport has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 16,221,621 Shares; has the sole power to dispose or direct the disposition of 0 Shares; and has shared power to dispose or direct the disposition of 16,221,621 Shares. Economou has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 16,221,621 Shares; has the sole power to dispose or direct the disposition of 0 Shares; and has shared power to dispose or direct the disposition of 16,221,621 Shares. (c) See Item 3 above. (d) Except as set forth above in this Item 5, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares. (e) Not applicable Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer The Purchase Agreement is attached hereto as Exhibit B. Sphinx entered into that certain Subscription Agreement dated as of August 6, 2010 with the Issuer (the “Subscription Agreement“), that certain Registration Rights Agreement dated as of August 6, 2010 (the “Registration Rights Agreement“), and that certain Voting Agreement, dated as of August 6, 2010 (the “Voting Agreement“) with Danaos Investments Limited as Trustee of the 883 Trust. Pursuant to the Voting Agreement, Sphinx has the right to appoint a director to the Issuer’s board of directors, and thereafter at each annual or special meeting of stockholders of the Issuer at which the term of such director is scheduled to expire, nominate for election by its stockholders to its board of directors a person designated by Sphinx, provided certain conditions are satisfied. Sphinx has appointed Mr. George Economou to serve on the Issuer’s board of directors. The full text of the Voting Agreement, the Subscription Agreement, and the Registration Rights Agreement, are incorporated by reference herein. The Voting Agreement, the Registration Rights Agreement and certain covenants in the Subscription Agreement shall continue to apply to the Shares held by Sphinx after giving effect to the transactions contemplated by the Purchase Agreement. Except as disclosed in this Schedule 13D/A, there are no contracts, arrangements, understandings or relationships (legal or otherwise) with respect to any securities of the Issuer (i) among the Reporting Persons and, to the best of their knowledge, any of the other persons identified pursuant to Item 2 above and (ii) between (a) the Reporting Persons and, to the best of their knowledge, any of the other persons identified pursuant to item 2 above and (b) any other person.
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disposition of 16,221,621 Shares; and has shared power to dispose or direct the disposition of 0 Shares.
Maryport has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 16,221,621 Shares; has the sole power to dispose or direct the disposition of 0 Shares; and has shared power to dispose or direct the disposition of 16,221,621 Shares.
Economou has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 16,221,621 Shares; has the sole power to dispose or direct the disposition of 0 Shares; and has shared power to dispose or direct the disposition of 16,221,621 Shares.
(c) See Item 3 above.
(d) Except as set forth above in this Item 5, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.
(e) Not applicable
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
The Purchase Agreement is attached hereto as Exhibit B. Sphinx entered into that certain Subscription Agreement dated as of August 6, 2010 with the Issuer (the “Subscription Agreement“), that certain Registration Rights Agreement dated as of August 6, 2010 (the “Registration Rights Agreement“), and that certain Voting Agreement, dated as of August 6, 2010 (the “Voting Agreement“) with Danaos Investments Limited as Trustee of the 883 Trust. Pursuant to the Voting Agreement, Sphinx has the right to appoint a director to the Issuer’s board of directors, and thereafter at each annual or special meeting of stockholders of the Issuer at which the term of such director is scheduled to expire, nominate for election by its stockholders to its board of directors a person designated by Sphinx, provided certain conditions are satisfied. Sphinx has appointed Mr. George Economou to serve on the Issuer’s board of directors. The full text of the Voting Agreement, the Subscription Agreement, and the Registration Rights Agreement, are incorporated by reference herein. The Voting Agreement, the Registration Rights Agreement and certain covenants in the Subscription Agreement shall continue to apply to the Shares held by Sphinx after giving effect to the transactions contemplated by the Purchase Agreement.
Except as disclosed in this Schedule 13D/A, there are no contracts, arrangements, understandings or relationships (legal or otherwise) with respect to any securities of the Issuer (i) among the Reporting Persons and, to the best of their knowledge, any of the other persons identified pursuant to Item 2 above and (ii) between (a) the Reporting Persons and, to the best of their knowledge, any of the other persons identified pursuant to item 2 above and (b) any other person.
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